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Experience with Velocity Futures?
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Experience with Velocity Futures?

  #141 (permalink)
 Vendor: www.velocityfutures.com 
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Frank Ricard View Post
Not sure they best way to handle this post, new to the site. I am quoting a post from the deepdiscount thread by @Dale Box, but regarding Velocity Futures (who it appears he represents).




So the prices listed on your website are 50 cents less than presented with CQGTrader after 740 r/ts?

If due a rebate, one will be given.

If you have any questions about our services at Velocity Futures please send me a private message.
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  #142 (permalink)
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Dale Box View Post
???

we have asked a few times already, but here it goes again.. and thanks for responding in advance.

from CQG the fee they charge to FCM's for CQG Trader is $25 per month, plus transaction fees(0.50c RT) until it hits $395, and then the platform fees stop.

assuming a customer trades 2000 contracts per month, and that his/her all in cost RT is $4.02 as per your website for CQG Trader..

simple question...

once the customer hits 740 contracts, does your $4.02 cost drops by 0.50c to $3.52 RT per contract, or does it remain at $4.02 per contract?

that is the essence of the debate.. ther other times I have asked, or others have asked via.. it hasnt been answered.


Last edited by sysot1t; October 13th, 2011 at 06:29 PM.
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  #143 (permalink)
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non self-clearing FCM?


question to @Dale Box... or any of the velocity guys that frequent here...

I was having an argument with a buddy of mine a little while ago when we were discussing accounts setups and why split across multiple FCM's... we were comparing FCM stability and all that... I shared that my backup account was with Velocity and he laughed and asked what I was doing with a non self-clearing broker.. I argued WTF he was talking about and he just said research it, which I did..

I came to find out that Velocity is not a clearing Firm with the CME, and I could not find evidence to being one with ICE (but then again I havent researched it in dept as it has only been 20 minutes)... which then brought me to researching who you cleared through if you were only NFA registered, and I came to find out it was Clear Chicago Group from what it appeared, which is the same as you given it was started by the same guy.. but I still could not find you as a clearing firm with FCM under that name @ the CME, even though you have their logo on the CCG site..

so my question is... who do you clear through? given that if you are not self clearing, that implies that you clear via someone else... curious to know.. I figure I save some time researching and just ask.

http://www.cmegroup.com/tools-information/clearing-firms.html
https://www.theice.com/clear_us_members.jhtml
https://www.theice.com/publicdocs/clear_europe/ICE_Clear_Europe_Clearing_Member_List.pdf


Last edited by sysot1t; October 13th, 2011 at 06:03 PM.
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  #144 (permalink)
Trading for Fun
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Dale Box View Post
If due a rebate, one will be given.

As I saw sysot1t mention in another thread, you account management is much better than deep discount trading. I may not mind paying 10-20 cents a r/t for that... but 60-70 cents is another matter.


Can you confirm what he asked above, in simple terms; i.e a "yes" or "no".


Thank you.

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  #145 (permalink)
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sysot1t View Post
question to @Dale Box... or any of the velocity guys that frequent here...

I was having an argument with a buddy of mine a little while ago when we were discussing accounts setups and why split across multiple FCM's... we were comparing FCM stability and all that... I shared that my backup account was with Velocity and he laughed and asked what I was doing with a non self-clearing broker.. I argued WTF he was talking about and he just said research it, which I did..

I came to find out that Velocity is not a clearing Firm with the CME, and I could not find evidence to being one with ICE (but then again I havent researched it in dept as it has only been 20 minutes)... which then brought me to researching who you cleared through if you were only NFA registered, and I came to find out it was Clear Chicago Group from what it appeared, which is the same as you given it was started by the same guy.. but I still could not find you as a clearing firm with FCM under that name @ the CME, even though you have their logo on the CCG site..

so my question is... who do you clear through? given that if you are not self clearing, that implies that you clear via someone else... curious to know.. I figure I save some time researching and just ask.

http://www.cmegroup.com/tools-information/clearing-firms.html
https://www.theice.com/clear_us_members.jhtml
https://www.theice.com/publicdocs/clear_europe/ICE_Clear_Europe_Clearing_Member_List.pdf

I am curious why it matters who they clear through? If an FCM has a 'clearing' issue then it is between those they have the agreement with. Themselves and would do little with us. Any issues through the FCM and the Clearing House would be still brought up through the FCM and be documented as such.

I am curious why it matters, not as a challenge, but as my understanding as it seems it "SHOULD" not matter from what I have been exposed to.

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  #146 (permalink)
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bluemele View Post
I am curious why it matters who they clear through? If an FCM has a 'clearing' issue then it is between those they have the agreement with. Themselves and would do little with us. Any issues through the FCM and the Clearing House would be still brought up through the FCM and be documented as such.

I am curious why it matters, not as a challenge, but as my understanding as it seems it "SHOULD" not matter from what I have been exposed to.

actually, it does matter...

think of a non-clearing FCM as a middle man, no different than another introducing broker, but with slightly different regulation and requirements (well, not so slightly, but you get the point)..

you dont clarify what you mean by "issues", but to me the only (and main issue) is what happens in the case of the failure of the FCM.. which is why those with large accounts (in the millions) would normally split across two FCM's... in the event the FCM doesnt have enough resources to handle the bk of the clearing that held customer funds..

as such, I rather know who the other clearing FCM is and then make my decision based on complete information as to the financial stability of the FCM that I am doing business with...

I had to look through my links when I was educating myself a while back about FCMs, their function, operations, etc. to find this CFTC letter... but it explains it best..

99-68

anyhow, as I said... i am merely curious... if my account was bigger, I would have just gone ahead and moved it to another clearing fcm and not bother asking the question... my main account today is with crossland and as such there is no additional middle man as they are a clearing fcm with full cme membership... once my account approaches the size I care to have in it, i will just split it across crossland and mbfcc and close my velocity backup.. but I am quite far from that event.. so in the mean time, I am ok with things...

let's see if they answer in any event.. somehow i have a feeling that they wont.. but I would like to be wrong.


Last edited by sysot1t; October 13th, 2011 at 10:26 PM.
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  #147 (permalink)
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I see, considering a bankruptcy of the FCM then your assets would be at stake. Interesting.

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  #148 (permalink)
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bluemele View Post
I see, considering a bankruptcy of the FCM then your assets would be at stake. Interesting.

keep in mind that it can be "unlikely" due to the whole segreation, but then again.. one never knows.. risk is risk.. no matter what anyone says... funds are not insured.. merely separate from the operations accounts, but they are still comingled with customer classes...

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  #149 (permalink)
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sysot1t View Post
keep in mind that it can be "unlikely" due to the whole segreation, but then again.. one never knows.. risk is risk.. no matter what anyone says... funds are not insured.. merely separate from the operations accounts, but they are still comingled with customer classes...

Couldn't you buy insurance against the company failing? CDS?

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  #150 (permalink)
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bluemele View Post
Couldn't you buy insurance against the company failing? CDS?

LOL... you crack me up.. yes, it is called... you split your account across two FCM's that are unrelated..

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