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To Dave and anyone else interested:
I lost your email address, Dave,so I'm sending this to
the list.
After I responded to your inquiry about Tradecast, and
gushed so much about Cybertrader, I got curious and
went to the Cybercorp homepage.
There I learned that Cyberbroker clears through Penson
Financial. When I was looking into clearing firms a
couple of years ago (for a major investor), we
eliminated Block Trading because they cleared through
that hokey outfit in LA that the FBI kept going
to...JBOC I think it was....I can't even remember
their name now. Oh yeah, JB OXford. (We also thought
Block itself was hokey. Too many red flags. So,
where are they now?)
We also eliminated Penson...just too new and unproven.
Also, some traders are more interested in a proven
reputation and staying power than paying the lowest
commissions, although that, too, is important. Broker
Dealers come and go, but the clearing firms have to be
sound or else you could be in big trouble in tough
times.
I wound up going with a firm that cleared First
Chicago (now ABN Amro). A little more money, alot
more comfort on our part with the staying power of the
firm.
For his money, I don't think that investor wanted to
put capital into a firm that was basically a few gung-
ho guys with some hardware in an office somewhere in
Texas, or a boiler room in LA. Also, ex-stockbrokers
are generally a bad bet (I know, I am one -- en ex
stockbroker, that is...hopefully not a bad bet!).
FYI
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