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PFG news article
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PFG news article

  #1 (permalink)
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PFG news article;_ylt=AkVCKKdxjbwwR9FoCSMztgSiuYdG;_ylu=X3oDMTNyYWV0aDZsBG1pdANGUCBUb3AgU3RvcnkgTGVmdARwa2cDOTQzOTZlNTktYmMzNC0zNzZkLWE1NjQtY2IxMTMwNjJhZjBjBHBvcwMzBHNlYwN0b3Bfc3RvcnkEdmVyA2YyNzE1MjMwLWQ0ODQtMTFlMS1iYWJmLTViZjFiZWU0YTk2Zg--;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3

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  #2 (permalink)
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TrendTraderBH View Post;


Fixed that for ya...

Analysis: For brokers like Peregrine, from bad times to worse - Yahoo! Finance

Interesting ....

The industry debate over better ways to protect customer money has intensified.
The CME Group last week openly questioned whether brokers should be allowed to
continue being allowed to hold client collateral; some have suggested a third-party
depository could work. Even if a system is established to allow interest income to
flow back to the brokers, it adds cost.

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"

Last edited by ThatManFromTexas; July 23rd, 2012 at 04:36 AM.
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  #3 (permalink)
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New margin requirements under Dodd-Frank

More info from the article regarding how FCMs will need to hold more margin under Dodd-Frank, which will reduce profits for smaller firms.

Meanwhile some new measures bearing down on the brokers that date back to the financial crisis in 2008. The reforms that are driving the vast over-the-counter derivatives market onto exchanges offers some hope for new trading opportunities, but also complex -- and potentially costly -- new regulations.

One is a change in the way that exchanges collect collateral from the brokers who place customers' trade. In the past, a number of exchanges allowed so-called "net" margining. Under that system, a broker is required to transfer only enough funds to meet the sum total of its customers' positions.

If one customer was long and another was short the same product, the margin requirements effectively canceled each other out -- allowing the broker to retain more of their customers' escrow and collect interest income on those sums.

But under the Dodd-Frank financial reforms, clearing houses by November 8 must use a "gross margin", in which brokers must ensure each individual client's trading position is fully margined at the exchange level -- leaving the broker less cash.

"After November 8, we will go to a true gross model for all cleared business so that the amounts collected by the FCM and the clearinghouse will be identical," said CME Group (CME) spokesman Damon Leavell of the CME's Chicago Board of Trade.

Last edited by ddnut; July 25th, 2012 at 11:34 PM. Reason: more focus on how this impacts FCM profits
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