NexusFi: Find Your Edge


Home Menu

 





Dorman Trading's Hal Dunne quits company, Dorman's capital shrinks 25%


Discussion in Brokers

Updated
      Top Posters
    1. looks_one tmenje with 2 posts (1 thanks)
    2. looks_two steve2222 with 2 posts (5 thanks)
    3. looks_3 Big Mike with 1 posts (13 thanks)
    4. looks_4 kronie with 1 posts (3 thanks)
      Best Posters
    1. looks_one Big Mike with 13 thanks per post
    2. looks_two kronie with 3 thanks per post
    3. looks_3 NinjaTrader with 3 thanks per post
    4. looks_4 steve2222 with 2.5 thanks per post
    1. trending_up 6,936 views
    2. thumb_up 28 thanks given
    3. group 5 followers
    1. forum 10 posts
    2. attach_file 0 attachments




 
Search this Thread

Dorman Trading's Hal Dunne quits company, Dorman's capital shrinks 25%

  #1 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,397 since Jun 2009
Thanks Given: 33,173
Thanks Received: 101,537


Quoting 
We are writing to advise you of a change to the ownership structure of Dorman Trading LLC. Hal Dunne, a Managing Member of Dorman, has decided to end his relationship with Dorman Trading Company Inc. and Dorman Trading LLC. As a result, Dennis Dorman has become the sole owner of Dorman Trading Company, Inc. and Dorman Trading LLC. We understand that you may have questions related to this change and hope to address those in this correspondence. On a day-to-day basis, Mr. Dunne was not actively involved in the operations of Dorman Trading LLC; therefore, you will not notice any changes to the company in this regard. From a capital perspective, Dorman’s capital will decline by approximately 25%. Despite Mr. Dunne’s withdrawal of capital, Dorman Trading maintains excess capital well in excess of its regulatory requirement.

We do not expect this change to impact Dorman Trading LLC in any way. We remain strongly committed to the FCM business and have plans to grow in the future. As a result of this change, Dorman’s FCM Risk Disclosure is required to be updated and distributed to clients. I have included a copy of this document as a reference and the link to this document will be emailed to clients. Further, this document is posted on the Dorman website and will be included in all account documentation going forward.

Mike

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor
Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
Exclusive money saving offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Started this thread Reply With Quote

Can you help answer these questions
from other members on NexusFi?
Better Renko Gaps
The Elite Circle
New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Treasury Notes and Bonds
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
Futures True Range Report
The Elite Circle
Deepmoney LLM
Elite Quantitative GenAI/LLM
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
61 thanks
Funded Trader platforms
38 thanks
NexusFi site changelog and issues/problem reporting
27 thanks
GFIs1 1 DAX trade per day journal
19 thanks
The Program
18 thanks
  #3 (permalink)
 steve2222 
Auckland, New Zealand
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP/CQG
Trading: Whatever moves in my timezone
Posts: 1,896 since Sep 2009
Thanks Given: 3,379
Thanks Received: 1,540


I find it disconncerting that as a Ninjatrader Brokerage (ex Mirus) customer of some years I have not been given the courtesy of being sent this letter by Dorman or NinjaTrader.

I have significant funds there and this is not the first time I have questioned Mirus/Dorman about poor communications.

@Big Mike Iam not sure if you received this letter as an account holder with Dorman/NinjaTrader Brokerage or because of your ownership of this forum, but I do think it is poor form of @NinjaTrader that account holders have not been communicated with.

I would not have known about this if it were not for Big Mike's post.

Reply With Quote
Thanked by:
  #4 (permalink)
 timefreedom 
Indianapolis, IN USA
 
Experience: Advanced
Platform: Ninjatrader TOS Custom
Broker: Several
Trading: ES CL ZB
Posts: 374 since Dec 2009
Thanks Given: 226
Thanks Received: 381


steve2222 View Post
I find it disconncerting that as a Ninjatrader Brokerage (ex Mirus) customer of some years I have not been given the courtesy of being sent this letter by Dorman or NinjaTrader.

I have significant funds there and this is not the first time I have questioned Mirus/Dorman about poor communications.

@Big Mike Iam not sure if you received this letter as an account holder with Dorman/NinjaTrader Brokerage or because of your ownership of this forum, but I do think it is poor form of @NinjaTrader that account holders have not been communicated with.

I would not have known about this if it were not for Big Mike's post.

Perhaps @NinjaTrader will reply.

Reply With Quote
  #5 (permalink)
 
NinjaTrader's Avatar
 NinjaTrader  NinjaTrader is an official Site Sponsor
Site Sponsor

Web: NinjaTrader
AMA: Ask Me Anything
Webinars: NinjaTrader Webinars
Elite offer: Click here
 
Posts: 1,713 since May 2010
Thanks Given: 203
Thanks Received: 2,686


steve2222 View Post
I find it disconncerting that as a Ninjatrader Brokerage (ex Mirus) customer of some years I have not been given the courtesy of being sent this letter by Dorman or NinjaTrader.

I have significant funds there and this is not the first time I have questioned Mirus/Dorman about poor communications.

@Big Mike Iam not sure if you received this letter as an account holder with Dorman/NinjaTrader Brokerage or because of your ownership of this forum, but I do think it is poor form of @NinjaTrader that account holders have not been communicated with.

I would not have known about this if it were not for Big Mike's post.

I understand that a decrease in excess capital gives traders reason to pause (or firms a reason to create fear and uncertainty), but this was simply a personal decision for a long-time partner to retire and nothing more. Dorman Trading remains strongly committed to their customers. Dennis Dorman’s lifelong friend and long-time business partner decided to retire. The partners’ buyout agreement was the reason for the decline in excess capital.

Follow me on Twitter Reply With Quote
Thanked by:
  #6 (permalink)
 steve2222 
Auckland, New Zealand
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP/CQG
Trading: Whatever moves in my timezone
Posts: 1,896 since Sep 2009
Thanks Given: 3,379
Thanks Received: 1,540


NinjaTrader View Post
I understand that a decrease in excess capital gives traders reason to pause (or firms a reason to create fear and uncertainty), but this was simply a personal decision for a long-time partner to retire and nothing more. Dorman Trading remains strongly committed to their customers. Dennis Dorman’s lifelong friend and long-time business partner decided to retire. The partners’ buyout agreement was the reason for the decline in excess capital.

@NinjaTrader

I understand the actual transaction, but my point is ... why did Mike get a coomunication from Dorman, yet other account holders like myself were not advised.

After all the bit Mike quoted says 'we are writing to advise ..' - well who did you/Dorman write to because it sure wasn't me?

Reply With Quote
Thanked by:
  #7 (permalink)
 
Jura's Avatar
 Jura   is a Vendor
 
Posts: 775 since Apr 2010
Thanks Given: 2,352
Thanks Received: 690


steve2222 View Post
I understand the actual transaction, but my point is ... why did Mike get a coomunication from Dorman, yet other account holders like myself were not advised.

I neither got an email; I guess Mike heard this from his personal account manager. Perhaps it still has to be made public? Because there is also no notice on their website.

Reply With Quote
Thanked by:
  #8 (permalink)
 
puma's Avatar
 puma 
zurich
 
Experience: Advanced
Platform: Sierra ahRrrr CQG ...
Trading: Bund, ES, ...
Posts: 964 since Aug 2010
Thanks Given: 7,273
Thanks Received: 1,507

I am a Dorman customer too. (a minor one apparently )

got no notice.

Tx Mike for sharing the info.

Follow me on Twitter Reply With Quote
Thanked by:
  #9 (permalink)
 tmenje 
Frankfurt am Main Germany
 
Experience: Advanced
Platform: NinjaTrader, MTPredictor
Broker: Ninjatrader brokerage/continuum
Trading: e-minis,fdax
Posts: 11 since Aug 2010
Thanks Given: 6
Thanks Received: 11


steve2222 View Post
I find it disconncerting that as a Ninjatrader Brokerage (ex Mirus) customer of some years I have not been given the courtesy of being sent this letter by Dorman or NinjaTrader.

I have significant funds there and this is not the first time I have questioned Mirus/Dorman about poor communications.

@Big Mike Iam not sure if you received this letter as an account holder with Dorman/NinjaTrader Brokerage or because of your ownership of this forum, but I do think it is poor form of @NinjaTrader that account holders have not been communicated with.

I would not have known about this if it were not for Big Mike's post.

Did you ever receive similar informations from your house bank?

Reply With Quote
Thanked by:
  #10 (permalink)
 
kronie's Avatar
 kronie 
NYC + NY / USA
 
Experience: Advanced
Platform: "I trade, therefore, I AM!"; Theme Song: "Atomic Dog!"
Trading: EMD, 6J, ZB
Posts: 796 since Oct 2009



tmenje View Post
Did you ever receive similar informations from your house bank?

The very same regulatory requirements of making full disclosure cover all financial institutions, whether banking (under different regulatory agencies) or Futures Clearing Merchants (FCM's). So in short, yes, one's house bank or local banker (where one maintains an account) would be required to make similar material disclosures of significant changes in ownership.

At least Domestic US regulated accounts would naturally expect to be notified, not just happen upon some change in the website and some posted notice on same.

After all, your account opening process and their due dilligence efforts look into every legal aspect of their prospective account holders' lives and financial relationships.

Reply With Quote




Last Updated on September 29, 2014


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts