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am I a good example of bad luck
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am I a good example of bad luck

  #1 (permalink)
Elite Member
Vernon, BC, Canada
 
Futures Experience: Beginner
Platform: Sierra Charts
Broker/Data: Zaner Group (Transact)
Favorite Futures: ES
 
Posts: 103 since Apr 2010
Thanks: 113 given, 62 received

am I a good example of bad luck

this morning received an e-mail from TransactFutures that they had closed all open positions due to their clearing house, MFGlobal, filing for bankrupcy. And that they were scrambling for another clearing house. Should I be worried about my deposit with my broker at Zaner Group ?
There are more people pecking at the pie that a Multi Level Marketing scheme. I thought that Zaner Grp was my broker and Transact was my clearing house. Apparently MFGlobal fits in there somewhere too. I do know that traders receive no guarantee in the event of bankruptcy of the broker.

I live in BC, Canada and I am limited on my broker selection. Infinity was not available, but they recommended Zaner grp and Transact. Transact has been in business for quite awhile and they receive good reviews on the web. Transact seems to have clients all over the world.

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received


don't feel to bad your not the only one...check this out:Trader: The MF Global Bankruptcy 'Decimated' The Floor Of The CME Today

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  #4 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
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If I remember correctly, TransAct is Infinity, so look here as well:

https://futures.io/brokers-data-feeds/14606-infinity-futures.html

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  #5 (permalink)
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San Diego, CA USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
GridKing's Avatar
 
Posts: 3,650 since May 2011
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MF is in the top five in clearing for commodities,"

so you are not alone, should be okay though once the dust settles, I would think



MF Traders Blocked by CME, Intercontinental Has Clients Fleeing - BusinessWeek

"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
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  #6 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
Platform: NT7, TOS
Broker/Data: AMP/wCQG, TDA
Favorite Futures: CL,YM
 
Posts: 2,027 since Jul 2011
Thanks: 2,211 given, 1,551 received

Disconcerting blow to confidence of major clearing FCM firms. Hopefully this was just an isolated case.
Client accounts are supposed to be segregated but who knows what happened; hopefully the CFTC fully investigates any shenanigans and brings them to light. I look forward to the episode of "American Greed" on this in the future.


Last edited by Cloudy; November 1st, 2011 at 12:59 AM.
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  #7 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
Platform: NT7, TOS
Broker/Data: AMP/wCQG, TDA
Favorite Futures: CL,YM
 
Posts: 2,027 since Jul 2011
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...and what do you know. Allegations of account segregation violations by MF Global. Corzine in the deep dung pasture now (along with that 12 mil severance which should go back into the performance bonds securing the segregated accounts)!

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  #8 (permalink)
Elite Member
cordoba spain
 
Futures Experience: Intermediate
Platform: ninjatrader
Favorite Futures: 6E
 
dee50's Avatar
 
Posts: 72 since Feb 2011
Thanks: 77 given, 38 received

Mr Cynical, through hard experience

I am not going to say "do not feel to bad as you are not the only one" what an annoying platitud for those affected. "A problem shared is a problem halved" and all the others, well meant but empty. Yes you are unlucky, hope you are not too badly exposed.

Unfortunately this could happen to any of us no matter how smug or secure we feel and although many have been adversely affected, a lesson should have been learnt by now, Limit your exposure to any financial organisation wether it be a Bank, Fund or Broker etc.

Trust No One, millons of people have learnt the hard way.

When the shit hits the fan it will not be your interests that they are looking out for.

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  #9 (permalink)
Elite Member
San Diego, CA USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
GridKing's Avatar
 
Posts: 3,650 since May 2011
Thanks: 588 given, 877 received

http://www.sipc.org/media/release31Oct11.cfm

"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
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  #10 (permalink)
Elite Member
cordoba spain
 
Futures Experience: Intermediate
Platform: ninjatrader
Favorite Futures: 6E
 
dee50's Avatar
 
Posts: 72 since Feb 2011
Thanks: 77 given, 38 received




Thank god for the SIPC. But remember it will be a long slow process possibly taking years.

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