v8power wrote: Sacrophage wrote:
v8power wrote:Couldn't someone techanically just fly to London rent a crappy apartment. Which would allow them to open a bank account and then be able to trade with brokers from the UK? Is that possible or is there a huge problem that Im just not seeing.
As an ECP, you can open UK accounts while residing in the US. Already told you this! There is no mystery! Have you called Citi yet? Called your lawyer(s) yet to set up an LLC with ECP status to minimize risk? You better not move into my guest house
I rememeber the convo, bit I think I missed that part. I have them looking into the LLC. Havent called Citi cuz Im curious about something, so I ll ask. Is trading directly with a bank still like trading with a retail broker? Is there still leverage offered? I guess when you mentioned dealing with them my mind went to that, that is for the big boys moving tens to hundreds of millions of dollars per trade. Forget the guest house, Im just sleeping in the garage with all those sexy cars of yours.
Individual ECP threshold is 10M net worth. Corporate ECP is 1M in capital. Everything else is limiting your risk, costs, and taxes. Yes, Citi has levels - velocity group is first level, very similar to retail experience. The bigger you go, the more negotiable everything becomes - leverage included, but liquidity is the limiting factor before leverage (maybe not in your case because you are crazy, LOL). You negotiate liquidity as $/sec. Providing vs taking liquidity is also important. The more providing you do (limit orders), the better terms you can get. Just talk to them - this isn't secret info. The only unconventional thing I do recommend is a custodial acct with your prime broker - explained at beginning of thread. Most people don't have it, it is something you can do later on after you're larger as well.