My biggest concern today, as a long time trader with Mirus, is that they may have lost a lot of their successful long time traders during this situation. I view this stable base of traders as the foundation that built Mirus into what it was up until two weeks ago. If this proven group of traders, that foundation has been lost, it is concerning. I don't see those departing traders coming back anytime soon, there are just too many attractive alternatives readily available today. Sure you can advertise and over time bring in new inexperienced traders, but the failure rate of that group is 90%+, I don't view that as being a solid foundation for the future.
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No doubt this Zenfire saga has been an epic fail by Mirus on a technical and customer service level. But I believe long term Mirus can recover.
They surely have lost a very significant chunk of their clients as evident from the many posts here. But I feel that most serious traders are fully backed up in anticipation of events like this. Backup power, internet, computer, software, data feed, execution engine etc, this is just absolutely mandatory when large sums of money are at risk.
Mirus had a great reputation for service, decent rates/margins, upfront on rates and fees. The new Continuum (same as CQG) execution/data service is undoubtedly as good or actually better than Zenfire.
It may take some time but they should be OK if they learn from this fiasco.
Just my 2 cents
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Ok, Mirus ends their relationship with RJO and forces those clients over to Dorman. After all the crap we have had to endure over the last few weeks, we now have to pay $25 to have our funds transferred to Dorman.
Mirus says it's not their fault because it is a charge from RJO. While that may be true, it was their decision to only use Dorman that is making us incur a transfer fee. I can not believe that they are not covering the cost. Have they lost their minds. Epic fail on customer service and a great way to continue the PR nightmare.
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Got the email from Mirus inviting me to take the Continuum feed that does not require Kinteick.
I am Dorman/Mirus
Have pushed the button on this, but I did ask some questions and here are their answers:
1/ Margins are 20% of exchange mandated Initial Margin. In some cases this will be more than what we are used to although Mirus said they are trying to negotiate a lower level for the more popular products. I suspect this is what happens when you are a Guaranteed Introducing broker and not an IB ie you have to follow what the FCM dictates.
2/ At least in my case the all up cost of a R/t incl commission, exchange fees, platform fees, data fees, clearing fees, routing fees etc will NOT change from what I had before.
3/ No Eurex currently available
4/ Continuum does NOT have server side OCO. This one surprised me as CQG has it and I thought Ray from @NinjaTrader said the only difference between the two was marketing and branding.
5/ No web based portal at this point.
Having neither 4/ nor 5/ is not great from my disaster recovery planning point of view.
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