That was the sarcastic name of the brokerage house back in the 80s.
The utter disrespect for clients and their money is well documented going into the GFC.
Here is an interview with a broker that seems to be a fair representation of the bad attitude and practices financial firms had prior to the meltdown. This broker’s job before becoming a broker was a beach bum in India selling trinkets.
With today’s new regulatory oversight and the ongoing investigations, the playing field for the individual system trader has leveled and it is getting better daily…
…As part of the process brokers both on and off the floor have seen it coming for a decade, that is their replacement by computers.
Yes no mater how hard they have tried to make it seem confusing or lacking for the new traders, the technology is here to stay.
Its just not the front end of the business that is cutting the none essential personal, it is the back end as well.
Straight through processing (STP) is a “floor” on which liquidity providers & individual traders carry out trade transactions between themselves, without the middle man.
Listen to my talk with a leading expert in the business to find out how brokers run the back office.
There are way too many additional points in support of this big change, than there is space and time to go into here.
However, the easy business plan to be a dully registered broker / dealer / money manager and adviser is dead or dying; the ones that buy whites label for most if not all of the top rated trading systems is dead because the better system developers cater to the trader not the broker.
In fact the whole idea of a “transaction based” industry is going to an end with it being replaced by a “high tech compliance” dominated industry .
Greed simply discounts itself as the markets proved in the Global Financial Crisis (GFC). Such a terrible event that they can only refer to it via initials.
The Thinking Man’s Trader, puts its customers first.
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