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Worldco Going Out of Business
- Thread starter Thug_Life
- Start date
Well it looks like the bidding war is over. Assent scooped up most of the Worldco traders. Everyone else can stop advertising now.
Quote from zdreg:
hard to believe because negotiations don't move so quickly
You know how traders are. They can't sit still long without trading. Apparently Assent even offered them a gross deal if you can believe that. Same payout and same rates as Worldco.
What is it with gross deals can someone explain this to me. I never understood why firms would offer this unless you are trading size. You are basically telling them that you are a shitty trader and you can't get net paychecks so the only way you can make a living is by getting part of your commissions back. Whatever happened to the days when guys would lie on their resume saying they went to Princeton and had a 4.0 to get a trading job. Now guys just come out and say they are not a profitable trader and they still get hired. I guess it tells you were the industry is going.
I remember a few years back at Worldco, if you didn't have an Ivy league degree they honestly did not return your phone calls. I'm dead serious. Walter even sent recruiters up to Harvard business school to get traders. This was at the market peak back in 2000.
did assent make them put capital up ???
Quote from spyderman:
I wonder if the current head of the SEC, blue blood Bill Donadson even knows what a "prop" shop is or what they do and have been doing......he'd probably say..."oh, you mean chop shop!"
lol.
prop-shops are the discounted discount brokerage... not very useful to the novice traders... not much more than the bare quoting and executing platform is available. he doesn't have a chance compared to the experienced trader with the $1000 datafeed.