(If you already have an account, login at the top of the page)
futures io is the largest futures trading community on the planet, with over 100,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.
At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.
With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.
We are fundamentally different than most other trading sites:
We are here to help. Just let us know what you need.
We work extremely hard to keep things positive in our community.
We do not tolerate rude behavior, trolling, or vendors advertising in posts.
We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
We expect our members to participate and become a part of the community. Help yourself by helping others.
You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple.
Platform: Abacus, Slide Rule, HP-65, Metastock, TOS, NT
Favorite Futures: Futures
Posts: 3,428 since Aug 2010
Thanks: 1,056 given,
5,831
received
Forum Reputation: Legendary
I talked to Rust/Omni and my IB that worked with PFG.
The recommendation was to send by certified mail a hard copy of your claim, follow all the instructions. Include an extra copy of the claim and attachments with a self-addressed stamped envelop so that they can stamp and verify as received the extra copy and send it back to you for your records.
Everything need to be signed and dated including any attachments such as your last account statement.
The following user says Thank You to aligator for this post:
Platform: Abacus, Slide Rule, HP-65, Metastock, TOS, NT
Favorite Futures: Futures
Posts: 3,428 since Aug 2010
Thanks: 1,056 given,
5,831
received
Forum Reputation: Legendary
Update
Forget about a direct re-distribution. $123M to be Block Transferred to Vision, as if it was not already complicated enough. Should we be worried that Vision runs away with the whatever is left from the money? After Refco, IM G, and PFG, for sure there will be another one.
for sure. there is such possibility. and it is downright frightening too. one of our trading sisters here had been defrauded some three times, if my memory is correct. but in spite of and despite of all the frauds bestowing upon her, she is still going strong today.
isn't that right, sis?
little did some of those officials know or realize just how much it would cost to mail something important out of third world zone.
last week it costs 30 usd just to mail a usa interest bearing check originated from a new york bank which was routed to thailand instead of the designated usa bank.
no wonder, segregated accounts are being manipulated and defrauded in the usa so very often.
probably many in the industry won't even where bangkok is on a globe.... LOL
to me, it is a joke asking for anything other than verifying email and destination bank where redistribution has been designed by the acct holder whose acct has been in existence in pfg mainframe with its trading activities.
some people just do not know anything other than what evolves immediately around them.... LOL
Last edited by nakachalet; October 8th, 2012 at 01:04 PM.
As a general rule, I would not be worried about Vision. But the only way to solve all of this is with insurance, and until that exists, there is always the possibility of anything happening.
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.
there have been several updates that set my head swaying north and south.... lol
adding to what you already knew, here is the latest received just a few minutes ago; which at the same time might already have been a late news for some around here.
whatever, it is going to be soon, ms. b.... and all;
Mike, that would be the ideal scenario but in my opinion highly unlikely there will be any insurance for the following reasons:
Firstly, it is highly unlikely even the riskiest insurer would take on companies with the risk profiles of Futures brokers. I have extensive experience in securing corporate insurance for much larger and less risky entities than FCMs and coverage in some cases was very difficult to obtain. Most of the policies ended up with some fairly unpalatable exclusions with very hefty premiums.
Secondly, even if FCMs could secure insurance in their own right the premiums would be so expensive it would drive many out of business. The insurers would view FCMs as an extreme risk resulting in premiums probably in the vicinity of $500k-$1m plus per FCM. Bear in mind the regulator offers no comfort to any insurance company that their risks will be protected as they have exhibited virtually no skills in implementing even the most basic financial controls.
If, for some reason the regulator was able to secure cost effective blanket coverage across the industry it would need to levy each FCM individually the cost of the coverage? How would this cost be split? Assets? Customer numbers? trading volume?
Whatever the case, insurance will result in much higher commissions as the FCMs will need to pass this cost on to their customers to recover the insurance levy. I doubt they would want to risk passing on this cost to retail customers as they would likely lose more business and certainly would struggle to win new business.
I suspect we won't see much change to the wild west of segregated bank account control. Retail traders may just have to "grit our teeth" and live in hope the regulator is able to put effective controls on these segregated accounts. Having said that, this is an extremely simple issue to resolve and put the solution here:
The only difficult issue is how to deal with daily changes in FCM bank account balances. Just because they are monitoring balances electronically isn't the whole story. What is their plan if they see say a 10% reduction in the balance in one day? It could be a large client pulling out their funds or it could be fraud? How are they going to check this? Rely on the FCM to tell them it was a client.
Cheers
DJ
Last edited by djkiwi; October 8th, 2012 at 10:08 PM.
The following 3 users say Thank You to djkiwi for this post:
who is transparent enough to head up the self-insurance dept?
agree with practically all that was said.
however, there surely is nothing wrong with this particular segment of the futures industry to INSURE ITSELF....
the insiders know best what ought and what should....
at the end, all traders would be insured, the premium would be distributed amongst the insured and those insurers participating in the self-insurance which ultimately would benefit maximally those in the futures industry, particularly small traders.
the big humongous question would most likely be.... who are transparent enough to head up this self-insurance dept....?
Canadian Accounts did have Insurance and they will not lose any money so I have heard Stock accounts do have it here and
we here in the USA are way behind in Financial regulation to not have it
The following user says Thank You to Wave for this post:
we really have no one else to finally blame, except ourselves; as much as we dislike to do that.
as an astute group of traders/investors, we would consider ourselves here as pretty sharp, won't we?
there are practically thousand of us here who care about what happen to our so call idle-play money, however large or however little they are, is not the point.
as a trading group, if and when we decide to bond together to push for whatever improvement in this shabby industry, we ought to be able to do so, because we care immensely about trading and everything about trading, before, during and after the settlement bell.
we as a specialized interest group, do not care enough, then..... pls spare others.... why would they care about our family members... we are mostly just a set of number to all those out there....
i won't mind meeting head to head with the sharpest traders on the trading arena, and i am very happy if and when any of them could out figure my trade, any trade, and; walk away with my money. i won't regret it one bit....
however, to have some jerks or group of jerks, the like pfg et al, defraud my euro behind my back, infuriate me to no end. sorry everyone.