Just like I said yesterday, this attempt for traditional brokerages to win customers back is not going to work. Let's face it, in order to satisfy the customer and pull a profit in online trading, you have to be lean (no overhead) and mean (very aggressive and forward looking). Does this sound like a traditional brokerage? I DON'T THINK SO! Fire about 2/3 of the merrill lynch "brokers" and "advisors", and instantly build a comprehensive, low-cost trading system. That might do it. Also, as I've always said, you cares about a fucken brokers advice if you can just listen to CNBC, CNN, fortune, etc, etc, etc, internet sources, etc, and make an informed unbiased decision. The information is already there, and people are becoming more and more capable of finding and interpreting it. More and more people don't need their hands held anymore!
I posted previously that I would love to see a trading day in which SWS went up and the other OLBs went down. Today was great for us when that happened. I still don't see how our story has not become more widely known. Just as we have stated, SWS is growing considerably and is in some exciting businesses. We also have 215 million dollars worth of NITE under our belts.
Question: Do the major OLBs offer any MM business? If not, we are definitely on to something when speaking of cost free trades. One major concern with cost free trading of course would be the absolute surge in trading activity. How in the world would we handle the growth? People may be pushed away because our systems would be operating so slowly or probably would be forced to shut down. Any thoughts on this.
Go SWS. I am long looking for a very nice future ahead.