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Any experience with MF Global / Man Financial?
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Any experience with MF Global / Man Financial?

  #1 (permalink)
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Any experience with MF Global / Man Financial?

I am wondering if there is anyone who have any experience with the futures broker MF Global?

Links: Stock Trading, Shares & Currency Market Trading System | MF Global , Leading Cash and Derivatives Broker-Dealer | MF Global

Thanks,
Laurus

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  #3 (permalink)
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Laurus12 View Post
I am wondering if there is anyone who have any experience with the futures broker MF Global?

Links: Stock Trading, Shares & Currency Market Trading System | MF Global , Leading Cash and Derivatives Broker-Dealer | MF Global

Thanks,
Laurus

Hi Laurus,

MF Global is big, but very expensive. You might be better of by going with any of the US brokers / FCM, depends on what you are trading (Interactive Brokers, Velocity, Vision / Optimus, Crossland / DDT, etc.).

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rani View Post
Hi Laurus,

MF Global is big, but very expensive. You might be better of by going with any of the US brokers / FCM, depends on what you are trading (Interactive Brokers, Velocity, Vision / Optimus, Crossland / DDT, etc.).

Thank you for your reply Rani.

In terms of very expensive, do you only mean commissions?

The reason for investigating them is that I would like a broker where I can open an account in Europe with other currencies than USD.

Laurus

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  #5 (permalink)
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Hi Laurus,

yeas, by expensive I mean commissions. Also margin requirements are higher than of those brokers I've mentioned before.
As you can see, I am also European. Most of the US brokers will let you open trading accounts in EUR or GBP. You should check for yourself.

Rani

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Anyone with an account with MF Global better beware. Looks like they're in big trouble here. From Zerohedge:


Quoting 
We all know the news by now: "MF reported its biggest quarterly loss ever yesterday, after having its credit ratings cut a day earlier by Moody’s Investors Service on concern that the broker won’t meet earnings targets and may not be able to manage investments in European sovereign debt. The company’s shares fell 48 percent. “It’s aggregated risk,” said Richard Repetto, an analyst at Sandler O’Neill & Partners LP. The positions in Europe, the further downgrade potential and the quarterly loss, combined to discourage investors, he said." Here is where it gets worse: "Analysts at KBW Inc., led by Niamh Alexander, wrote in a note yesterday that the Moody’s downgrade and lower earnings could cause a ripple effect on the company, raising borrowing costs and triggering collateral calls. “It also exposes MF to collateral calls of up to $5 million,” the note said. “We believe it could also prompt lenders to reduce financing, clients to withdraw assets and trigger the need to recognize losses on certain bilateral over- the-counter and off-balance sheet transactions." Well, judging by the bond yield chart below, MF is done (further confirmed by WSJ reporting that the company has hired restructuring expert Evercore Partners). The only question is whether that ever so handy uber collateral puller, Goldman Sachs, so critical in the extinction of AIG and Dexia, will be the party responsible for the death of MF Global? Considering who the current head of MF is, and his "key man status" in the prospectus of the company's recently bonds (which are plummeting today), we somehow doubt it.


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Hi Lauris,

I have only good things to say. Been smooth for the past year. However, they are just a broker so don't expect any special treatment. It's still you against everyone else.

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Panic


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Anyone with an account with MF Global better beware. Looks like they're in big trouble here. From Zerohedge:

If there was ever a time to be worried about your broker I would say this is it.


MF Global Draws Down on Credit Lines - Bloomberg

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With the BK filing of MF Global, this brings up another perspective on risk which is operation risk. Put a better way, don't put all your eggs in one basket...

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They just bought StrategyRunner


Weird, they just bought Strategy Runner... why would they do that so close to bankruptcy ?

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