Someone had mentioned previously that, besides my firm, www.yamner.com, there was one other firm they knew of that worked orders on an agency basis like my firm, PTDiscount. Someone had emailed me and asked me how are firms compare. I can't vouch for their service, how quickly they answer the phones, how good their traders are, how honorable they are, etc. but I did look at their philosophy and it seems pretty close to ours. They try to get price improvements. I dont know how hard they work to protect orders or if they keep you on the phone while they work the order, etc.
One difference is their commission: They are $35 and .03 to .06 cents depending on the execution system. We are $35 plus .02 sometimes just $35 if the order is relatively simple. As well, they talk about some PTS which I think they are representing as ECNS and other large firm proprietary systems. Perhaps their order runs through the ECN system quickly, through a larger firms proprietary book and then on the the nasdaq or listed exchange. I also don't know which exchange they route your listed orders to. I also did not see use of SOES or phone based systems, but they might use it just not list it.
But basically, they are one of the only other firms that I have ever heard of that maintains the approach that we do. Many say the dont make markets and act as principals but they still route everything.
These guys appear to not do that.
Nonetheless I can not speak to or against their integrity, their skills but can say their commission is higher. We have no account minimum and i am sure they dont either..
GOOD FOR THEM. Its a great service that their firm and our firm do for clients. I wishthem the best of luck.
Regards,
steve@yamner.com |
