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Due Diligence: NFA Search for IB's, FCM's, CTA's, etc...
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Due Diligence: NFA Search for IB's, FCM's, CTA's, etc...

  #1 (permalink)
Elite Member
Honolulu, Hawaii
 
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Due Diligence: NFA Search for IB's, FCM's, CTA's, etc...

Hi all,

I always see a lot of comments about this forex company, that FCM, IB or whatever and who plays by the rules.

So, I got my Series 3 certification about a year ago and I learned a lot about the whole process. Here is a great link that will help you learn more about those entities to look up what their past records look like:

BASIC Search

Also, here are some top brokers already and I have to say, I haven't looked at this in a while and boy was it shocking to see some of the payouts from some of these companies:

FXCM BASIC Details

Forex.com BASIC Details

Velocity Futures BASIC Details

AMP Futures BASIC Details

Optimus Futures BASIC Details

Mirus BASIC Details

Interactive Brokers BASIC Details

Open E Cry BASIC Details

Dorman BASIC Details

Look at all 3, regulatory actions, arbitration awards & reparations cases.

I was very very suprised to take some time. I think my biggest surprise was AMP & Velocity.

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  #2 (permalink)
Quick Summary
Quick Summary Post

Relevant topic:
CFTC published financial data on FCMs (Filed by Dec 2013) https://futures.io/brokers-data-feeds/30115-cftc-published-financial-data-fcms.html


Last edited by JustinIsHere; January 9th, 2014 at 04:13 PM.
 
  #3 (permalink)
Site Administrator
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Stickied in the Brokers section.

Mike

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  #4 (permalink)
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bluemele View Post
So, I got my Series 3 certification about a year ago .... .

how come you got the series 3? was it just for kicks? and how did it impacted your account registration with your broker?


bluemele View Post
I think my biggest surprise was AMP & Velocity.

what exactly was surprising? you leave it a bit in suspense..

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  #5 (permalink)
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more FCMS

I always use basic to research everyone.. here are some more..

Crossland, LLC... BASIC Details
Advantage Futures, LLC.. BASIC Details
MBFCC ... BASIC Details

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  #6 (permalink)
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Also the CFTC list (shows customer funds size, etc):

Financial Data for FCMs - CFTC

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #7 (permalink)
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I think the CFTC list is discontinued, but is now available on the NFA site.

Which is bizarre, since NFa was the body, that f++ked up with PFG.

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  #8 (permalink)
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Big Mike View Post
Also the CFTC list (shows customer funds size, etc):

Financial Data for FCMs - CFTC

Mike

The CFTC stopped this reporting in November, and NFA took over:
NFA's BASIC System - Public Display of FCM Financial Information

NFA Manual / Rules

I'm actually having trouble finding a similarly formatted report from the NFA. Does anyone have a link for that?

NFA FCM reporting requirements:
https://www.nfa.futures.org/NFA-compliance/NFA-futures-commission-merchants/fcm-reporting.pdf

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #9 (permalink)
Elite Member
Eindhoven The Netherlands
 
Futures Experience: Intermediate
Platform: Sierra, NinjaTrader
Favorite Futures: TF NQ YM 6E ES
 
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Suggestion to Big Mike to organize a webinar so I (and no doubt many others!) better understand crucial basics like:
- What is an IB?
- What is the difference between an IB and FCM? Where to look at as a retailer trader?
- Where can I see who is a FCM and who is an IB? Is it good to have an IB and FCM combined - or not?
- Where to look for at an IB and FCM in terms of business sustainability ( so not the level of commissions).
- Is there a way I can trade so I am not responsible in case an IB or FCM cause me damage if their system malfunctions?
- What is a seggregated account? Is my money save or not? Are there ways to better secure my funds?
- How important is it to check the background of the bank the IB/FCM is using?
- How can I read the NFA website? Whcih other websites are there that help me better understadn the entities I deal with?
- Which components comprise the fee I pay to the IB/FCM?

I notice that in the current Mirus/Zenfire messages many traders have no clue how the above works - or even that it exists (I even read that someone assumed JP Morgan was the FCM). I myself also have no clear picture.

The above information may be scettered around at threads and websites. But it would be nice if someone can give a webinar covering the above topics (and other related requirements I do not mention or do not know it exists) and also an all you want to ask thread on Big Mike. There is more in trading than just the trade itself or your charts, indicators or methods.

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  #10 (permalink)
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westmalle View Post
Suggestion to Big Mike to organize a webinar so I (and no doubt many others!) better understand crucial basics like:
- What is an IB?
- What is the difference between an IB and FCM? Where to look at as a retailer trader?
- Where can I see who is a FCM and who is an IB? Is it good to have an IB and FCM combined - or not?
- Where to look for at an IB and FCM in terms of business sustainability ( so not the level of commissions).
- Is there a way I can trade so I am not responsible in case an IB or FCM cause me damage if their system malfunctions?
- What is a seggregated account? Is my money save or not? Are there ways to better secure my funds?
- How important is it to check the background of the bank the IB/FCM is using?
- How can I read the NFA website? Whcih other websites are there that help me better understadn the entities I deal with?
- Which components comprise the fee I pay to the IB/FCM?

Good list, I'd add more:

-What are the requirements for a data feed business to be formed?
-What are the internals for the business formation of IB, FCM, Data Feed co, clearing, and other related entities?
-What is the break down for all fees for a transaction?
-What business entities can be combined into one and which can or should not be?
-What is the electronic infrastructure of the exchange, their data, their order execution, etc? Is there one data pipe that comes from one exchange entity?
-Why is there data and fills with the original physical futures exchanges names like comex, nymex, etc., when they are all now owned by CME and why is there some orders and data coming from the exchange names vs globex?
-If there are still pit trades, how are they entered into the electronic exchange?
-Is the way the exchanges funtion on these basic levels, proprietary?

There's probably a book on this, but I can't imagine it's very popular.

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