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I talked to these guys the other day and they're offering a pretty competitive rate, might be the way to go if that's what you're looking for. My guys will like to know more about them in other ways as we're afraid to start an account that could form 5-10% of their customer equity, so if you guys have been with them:
1. How does their back-office reporting capability compare to other FCMs?
2. How responsive is their trade desk in handling orders and requests over the phone?
3. Any idea how do they handle their unencumbered cash balances?
4. What about their tech expertise?
5. What's the biggest problem that you've had with them?
I cant answer some of these, at least probably not to the level you are looking for but I was with them for 4 years and they were the best clearing firm hands down. My old prop shop had no loyalty and switched literally every 4-5 months for a few years trying to shave a penny off rates so i have experience with tons- fortis, goldman, MF etc, and when i went out on my own i chose them because net net i had virtually zero problems. Tech is top notch and their support is extremely responsive. Nirm and ambaj really keep that tech dept. on top of things. I never even had to call the trade desk because i never got caught with a position on the few times they went down. I have traded in their office next to their brokers though and they are good dudes who seem to do great work.
Wow, thanks for your reply, really confirms some of my thoughts. Are you still with them?
Goldman is good but the problem is that they have no incentive to compete down their clearing fees: we have to hit 4% in CME daily volume to get to the next tier in clearing fee.
I share your opinion about Nirm - definitely one of the top guys in Chicago even if compared among the bigger primes.
my account is still open there but its dormant since my scalping game went the way of the dodo last year and i joined FT71s brokerage which clears through OEC in order to be in his chat room and learn about volume profiling and its only right to pay the man some commish.