I have been running a families + friends strategy on an IB personal account for a little while now, and have now reached the minimum size ($3m) to take advantage of IB Prime. I am hoping it would serve as a springboard to establish a track record and tap into their marketplace.
IB Prime is said to offer the possibility of doing 2 things: 1) Execute with IB and clear at another venue and 2) Execute elsewhere and clear trades with IB.
I am unfamiliar with these setups (having been exposed to individual accounts solely so far): is there any advantage of executing or clearing away of IB? Would it be any cheaper? And how would one go about doing it (would I need to open accounts with clearing houses or investment banks)?