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Zenfire no more?
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Zenfire no more?

  #1051 (permalink)
Elite Member
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aligator View Post
It is true that their experiment with Big Tick to get rid of Rithmic as the supplier to their ZenFire to cut cost backfired and caused them a costly setback. But they will rise again for one simple reason, I think: Their upfront commission openness with their customers.

Their business model to provide published all inclusive commission and fees was the main reason for their success. Even a caveman knew in advance what to expect when opening a new account. That was a huge step in confidence building in an industry that is tarnished by past failures and suspicion.

Most other brokers involved in recruiting new and Mirus' disappointed customers do not have advertised commissions, and a trader is not sure about expenses until talking to a salesperson and strikes a deal, never knowing if it was a good deal or not and remains skeptic, kind of like bargaining in a flee market.

Mirus should come out of this situation stronger provided they maintain a customer friendly business model, provide real alternatives for emergencies, and make genuine efforts to rebuild customer confidence.

I am not a customer or associated with them, but their business model up until recently reminded one of Costco, providing great service with high quality and value to a class of not so easy and unforgiving customers.

p. s. moved here from a close Mirus tread.

p.s. Thread for original post closed


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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  #1052 (permalink)
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Margin Bump

Follow up e-mail from Mirus:

"Please note that margins will be set to 20% of Span Margin rates for intraday trading."

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  #1053 (permalink)
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trendwaves View Post
Follow up e-mail from Mirus:

"Please note that margins will be set to 20% of Span Margin rates for intraday trading."

\
what is Span margin? the regular CME margin?

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  #1054 (permalink)
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trendwaves View Post
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.

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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  #1055 (permalink)
Market Wizard
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supermht View Post
\
what is Span margin? the regular CME margin?

I think they meant 20% from the initial margin requirement, not span.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #1056 (permalink)
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unbelievable...

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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  #1057 (permalink)
Just a boy
Auckland, New Zealand
 
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Continuum with Mirus

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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  #1058 (permalink)
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So is it true that currently no eurex trading is possible at Mirus/Dorman/Continuum?

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  #1059 (permalink)
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TradeGamer View Post
So is it true that currently no eurex trading is possible at Mirus/Dorman/Continuum?

Yes, but as far as I know they want to get connected to EUREX at the end of the week.

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  #1060 (permalink)
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Balanar View Post
Yes, but as far as I know they want to get connected to EUREX at the end of the week.

Try Cannon Trading, you have all the option open to choose from including EUREX

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