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CME Group wants customer money held at clearing houses
Broker: Vankar + DTN.IQFeed (moved from Bloomberg)
Trading: Futures - Indices, Energy, Metals, Currencies (starting to look at some softs)
Posts: 18 since Jun 2012
Thanks Given: 32
Thanks Received: 10
Hi chaps
Hopefully this is the right place for this thread?
im curious about your thoughts/opinions on where you feel comfortable to have your monies kept for your trading accounts in view of recent MF Global/PFGBest debacles.
CME Group seem to be pushing to have these funds at clearing houses;
I was a customer with MF Global (UK) and I still have my funds sitting with the administrators (or helping in someones summer vacation down the hamptons :-) ) with no sight of when/if I will get a penny back.
I'm not really sure how I exactly feel about this just yet but some form of central account pool is possibly more appealing to me than at your broker/s, as currently is. But how do you allocate funds for cme, nymex, eurex etc as I like to have my monies available to trade whatever instrument im on that day so still needs more thinking.
I agree though that something needs to be done to get back traders confidence [I wonder how many traders have lost confidence or if they still feel the same way?] that their funds are safe as this is No 1 for me.
I agree too. If a few more brokers get belly up like this, then that would be a HUGE BLOW to the confidence of the traders. If the trading amount in the account itself if not safe, then that is a Big Issue. Something definitely needs to be done about it, before it is too late.
Broker: Vankar + DTN.IQFeed (moved from Bloomberg)
Trading: Futures - Indices, Energy, Metals, Currencies (starting to look at some softs)
Posts: 18 since Jun 2012
Thanks Given: 32
Thanks Received: 10
indeed and also not forgetting WorldSpreads (Spread Bet firm) who also went up in smoke with a customer funds hole worth about £13m, although nit futures per se, still not good for clients confidence in the industry..!
Re-hypothecation is the word, as thats what killed the MFG euro bets and therein customers sacred money...