Traders Clearing Alliance

Parky

Active member
247 30
Yes as stated at the time you simply cannot have a clearing room that makes no profit and therefore does not build up contingency funding. This web site actually was a huge cheerleader for Traders Clearing Alliance and those of us that stated it was a bad concept and just not viable can say "we told you so". The cost of doing business, the trading infrastructure, risk management, the fact that traders cannot always get out without loss (Flash crash comes to mind) all this requires balance sheet and that means the company has to make money. It was a very naive concept and was never going to last, and it didn’t.
 

jamezz34

Active member
104 2
Cheers Parky,

Any other arcades you would recommend for self-backed traders with a track record?

Regards

J
 

Parky

Active member
247 30
The trading arcades worth a call (and they all have their own strengths and weakness) Pyne Trading, Futex, Xconnect Trading and Tower Trading (in no particular order!)
 

jamezz34

Active member
104 2
Would they all accept remote traders as I'm no longer based in the UK?

I'm assuming I wouldn't be required to be put through a training course with a track record as a retail trader? Other than for compliance purposes...

Regards
 

Parky

Active member
247 30
Would they all accept remote traders as I'm no longer based in the UK?

I'm assuming I wouldn't be required to be put through a training course with a track record as a retail trader? Other than for compliance purposes...

Regards

A training course? No, usually a CV showing that you are/have been a market professional, either by virtue of employment or previous trading experience would be sufficient.
As for the remote access, "Know your client" criteria would dictate that you are met in person, and your paperwork would have to be authenticated and usually the two are achieved in one hit either by you visiting the office of the clearing company or by virtue of them visiting you (and it is worth noting that prop trading will be regulated in the UK in the not too distant future.) When this is done some, but not all, of the clearing companies would be happy to support remote traders from outside of the UK.
 

Parky

Active member
247 30
Hi Parky,

Is it a requirement for traders to have CF30 certification at your firm?

Thanks

Not at this point in time, but all Prop trading is due to be regulated in the near future, whether it will require CF30 or a new form of regulation when the time comes. But currently no certification is required.
 
 
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