What IF there was an independent introducing broker firm that was well established since its founding in 1995?
Hello fellow traders,
IT'S AMAZING HOW FAST 20+ YEARS CAN GO BY!
My name is Jim Mooney, president and founder of Infinity Futures. Looking back, I can clearly recall the motivation behind starting Infinity over 20 yrs ago.
As a former floor trader back in the 1980s, I remember surviving the 1987 stock market crash and personally witnessing the deficiencies of the open outcry floor system. This event made me realize that the electronic trading was the wave of the future and to anticipate the crucial need to remain innovative, while placing client service at the forefront of my business. In those days, I think the average advertised commission rate was around $20 per round turn.
By 1995, it took a while for all the forces to come together, but I was confident that it was only a matter of time until most people traded online. I recall having some of my floor colleagues coming up to Infinity's office when we finally got up and running. These floor brokers almost always had the same reaction. They were amazed that fills came back in seconds. Defensively, they explained that it will never work, that only locals could provide liquidity and there was no way the markets could survive without locals. This was followed up with what if after what if, such as what if electricity when out or what if no one took the other side of the trade. You would be surprised what these guys would come up with and how shortsighted they were. Naturally, right after that, they would want to see a live electronic trade again (which could get quite expensive since we didn't have a demo!).
Needless to say, this experience was the birth of Infinity and realization of my vision. Below is one of our first promotional pieces titled 21st Century Trading Today. I included it so that you might get a kick out of how far things have come over the years (i.e., fills in 3-5 seconds) but also how some things still ring true today.
Many of the firms that we competed against to earn your business are not around anymore. In fact, in the the year Infinity was established, the CFTC listed the number of Independent IBs at 370 and the number of FCMs at 255. As of this writing, there are less than a 100 FCMs still registered. I'm proud of the fact that Infinity has not only survived, but thrived during the last 20 years. It hasn't always been easy, but I'm also proud to say that Infinity remains dedicated to that vision I had many years ago.
From all of us at Infinity we want to thank you for trusting us to serve you during the past 20 years and for anyone thinking of trading futures with us we look forward to providing you the same innovative technology and same quality service for many years to come.
21st Century Trading Today
1. Cost Although developing & maintaining an on-line order entry system is extremely costly to a
brokerage firm, the client using this system can save up to 75% on standard full service rates. Why pay
these high rates just so you can get a broker's advice. Especially when there are many other sources of
trading advice available. Infinity, for instance, provides, free access to charts quotes. option calculation,
and daily research.
2. Reward By eliminating the broker or advisor. the rewards of success are undoubtedly yours. 3. Convenience On-line trading allows you to enter orders 24 hours a day. No longer do you have to leave a message on voice mail, e-mail or send a fax to determine if your orders have been placed. You place your orders when it is convenient for you. Not when it's convenient for your broker.
4. Become Your Own Broker You now have the same advantages and disadvantages as anyone else - including your broker. You can trade markets like the E-Mini S&P or the E-Mini NASDAQ on-line and without a broker. The CME offers free real-time Internet quotes - open outcry market quotes can be delayed because after a trade is made, a reporter has to first type in the trade, then its sent to your quote machine. When you trade the E-Minis, your trade price is immediately and automatically posted. No brokers, no clerks, no middlemen. Irs like having a trading pit in your home or office.
5. Less Stress When we first started using on-line order entry years ago, we had a college intern. His job was to place our brokers' orders directly to the trading floor by phone. (As brokers, I think we take for granted that not everyone has as much experience placing orders as we have). We decided to have this intern start to use on-line order entry and his stress levels were noticeably reduced. I asked him why the change? His answer: "I know computers". He could review each ticket without a broker or phone clerk breathing down his neck and giving him a hard time. He could carefully review his orders throughout the day, and if the orders were placed correctly, he never even had to call the trading floor.
6. Fewer Errors When you trade on-line, no one is rushing you - not your broker and not a busy clerk. You can review your trade before you send it - and at your own pace. You can also review your order on your screen after you have submitted it. No need for expensive recording equipment.
7. Direct Floor Access The order can be sent in 3 ways. Fast-Direct to the floor. then flashed or ran into the pit. Faster-Direct to the floor broker inside the pit, filled and typed, and then back to you. Fastest- Direct into INFINITY DIRECT, which will get your fill back to you in 3 to 5 seconds, in most cases.
8. No More Delays No more calling your broker or trading desk and waiting for them to pick up the phone, or being put on hold while the market moves against you. With on-line trading, completing a trade is just a few mouse clicks away. In most cases, we are talking only seconds.
9. Organization With on-line trading, you can review your working orders, your fills, account balances from your Pc. You can also access real time quotes, charts, and research.
10. No Aggressive Sales People Although most brokers are honest, you can end up with a fast talking salesman who pushes high commission traders, just so they can earn commissions.
11. No Pressure According to most people, a warm computer is more desirable than a cold call. There is no pressure. You're making your own trading decisions. There will be no more irritating calls from your broker with his/her trade of the day.
12. Personal Touch Although on-line trading has advanced in recent years, no system is perfect. Ask your firm what happens when the system goes down, what is their backup plan? Is there someone you can call who is familiar with your account to guide you?