MB Trading / Penson Financial Account Funding
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MB Trading / Penson Financial Account Funding


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Created February 4th 2012 by DynoCat
Updated September 11th 2012 by prisonbreaker82
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MB Trading / Penson Financial Account Funding

  #1 (permalink)
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MB Trading / Penson Financial Account Funding

Fri 8-K from Penson detailed replacement of Penson Financial's President. Penson Financial is the FCM for a good number of brokers including MBTrading. PNSN.O stock trades for $1.64. They have recently been selling operations / business segments. I was comtemplating funding an account I have with Penson thru MB Trading but the Penson cashiering office has been somewhat unresponsive. Is anyone experiencing similar problems? Does anyone have concerns about Penson's future in the light of MF Global's history?

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  #2 (permalink)
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Answer
This post has been selected as an answer to the original posters question Answer

I have concerns and have not spoken to MBt yet, the selling over overseas business was planned , I am already in , but if I was in your position and thinking about funding , I might wait to see what comes of their earnings announcement end of February (Penson), please let us know if you find anything new.

http://www.mbtrading.com/stocksAccountProtection.aspx

I have Ross Ditlove's email, I will send an inquiry and let you know if I get an answer as well

If you want to start a new thread in general or ask Mike to move it I can include the link, perhaps he can address these concerns....

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Last edited by GridKing; February 4th, 2012 at 08:11 PM.
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  #3 (permalink)
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It's been sent, and I gave him this link and hopefully he will address these issues as far as Mbt is concerned. Let you know if I hear anything.

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  #4 (permalink)
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Mr. Ditlove CEO of MbTrading responded to the email I just sent a short while ago, he responded directly to the question I asked and will be making a more formal response after the weekend, I really liked what he had to say and feel more comfortable, he also mentioned being happy about Phil Pendergraft being "back at the helm" and that they are monitoring closely. I don't want to quote the email directly but just know that this will be addressed with some input from Penson as well...when he get's it

Grid

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Last edited by GridKing; February 4th, 2012 at 09:27 PM.
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  #5 (permalink)
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I received a further response with additional feedback from Penson as well, and just waiting for an okay to share the responses here, I don't see why not just wanted to ask first .... let you know

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  #6 (permalink)
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response from Mbt and Penson

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I personally appreciate Ross taking the time to respond and also provide feedback from Phil Pendergraft as well directly. It has been my experience that if things were as bad as the rumors, we would not even get a response, jmo

I'm happy with the information provided and have no reason to think otherwise, Grid

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  #7 (permalink)
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Penson is not looking to good at this point, I have sent another set of concerns to MBT and will let you know what I get as a response....



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  #8 (permalink)
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Okay, had a few back and forth's with Mr. Ditlove

My personal 2 cents is that Penson clears with many and if it became an insurmountable problem the powers that be would step in pretty quickly.

This is a quote from part of Ross's response " Thank you for the email. With regard to Penson, I do not correlate the stock price to their operations. I too have many accounts with them as well as my company and frankly the best thing in my opinion that could happen to them is that they get delisted and continue the plan or returning to a profitable company. If they get acquired along the way so much the better as far as I am concerned"
.......................................................
He responded quickly as always....

The reason why I delayed is that I had another concern which was a significant drop in MB Tradings Adjusted Net capital for february ...

CFTC-Registered Firms? Adjusted Net Capital for February - Bloomberg

And this is the quoted response to my concerns ...


"The CFTC found that some of our cash was in a non-allowable cash account as far as their definition. We were informed and corrected it within hours however it did get noticed within the period, the next reporting period will show that its back to normal."



.......................................................................................


...So, my concerns are much less and I see no reason at this time to change brokers , I have been with them since 2005 and have not really had any issues to speak about, can't say the same for other brokers I have used previously, so hope that is helpful to others... But just my own opinion based on what i have to go by which I have no reason to doubt....

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  #9 (permalink)
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GridKing View Post
Okay, had a few back and forth's with Mr. Ditlove

if it became an insurmountable problem the powers that be would step in pretty quickly.



Just like they did with Lehman huh?

Well if the CEO told you their gonna be fine.....then it must be true.

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  #10 (permalink)
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Looks better now.

CFTC-Registered Firms? Adjusted Net Capital for June - Bloomberg

Anyone here has any experience of their "MBTR- Flat Rate", good fills?
MB Trading - Commissions

I use IB now, but I am trading high volume 10.000+shares and value over 100.000USD a time... So IBs flat rate is really bad for me.

Cheers!




GridKing View Post
Okay, had a few back and forth's with Mr. Ditlove

My personal 2 cents is that Penson clears with many and if it became an insurmountable problem the powers that be would step in pretty quickly.

This is a quote from part of Ross's response " Thank you for the email. With regard to Penson, I do not correlate the stock price to their operations. I too have many accounts with them as well as my company and frankly the best thing in my opinion that could happen to them is that they get delisted and continue the plan or returning to a profitable company. If they get acquired along the way so much the better as far as I am concerned"
.......................................................
He responded quickly as always....

The reason why I delayed is that I had another concern which was a significant drop in MB Tradings Adjusted Net capital for february ...

CFTC-Registered Firms? Adjusted Net Capital for February - Bloomberg

And this is the quoted response to my concerns ...


"The CFTC found that some of our cash was in a non-allowable cash account as far as their definition. We were informed and corrected it within hours however it did get noticed within the period, the next reporting period will show that its back to normal."



.......................................................................................


...So, my concerns are much less and I see no reason at this time to change brokers , I have been with them since 2005 and have not really had any issues to speak about, can't say the same for other brokers I have used previously, so hope that is helpful to others... But just my own opinion based on what i have to go by which I have no reason to doubt....


"insanity is doing the same thing over and over again and expecting different results." - Albert Einstein
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