Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Fri 8-K from Penson detailed replacement of Penson Financial's President. Penson Financial is the FCM for a good number of brokers including MBTrading. PNSN.O stock trades for $1.64. They have recently been selling operations / business segments. I was comtemplating funding an account I have with Penson thru MB Trading but the Penson cashiering office has been somewhat unresponsive. Is anyone experiencing similar problems? Does anyone have concerns about Penson's future in the light of MF Global's history?
I have concerns and have not spoken to MBt yet, the selling over overseas business was planned , I am already in , but if I was in your position and thinking about funding , I might wait to see what comes of their earnings announcement end of February (Penson), please let us know if you find anything new.
I have Ross Ditlove's email, I will send an inquiry and let you know if I get an answer as well
If you want to start a new thread in general or ask Mike to move it I can include the link, perhaps he can address these concerns....
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
It's been sent, and I gave him this link and hopefully he will address these issues as far as Mbt is concerned. Let you know if I hear anything.
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
Mr. Ditlove CEO of MbTrading responded to the email I just sent a short while ago, he responded directly to the question I asked and will be making a more formal response after the weekend, I really liked what he had to say and feel more comfortable, he also mentioned being happy about Phil Pendergraft being "back at the helm" and that they are monitoring closely. I don't want to quote the email directly but just know that this will be addressed with some input from Penson as well...when he get's it
Grid
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
I received a further response with additional feedback from Penson as well, and just waiting for an okay to share the responses here, I don't see why not just wanted to ask first .... let you know
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
I personally appreciate Ross taking the time to respond and also provide feedback from Phil Pendergraft as well directly. It has been my experience that if things were as bad as the rumors, we would not even get a response, jmo
I'm happy with the information provided and have no reason to think otherwise, Grid
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
Penson is not looking to good at this point, I have sent another set of concerns to MBT and will let you know what I get as a response....
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
My personal 2 cents is that Penson clears with many and if it became an insurmountable problem the powers that be would step in pretty quickly.
This is a quote from part of Ross's response " Thank you for the email. With regard to Penson, I do not correlate the stock price to their operations. I too have many accounts with them as well as my company and frankly the best thing in my opinion that could happen to them is that they get delisted and continue the plan or returning to a profitable company. If they get acquired along the way so much the better as far as I am concerned"
.......................................................
He responded quickly as always....
The reason why I delayed is that I had another concern which was a significant drop in MB Tradings Adjusted Net capital for february ...
And this is the quoted response to my concerns ...
"The CFTC found that some of our cash was in a non-allowable cash account as far as their definition. We were informed and corrected it within hours however it did get noticed within the period, the next reporting period will show that its back to normal."
...So, my concerns are much less and I see no reason at this time to change brokers , I have been with them since 2005 and have not really had any issues to speak about, can't say the same for other brokers I have used previously, so hope that is helpful to others... But just my own opinion based on what i have to go by which I have no reason to doubt....
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter