Friday, April 16, 1999
Day-trade firm changing
Generic to switch name, broker affiliation
BY URSULA MILLER
The Cincinnati Enquirer
The Tristate's first day-trading shop, formerly known as Generic Trading Associates, has stopped trading temporarily and is changing its broker-dealer affiliation.
That means the local Generic office also is changing its name. Officials Thursday said they couldn't disclose the new name yet because the legal work associated with the change wasn't complete.
Jeff Schankerman, a manager at the firm, said he expects the deal to close and trading to resume by next week.
Several traders were sitting at terminals Thursday checking their portfolios, though they couldn't trade.
Generic meanwhile has relocated to the second floor of the Bartlett Building downtown on Fourth Street from the 13th floor, more than doubling its office space to 5,700 square feet.
The local Generic office opened in late 1996, making it Cincinnati's first day-trading shop. Since then another shop, Block Trading, opened and closed. A third shop, Bright Trading in Blue Ash, opened in early 1998 and has since expanded.
Generic has operated as a branch of New York City-based Generic Trading.
Federal securities regulators require day trading shops to either be registered as a broker-dealer or to be affiliated or sponsored by a broker-dealer to execute trades. Individual traders don't have to be licensed because they are buying and selling stock for their own accounts, rather than for the public.
Over the last couple of years, the local Generic office has evolved from a pure day-trading operation where stock positions are turned over on a rapid-fire basis into what managers call a professional trading house. As such, traders can buy and sell on whatever time schedule suits their needs. Its sophisticated computer system provides traders direct market access and real-time price quotations.
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