this morning received an e-mail from TransactFutures that they had closed all open positions due to their clearing house, MFGlobal, filing for bankrupcy. And that they were scrambling for another clearing house. Should I be worried about my deposit with my broker at Zaner Group ?
There are more people pecking at the pie that a Multi Level Marketing scheme. I thought that Zaner Grp was my broker and Transact was my clearing house. Apparently MFGlobal fits in there somewhere too. I do know that traders receive no guarantee in the event of bankruptcy of the broker.
I live in BC, Canada and I am limited on my broker selection. Infinity was not available, but they recommended Zaner grp and Transact. Transact has been in business for quite awhile and they receive good reviews on the web. Transact seems to have clients all over the world.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
If you want to support our community, become an Elite Member.
Disconcerting blow to confidence of major clearing FCM firms. Hopefully this was just an isolated case.
Client accounts are supposed to be segregated but who knows what happened; hopefully the CFTC fully investigates any shenanigans and brings them to light. I look forward to the episode of "American Greed" on this in the future.
Last edited by Cloudy; October 31st, 2011 at 11:59 PM.
...and what do you know. Allegations of account segregation violations by MF Global. Corzine in the deep dung pasture now (along with that 12 mil severance which should go back into the performance bonds securing the segregated accounts)!
I am not going to say "do not feel to bad as you are not the only one" what an annoying platitud for those affected. "A problem shared is a problem halved" and all the others, well meant but empty. Yes you are unlucky, hope you are not too badly exposed.
Unfortunately this could happen to any of us no matter how smug or secure we feel and although many have been adversely affected, a lesson should have been learnt by now, Limit your exposure to any financial organisation wether it be a Bank, Fund or Broker etc.
Trust No One, millons of people have learnt the hard way.
When the shit hits the fan it will not be your interests that they are looking out for.