I had intended to move my account from IB to Optimus this summer (I take 2 weeks off in early July every year). I have decided it is best to wait and see how things work out with Vision before making any changes.
Vision - no longer an FCM in the hand off to ADMIS
Vision will no longer be an FCM. Following is the letter posted to their clients.
November 10, 2014
Dear Valued Customer:
After twenty-four years of providing Futures Commission Merchant (“FCM”) clearing and custody services to over 100,000 futures customers, Vision Financial Markets LLC (“Vision”) is embarking on a change. On November 30, 2014, we will transition from acting as your FCM to providing you with futures trading services through a business collaboration between High Ridge Futures LLC (“High Ridge”), our newly registered affiliate, and ADM Investor Services, Inc. (“ADMIS”), a wholly owned subsidiary of the Archer Daniels Midland Company, a Fortune 50 Company. High Ridge, located in the CBOT building in Chicago, Illinois and at High Ridge Park in Stamford, Connecticut, will continue to provide the high level of customer service you have experienced at Vision.
We have a long-term constructive business relationship with ADMIS, who has provided Vision with clearing and custodial services on certain foreign futures exchanges of which we were not members. As ADMIS reports in its 2013 Statement of Financial Condition, and as we have experienced first-hand, ADMIS is widely known for its “high integrity and fair, consistent and ethical manner” in which it conducts business. As Vision will no longer carry your futures trading account, we are extremely confident that ADMIS will provide to you the utmost security and protection of your funds that you have entrusted to us as an FCM.
We have provided below a notice pursuant to CFTC Reg. 1.65 regarding the proposed transfer of your account to ADMIS on Monday, December 1, 2014, and a link to the most recent ADMIS statement of financial condition, which includes information on their financial strength, history, and worldwide capabilities in the futures market place. We encourage you to take the time to read this report and the notice and to call us with any questions. We are working diligently to complete a seamless transfer. If you desire to transfer your account to ADMIS, you DO NOT need to do anything. If you do not provide us with other instructions by Tuesday, November 25, 2014, you will be deemed to have consented to the transfer of your account to ADMIS, effective December 1, 2014.
In closing, it has been our privilege and honor to serve as your FCM, providing to you both futures custody and clearing services. We thank you for the trust placed in us and look forward to continuing our business relationship together as we move forward in this new and exciting business alliance with ADMIS.
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