NexusFi: Find Your Edge


Home Menu

 





MF Global situation


Discussion in Brokers

Updated
      Top Posters
    1. looks_one Delta_Panther with 15 posts (8 thanks)
    2. looks_two Big Mike with 12 posts (3 thanks)
    3. looks_3 aquarian1 with 12 posts (2 thanks)
    4. looks_4 JustinIsHere with 7 posts (9 thanks)
      Best Posters
    1. looks_one Deucalion with 4 thanks per post
    2. looks_two JustinIsHere with 1.3 thanks per post
    3. looks_3 Zondor with 1.2 thanks per post
    4. looks_4 Delta_Panther with 0.5 thanks per post
    1. trending_up 33,623 views
    2. thumb_up 64 thanks given
    3. group 17 followers
    1. forum 100 posts
    2. attach_file 3 attachments




 
Search this Thread

MF Global situation

  #1 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011

Anyone know more on this? I am curious if any similar risks are out there with other brokers.


Regulators Investigating MF Global for Missing Money - NYTimes.com

Started this thread Reply With Quote

Can you help answer these questions
from other members on NexusFi?
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
NexusFi Journal Challenge - April 2024
Feedback and Announcements
Are there any eval firms that allow you to sink to your …
Traders Hideout
Online prop firm The Funded Trader (TFT) going under?
Traders Hideout
The space time continuum and the dynamics of a financial …
Emini and Emicro Index
 
  #3 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,399 since Jun 2009
Thanks Given: 33,177
Thanks Received: 101,541


 
Thread Moved


Moved to Brokers



When creating a new thread, note which subforum you are in. Here is a short list of suggestions:

- Topic: Anything to do with an Elite indicator -> Subforum: The Elite Circle
- Topic: Looking for an existing indicator, or how-to use an indicator -> Subforum: (the platform)
- Topic: Programmer needing help with non-Elite indicator -> Subforum: (the platform) - Programming
- Topic: Want an indicator created/modified -> Reply to "Want indicator created free" in Elite Circle
- Topic: Vendors (trading rooms, commercial indicators) -> Subforum: Vendors/Product Reviews
- Topic: Discussion of Forex or Currency trading -> Subforum: Forex and Currency Trading
- Topic: Journals of your trading -> Subforum: Trading Journals or Elite Trading Journals
- Topic: General trading related discussions -> Subforum: Traders Hideout
- Topic: Discussion of a trading method -> Subforum: Traders Hideout
- Topic: Automated Trading -> Subforum: Elite Automated Trading

Last, any Elite Member may create more or less any of these topics in The Elite Circle at your own discretion (your support is appreciated).

This is just a short general list and doesn't cover everything. If you are unsure where to create your new thread, just create it in Traders Hideout and a moderator will move it if necessary.

-- Big Mike Trading


We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor
Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
Exclusive money saving offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
  #4 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,399 since Jun 2009
Thanks Given: 33,177
Thanks Received: 101,541

With regards to other brokers, I suggest reading all the topics posted in today in the Broker section as most all of them apply to MF Global questions:
Brokers and Data Feeds - Big Mike's Trading Forum

And there are probably a dozen or more topics in the News section on MF Global talking about news as it comes in:
News and Current Events - Big Mike's Trading Forum

Mike

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor
Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
Exclusive money saving offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #5 (permalink)
 
mattz's Avatar
 mattz   is a Vendor
 
Posts: 2,493 since Sep 2010
Thanks Given: 2,440
Thanks Received: 3,789

If you have a good rapport with your broker I suggest talking to him/her and see if they found a more secure place to conduct business. quite often a broker can take his/her clients with them.
If not, we would be more than happy to acoomodate the business.

I feel bad for customers, brokers and everyone else on the retail side who got tangled in this . This institution had a lot of good people and I hope that those the "little people" of back office, brokers, etc would find a home soon.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
Reply With Quote
Thanked by:
  #6 (permalink)
 
cory's Avatar
 cory 
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
Posts: 6,098 since Jun 2009
Thanks Given: 877
Thanks Received: 8,090

Ted Monjure, a 48-year-old Manhattan trader who has $27,252 frozen in a former MF Global Inc. account, said he is considering pulling his money out of his three other trading accounts.
“I’m a high net-worth person, and I don’t want to see $1 million get smoked by another misunderstanding,” Monjure said, recounting how he’d thought the Securities Investor Protection Corp. covered any losses due to a meltdown such as that at MF Global. He’s now been told SIPC may not cover the money because it was in a futures account and faces months of uncertainty as he files a claim seeking recoveries.

