SALT LAKE CITY, July 9, 2015 /PRNewswire/ -- The premier proprietary trading firm, Maverick Trading, announced that it has partnered with ADP to process and expedite profit payouts to its traders.
Jon Frohlich, Principal and COO of Maverick Trading, commented, "This was a strategic move that we have been planning for the better part of a year. The goal was not to simply find a firm that could process payments. We wanted to partner with a firm that had the ability to understand what proprietary trading was, what the needs and wants of our traders were, and would be able to customize a long-term, expandable solution that worked for Maverick. After evaluating multiple companies, ADP demonstrated that they would be able to keep pace with Maverick's growth."
Robb Reinhold, Principal and CEO of Maverick Trading, continued, "Really, the driving factor behind this move has been the success of Maverick's traders. Not only has the number of traders at the firm grown substantially in the past several years, but the raw monetary success of our traders has grown as well. Partnering with ADP allows Maverick's management to continue to concentrate on providing the training and support our traders need to be successful and also gives our traders additional flexibility and detail in how they manage their trading accounts and access their profits."
With 2014 representing the second best year of performance for Maverick Trading, the profitability of its traders grew dramatically. In the manner that Maverick Trading is structured, there is no lock-up to a trader's risk capital or profits. A trader may collect any amount of profits on a monthly basis or roll all or a portion of profits to gain access to more of the firm's trading capital. In the wake of year as profitable as 2014, many traders found themselves trading substantial amounts of capital and being in a position to generate equally substantial profits on a monthly basis.
When asked about the single greatest capability this move will give to traders, Reinhold responded, "The tech our traders are most excited about is ADP's smartphone app, which will give traders access to their profits, in near real-time, and it will really simplify things for each trader come tax time. Technology already allows us to run the firm with all of our traders working remotely. We meet online, trade from our smartphones and tablets, and send out our trade alerts instantaneously. This just completes that last piece. It's awesome to see the incredible advancements in this industry since the late 1990s."
Several additional sources at Maverick commented that they expected this move would help traders make the transition from part-time trading to full-time trading more easily than in the past. Many traders roll trading profits for the first two months of a quarter to get access to more of Maverick's capital, then take a quarterly distribution to cover expenses. Having the ability to access profits on-demand will likely reduce bulk distributions and allow traders access to greater amounts of trading capital.
Frohlich commented, "We're actually happy that we had to address the issue and partner with ADP. If anything, it's a high-quality problem to have when your traders are so profitable on such a large scale that you have to outsource your back office operations to make sure they have complete access and flexibility when it comes to their profit-taking."
Maverick Trading's management indicated that this move would allow the firm to continue bring on additional traders, albeit at a faster pace than in the past. Darren Fischer, Head Recruiter at Maverick spoke to this point: "Supporting both inexperienced and seasoned traders is first in our mind when bringing on new traders. In the past, we've actually had to occasionally put traders on a waitlist to come on board the firm as we expanded our instructor, coaching, and support base. This back-office piece, solved by the firm's partnership with ADP, is really the last aspect that we wanted to strengthen prior to increasing our recruiting goals. Especially with last year's returns, there is enough capital at the firm to essentially double the number of traders we have. We will still exercise selectivity in which traders we bring on board, but the days of having waitlists will soon be behind us."
About Maverick Trading: Founded in 1997, Maverick Trading is a private proprietary trading firm concentrating on position and swing trading equity options and Forex currencies, and is headquartered in Salt Lake City, Utah.
Additional information on Maverick Trading and proprietary trading can be found at www.mavericktrading.com.
To apply to become a trader with Maverick Trading, visit www.mavericktrading.com/apply.php
SOURCE Maverick Trading