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MF Global situation
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MF Global situation

  #21 (permalink)
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cbritton's Avatar
 
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Has anyone contacted their broker about concerns for their futures account? I have been thinking of doing this, but have not had time to compose a letter yet or know what exactly to ask. I'm with TradeStation and I know the bank they use is JP Morgan. That's enough cause for me to have concerns.

“Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” - Sun Tzu
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  #22 (permalink)
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Private Banker View Post
I agree with this. I prefer to keep the minimum in my trading accounts to cover margin and the appropriate risk in which I'm taking on relative to the size I'm trading. I take out my monthly profits as well which are re-invested in various passive investments. I don't trust keeping a large chunk of my net worth in a brokerage account of any kind. On another thread, I discussed the risks associated with brokerage firms, accounts and asset/securities titling. The last thing I need is to have my money locked up with a firm. I utilize a traditional trust company to handle my long term investments (mainly fixed income). My assets are held on a true fiduciary platform and all the securities are titled in my name (investment entity) rather than in street name or book entry. In the case of a firm failure/BK, there would be no confusion over who's money is who's.

I had money with MF Global a few years ago and felt their overall approach to managing their business and balance sheet was very concerning. I also had money with Penson and am a bit wary of them as well as they appear to be very similar to MF and moved my money out of there as well a while back. I highly recommend using an FCM that does not engage in anything other pure trading and clearing for it's clients.

Any specific company you could recommend?

And any idea how I do get any information about who owns who and who is behind who?

Any way, I think the law in the States has to be changed very quickly in that way, that such careless, greedy and wrong headed people no more can touch any segregated accounts for any of there purposes. Not today and no more in any case in the future. Customer money is customer money and not buffer money for any ideas of any CEO's

Why did Corzine not put in his own money to make the company the way he wanted it to become?

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  #23 (permalink)
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Delta_Panther View Post
Any specific company you could recommend?

And any idea how I do get any information about who owns who and who is behind who?

Any way, I think the law in the States has to be changed very quickly in that way, that such careless, greedy and wrong headed people no more can touch any segregated accounts for any of there purposes. Not today and no more in any case in the future. Customer money is customer money and not buffer money for any ideas of any CEO's

Why did Corzine not put in his own money to make the company the way he wanted it to become?

I'm not sure who to recommend blindly as I don't know what your situation is but what I do recommend is simply talking to a few FCM's and having a conversation with them about what that firm's core business is. There are a lot of smaller firms out there that are just doing the plain vanilla trading and clearing for their clients. Here's the CME link to it's Broker Directory.

I agree that the regulation should be enhanced and enforced. Why hasn't anyone gone to jail from MF? Oh yeah, that's right, Corzine is a former CEO of GS (Vampire Squid) and the former Governer of New Jersey, lol! As for why Corzine didn't put his own money into the firm, not sure really. I do think it's a bit of a red flag.

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  #24 (permalink)
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A followup to my earlier post, I checked around on the TS forum. The discussion is here, if any TS users are interested:

https://community.tradestation.com/Discussions/Topic.aspx?Topic_ID=115362&SearchTerm=mf%20global&txtExactMatch=&Page=3

Someone posted on 11/16 that it depends on how the broker (in this case TS) interprets US code from CFTC regarding reg. 1.25. A request was then sent to TS on this point. No response yet.

“Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” - Sun Tzu
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  #25 (permalink)
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If we are still in the 80s, these MF'er will be going behind bars. But this is the Goldman Saches era, all financial crimes get rewards, as long as you are part of the Goldman Saches gang.

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  #26 (permalink)
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cw30000 View Post
If we are still in the 80s, these MF'er will be going behind bars. But this is the Goldman Saches era, all financial crimes get rewards, as long as you are part of the Goldman Saches gang.

Yes, will Corzine get a bonus anytime soon from the Treasury Department??

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  #27 (permalink)
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bluemele View Post
Yes, will Corzine get a bonus anytime soon from the Treasury Department??

Probably a promotion to NY Fed? Or maybe head of CFTC or SEC.

Geithner was the head of NY fed during last bank crisis. Why did he got for failure at his job? A promotion as US treasury.

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  #28 (permalink)
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It is scary that customer segregated funds may not be segregated and that what looks to be a reputable broker can so easily violate the rules.

Why its best to only keep minimum amount you need to trade with in futures account and keep rest in an FDIC insured bank account. You can always wire money quickly into futures account if needed. If have large amounts needed to trade should even consider multiple accounts with different clearing houses.

This is a definite reminder that we are in a risk mitigation business. Even have to take measures to spread out your risk among financial institutions because never know when next fraud will happen.

The futures industry needs to get on top of this and find some way to "really" make sure these funds are segregated and erect a wall of checks and balances where this does not happen again. I thought that wall existed but obvious it does not. Just so ridiculous this can even happen.

I feel bad for people locked out of their funds that they may never see again. Could happen to any of us.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."

Last edited by liquidcci; November 18th, 2011 at 05:43 PM.
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  #29 (permalink)
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fwiw, Don Miller maintains a thread on MFG developments Don Miller's S&P Trading Tank

Somewhere in an earlier post I thought I saw where he had over two million with them.

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  #30 (permalink)
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Here's a link for Don Miller's journal on the whole MF fiasco and latest happenings for anyone wanting to follow this closely:

Don Miller's S&P Trading Tank

“Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” - Sun Tzu
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