MF Global Customers Can?t Get Cash or Answers - Bloomberg

Reply With Quote
  #7 (permalink)
 
eudamonia's Avatar
 eudamonia 
Sacramento, CA
 
Experience: None
Platform: None
Broker: ADM and Sierra Charts
Trading: ES, CL
Posts: 315 since Jul 2010
Thanks Given: 308
Thanks Received: 449

I can see this leading to a major crisis of faith with futures brokerages. For myself at least I don't see any reason to keep more than the absolute minimum I need to cover margins in the account if I know that this money is 100% at risk. Anyone else feeling the same way? This could happen to any of us it seems and having your money locked up or become an unsecured collateral against the company is going to have serious repercussions for the industry.

Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #8 (permalink)
 
bluemele's Avatar
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
Platform: NinjaTrader
Broker: ATC/TT, AMP/Zen-Fire, AMP/CQG
Trading: TF
Posts: 2,543 since Jun 2010
Thanks Given: 3,803
Thanks Received: 2,842

When I trade Futures, why would I have anything more than what I need to cover commissions in that account?

Same goes for any kind of trading?

I know some people disagree, but I think if you have significant wealth then you need to do it through letters of credit vice actually moving money. There are other forms also, but whatever or however you need to do it then I suggest the swap/letter of credit technique for any decent amount of funds. (i.e. 200K+)

Brokers/Bankers/IB's/FCM's, whatever are just people. And in today's world, a great many are ethically challenged to keep up with Mr. Jones. Sad, but my reality.

EDIT: I meant to say 'margins' not commissions in first line. hehe....

Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #9 (permalink)
 
cory's Avatar
 cory 
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
Posts: 6,098 since Jun 2009
Thanks Given: 877
Thanks Received: 8,090

from the news above;

Prudence Doesn’t Pay
The people who were most prudent are being hurt the worst, said Don Miller, 50, a member of the CME since 2004 who works remotely from his home in the Boston area and has more than $2 million at risk, including his business and retirement accounts.
“Some people put a little in for margin, those of us who don’t believe in excessive leverage put more in for our activity in the course of providing market liquidity than we need,” Miller said. “Because of the segregated aspect, that money is supposed to be safer than with a bank.”
“My trading business and my life have come to a complete stop,” said Miller, who has a $30,000 college bill for his daughter coming due.

Reply With Quote
  #10 (permalink)
 
bluemele's Avatar
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
Platform: NinjaTrader
Broker: ATC/TT, AMP/Zen-Fire, AMP/CQG
Trading: TF
Posts: 2,543 since Jun 2010
Thanks Given: 3,803
Thanks Received: 2,842



cory View Post
from the news above;

Prudence Doesn’t Pay
The people who were most prudent are being hurt the worst, said Don Miller, 50, a member of the CME since 2004 who works remotely from his home in the Boston area and has more than $2 million at risk, including his business and retirement accounts.
“Some people put a little in for margin, those of us who don’t believe in excessive leverage put more in for our activity in the course of providing market liquidity than we need,” Miller said. “Because of the segregated aspect, that money is supposed to be safer than with a bank.”
“My trading business and my life have come to a complete stop,” said Miller, who has a $30,000 college bill for his daughter coming due.

Safer than in a bank??? You either buy the extra insurance or you link your bank accounts all via ACH where they are all 1 day away from cash being moved. I do it on 5 bank accounts (companies and personal) and I don't see why this is hard in today's world of online banking. I think burying your head and saying "Well I thought..." is just another guy 'trusting' and 'hoping'. I guess my view is more libertarian when it comes to this stuff. Are people that naive in all business transactions? I know I have been, but those days are OVER for me...

Unless it is backed by the Federal government (even then....) then you do not plant all your money in one place.... Well, I guess maybe if someone like Madoff is around then maybe....

Visit my NexusFi Trade Journal Reply With Quote




Last Updated on July 1, 2015


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts