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I wonder how big is big? Do you have to be doing 1K RTs per month? Less? More? As in institutional trader, what was the range of lot size? Not just the big orders, but what was the size of some of the smaller orders?
-----Original Message-----
From: David Hunt [SMTP:adest@xxxxxxxxxx]
Sent: Tuesday, April 21, 1998 1:47 PM
To: Kevin; omega-list@xxxxxxxxxx
Subject: Re: New York Markets
As a fee paying client who is a small part of a firms revenue you wear all
Murphy's Law losses and no windfall gains from your broker. The solution
is to become a really big client get charged really low
brokerage and get compensated for shitty fills because they want to keep
you.
I HATE HEARING FROM BROKERS THE FAMOUS WORDS "NOT HELD".
Does anyone else suffer from this? Moving from Insto trading into trading
my own
account was a major eye opener. The treatment the private guys get is
terrible for
the high transactions costs. I guess it will never change, but I want to
see some changes.
Issues of corrupt and illiquid New York markets aside, the effect of a
brokers actions for a small
trader are a drag of a around 4 to 5% on returns from my experience. Has
anybody else a
view on this?
David Hunt
http://adest.com.au
----------
| From: Kevin <klkevin@xxxxxxx>
| To: omega-list@xxxxxxxxxx
| Subject: Re: New York Markets
| Date: Tuesday, April 21, 1998 11:33 PM
|
| > This is in response to a thread on this list about a month ago
| > regarding the honesty (or lack thereof) of floor brokers and
traders
| > on the New York exchanges.
| >
| > Last week, I received a terrible fill in OJ. I was attempting to
sell
| > 5 JON8 at 98.00 on a stop, but was filled at 96.40. Of course, I
| > complained to my broker, who will remain anonymous. The broker
was
| > sympathetic, but refused my request for credit, and attributed the
| > large slippage to the "New York markets." Specifically, the
manager
| > of the particular firm with which I trade stated that he always
| > recommends to customers that they "steer clear of the NY markets,
as
| > they are full of crooks!" That is quite an endorsement, I must
say.
|
| I would not say that they are full of crooks, they simply have a
| different market structure than the markets you are familiar with. I've
| seen conditions where your fill could be considered good. Let's face it,
| if there are no bids, that may have been all he could do.
|
| The manager of your firm has two issues there, 1) He is sick of the
| complaints 2) The costs of doing business in FCOJ are incredibly high
| and they don't make much money on the trades anyway, therefore he would
| just as soon not deal with it.
|
| I would not condem the NY markets across the board, you simply have to
| recognize you are dealing with a different animal.
|
| Kevin
|
|