Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : MB TRADING -- Ignore unavailable to you. Want to Upgrade?

To: Dan Swartzendruber who wrote (2062)	11/21/1998 10:32:00 AM
From: TraderAlan	Read Replies (2) \| Respond to of 7382

Dan, No doubt his narration is presented from a point of view that only represents his interest. That's one reason I've asked him about current legal actions. Having been in claims management for 20 years before trading for a living, I've learned plaintiffs color information significantly to support their position. Having said that, I've heard several industry "stories" about Terra Nova that raised the sleaze factor. Quite frankly, I've never known what to make of them. I have no grudge against Terra Nova and understand the financial industry is full of burnt deals and stabbed backs. SI members with an interest in Terra Nova should use the opportunity of an insider here on the boards to question his details and facts in order to make their own decisions. But I wouldn't just dismiss him as someone with a grudge. Your broker/dealer, whoever it may be, should be acting in your interest at all times. Finally, I'd personally like to hear more about principals allegedly trading against order flow <s>. Alan

To: Dan Swartzendruber who wrote (2062)	11/21/1998 10:57:00 AM
From: scanshift	Respond to of 7382

Borsellino, Terra Nova, the SEC, and CyberBroker When I looked at the CyberBroker fee chart at cyber-brokerage.com I found there fees were less, and if you read carefully you get a CREDIT towards your commission for any Trade that uses the Island ECN to add liquidity. That is a significant point I addressed in my first post when I disussed that Terra Nova and its branch offices do not pass that credit on. My first post was not a long screed as you say, but the length was necessary to layout the time line and my relationships with the principals. With all due respect, you need to pay a little more attention to detail when you read a web page. You talk about the Executioner as being a competitor to MB Trading, but the Executioner is just another branch office of Terra Nova Trading like MB Trading. Does it not say that the Executioner is a branch office of Terra Nova on the Executioner home page? Thus I would not expect their rate structure to be any different. Dan please look at the following Chicago Tribune web site that is a extensive article about Lewis Borsellino and near the bottom of the article it mentions Chicago Trading and Arbitrage and how this was started two years prior to the article being written with two partners. Those two partners were Stuart and MarrGwen Townsend of Townsend Analytics, and Jerry Putnam of Terra Nova Trading. I have a copy of the L.L.C. corporate document showing these individuals to be the partners of Chicago Trading and Arbitrage if you would like me to forward it to you. chicagotribune.com Notice the date on the article, October 4th, 1997. This is important, because if you look at the following Securities and Exchange Commission (SEC) web site, you will notice that on October 3rd, 1997 that Putnam and Townsend submitted a letter to the SEC commenting as the principals of the Archipelago ECN. No where do I see Borsellino's name mentioned or mine. sec.gov Look at this response, and a little less than half way down the page you will see that there is a reference to the Townsend Analytics/Terra Nova Trading/Southwest Securities' "Archipelago System. There is however, no reference to Borsellino, myself or to the Chicago Trading and Arbitrage, Soes room, whose revenues and hardware were the backbone for the Archipelago ECN, now commonly referred to as the Terra Nova ECN. sec.gov How about this letter to the SEC from Townsend and Putnam as the principals of Archipelago, where is Borsellino's name or mine? sec.gov How about the below paragraph from the Instinet page instinet.com where it shows that they Instinet is neutral in transactions. A big difference from the proprietary trading being done by Townsend and Terra Nova "Instinet was founded on the principle that institutional investors and the individuals they represent would welcome the ability to reduce transaction costs and thereby improve investment performance. To ensure this Instinet assures its clients that their trading will be conducted anonymously and that Instinet itself will be neutral in transactions. At the same time, Instinet provides access to its clients to its order flow."