Does anyone know what is involved with the worldco background check? Is paying for your own background check a standard in nyc prop firms?
I paid for the check. I later found out some people argued and ended up not shelling out for it. Talk to your Managing Director and see if he will make a call for you.
In the securities business background checks are mandatory: as are thing like fingerprinting etc. If your relationship with Worldco is such that they are paying you and you are working their money then they should be the ones paying for this, not you. If you have a contractual agreement with them then this item should be negotiated: if they are putting forth a one sided agreement, paying you nothing, and asking you to pay them - in the form of background investigations etc, then I would walk away from the deal .....
do you want to know what is involved in the worldco background check? MD: will you take the series 7 and pass?? sucker: yes MD: do you have over $25,000 so that you are taking all the risk and we take none?? sucker: duuh, yeah, sure, george...... MD: so how does 1.2 Cents + fees, ticket charges, desk charges, crappy software, and only being able to NX a stock if no one else IN THE ENTIRE FIRM has NXed it for 30 seconds sound?? sucker: uh, gee, ok........ MD- (To his buddy after the sucker/ trader leaves) yeah, muhahaahaha, we got another one!!! who cares if he makes money- just think sweeeettt ticket revenue!!! he actually said yes!! what an idiot!! hahahah!!! lets not tell him though!!!! cachingos baby, cachingos!!!
how about that pathetic San Diego ORAFICE. Closed after about 1 year. It was SOOO sad, the traders there were "using" and had signed up for trial use of protrader software while using worldco's pathetic systems. It was SOOO sad they were working out of a executive suite which didnt even have its own t1, a shared line from the building. Their "deal" was also changed on them 2 times to worldco's benefit.
Shit.... What's up with Worldco. Everybody seem to hate them. I guess Im the one asshole still trading there. I must be an idiot. Let's see... the last time my system went down was..... 1999? Hmmm... Wonder what people are bitchin' about. It'd be interesting to see which firms are standing in 5 years.
is it true that at worldco only one person in the entire firm can NX a listed stock every 30 sec? if this is true, the NX is essentially worthless to you all- there are what 400-500 traders at worldco?? i use my NX all the time so that would be a deciding factor (if it is true) NOT to trade at worldco. plus, they still try to charge desk charges, ticket charges and rip-off commissions. i negotiated with them and thought they were full of it- well, it just wasn't for me but good luck there.....so are their commissions competitive there now? what would i pay (all-in) trading 3-5 million shares/ month??
You've got to be kidding me. I was there for a year and Belzberg constantly went down, and that was 2000 - 2001. And when it did, it was a disaster. New traders at Wolrdco are given the DOT system to trade from, which doesn't even allow them to NX. W/o NX, you might as well not trade the NYSE, cause the specialist's aren't friendly with market orders these days. While I was there, I missed so many trades it was ridiculous cause someone else used the NX before me.