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Experience with Velocity Futures?
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Experience with Velocity Futures?

  #181 (permalink)
 Vendor: www.velocityfutures.com 
Houston, Texas
 
Futures Experience: None
Platform: x_Trader
Favorite Futures: ES
 
Posts: 10 since Jan 2011
Thanks: 3 given, 16 received

Tiberius,
We do nothing with your funds. They remain safe and sound in a segregated account.

If you have any questions about our services at Velocity Futures please send me a private message.
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  #182 (permalink)
Market Wizard
virginia
 
Futures Experience: Intermediate
Platform: ninja
Favorite Futures: ES
 
cory's Avatar
 
Posts: 5,215 since Jun 2009
Thanks: 628 given, 6,313 received
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does AMP share the same writer

Quoting 
We understand that there may be fear or surprise among the futures and commodities trading community today arising from today's breaking news that FCM MF Global has filed for bankruptcy.

Understanding that concern, AMP Global Clearing, LLC wanted to let our customers know that we have no clearing business or any other relationship with MF Global.

None of our customers' funds or our own are placed with MF Global as a custodian or in any other capacity.

We would also like to take this opportunity to remind you that AMP is one of the only FCM's today that does not engage in any business other than the processing of trades for Futures and Commodity Customers. We have no proprietary trading, no customer trading authorization, no exposure to mortgage backed securities, and no exposure to European debt.

Thank you for your business.

Regards,

AMP Global Clearing


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  #183 (permalink)
 Vendor: www.cqg.com 
Denver, CO
 
Futures Experience: None
Platform: CQG IC, CQG, CQGTrader
Favorite Futures: ES
 
Posts: 28 since Oct 2010
Thanks: 15 given, 23 received



Tiberius View Post
@yshterk I am about to open another futures account. I have wondered about this from day 1. Maybe my question is better answered by reading the brokers financial statement. My question is: what do you brokers do with our excess money that is in our accounts? I am sure that the use of our money is considered in the commissions and fees. I guess their is no fiduciary relationship between the broker and the customer. But what to you do with it? Where is it really located? Does our money circle the globe at night strengthening the reserves on paper for these zombie banks? Or what? Thanks Tiberius


Great questions, bad person to ask Since CQG is not a broker but rather technology provider we know nothing about brokers and their fees, where they keep accounts and what they do with excess capital. You maybe better off to address this question to your broker, I am sure they will be happy to share the details with you!

Sorry I cant be any more helpful.

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  #184 (permalink)
 Vendor: www.velocityfutures.com 
Houston, Texas
 
Futures Experience: None
Platform: x_Trader
Favorite Futures: ES
 
Posts: 10 since Jan 2011
Thanks: 3 given, 16 received


cory View Post
does AMP share the same writer

Although we write our materials in house, it seems this happens often.

If you have any questions about our services at Velocity Futures please send me a private message.
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  #185 (permalink)
Elite Member
North Port, Florida
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: IB
Favorite Futures: 6E ES
 
Tiberius's Avatar
 
Posts: 1,539 since Feb 2010
Thanks: 2,902 given, 3,330 received

$Funds$


bobk View Post
Tiberius,
We do nothing with your funds. They remain safe and sound in a segregated account.

Thank you @bobk for your answer. I probably would get my answer from account docs. My funds at Velocity are segregated from Velocity and are in a financial institution so to have a high level of trust with the customer. So my additional question is: what is the financial institution doing with these funds? I believe the financial institution should leave the funds as cash and use them as part of their required reserves while sweeping funds to and fro with Velocity. But since financial institutions no longer have any credibility nor the federal regulators; it is difficult to accept that a financial institution leaves funds idle. If the funds are used to beef up reserves, that gives them opportunity to be reckless with the freed funds. I guess the bottom line is to bite the bullet and make sure you have the best broker you can find.

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  #186 (permalink)
 Vendor: www.velocityfutures.com 
Houston, Texas
 
Futures Experience: None
Platform: x_Trader
Favorite Futures: ES
 
Posts: 10 since Jan 2011
Thanks: 3 given, 16 received


Tiberius View Post
Thank you @bobk for your answer. I probably would get my answer from account docs. My funds at Velocity are segregated from Velocity and are in a financial institution so to have a high level of trust with the customer. So my additional question is: what is the financial institution doing with these funds? I believe the financial institution should leave the funds as cash and use them as part of their required reserves while sweeping funds to and fro with Velocity. But since financial institutions no longer have any credibility nor the federal regulators; it is difficult to accept that a financial institution leaves funds idle. If the funds are used to beef up reserves, that gives them opportunity to be reckless with the freed funds. I guess the bottom line is to bite the bullet and make sure you have the best broker you can find.


I'm not really sure what to tell you, if you have lost all faith in the system. The finical institutions to which you are referring are the banks and the banking system itself. They are going to do what they have been doing forever, use your money to make money. As far as your FCM, I'll just reiterate that Velocity is one of the only FCM's today that does not engage in any business other than the processing of trades for Futures and Commodity Customers. We have no proprietary trading, no customer trading authorization, no exposure to mortgage backed securities, and no exposure to European debt.

If you have any questions about our services at Velocity Futures please send me a private message.
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  #187 (permalink)
 Vendor: www.velocityfutures.com 
Houston Texas USA
 
Futures Experience: Advanced
Platform: X_TRADER
 
Posts: 63 since Sep 2010
Thanks: 30 given, 42 received


cory View Post
does AMP share the same writer

Thanks for pointing this out. A simple time line tells the tale here.

If you have any questions about our services at Velocity Futures please send me a private message.
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  #188 (permalink)
Elite Member
Pismo Beach CA
 
Futures Experience: Intermediate
Platform: TOS, IB, Fidelity for 'swing' trades
Favorite Futures: ES, NQ, IBB, IWM, NG
 
heywally's Avatar
 
Posts: 160 since Apr 2010
Thanks: 80 given, 89 received

Late to the party here. I recently discovered that IB no longer sweeps cash from futures contracts sales into an SPIC insured cash 'area'; it is left as 'commodities', therefore leaving it uninsured. Supposedly, they are working on an alternative sweep but the way it was implemented -- unannounced and not officially addressed -- makes me 'nervous.'

With Velocity, does the cash swept from futures contracts sales go solely into FDIC insured bank(s)? Or?

Thanks

"The Future Ain't what it used to be"
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  #189 (permalink)
 Vendor: www.velocityfutures.com 
Houston, Texas
 
Futures Experience: None
Platform: x_Trader
Favorite Futures: ES
 
Posts: 10 since Jan 2011
Thanks: 3 given, 16 received

Thank you for your question Heywally. The answer to your FDIC question is yes, all client funds are held at Bank of America.

If you have any questions about our services at Velocity Futures please send me a private message.
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  #190 (permalink)
Elite Member
Austin
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Velocity/TT/IQFeed
Favorite Futures: ES, CL
 
Posts: 5 since Jan 2011
Thanks: 15 given, 6 received

Disturbing


Velocity has a disturbing provision in their customer agreement:


Quoting 
Firm may change its commissions, charges and/or fees without notice. Customer agrees to pay all such charges as they are incurred. Customer hereby authorizes Firm to withdraw the amount of any such charges from Customer's account.

This is from: Individual Account Agreement | Velocity Futures


I just noticed they added a maintenance fee on their website. They should at least send an email. If they go bankrupt like MF, they could just change their withdrawal fee to everything in your account if they wanted to.

Does this seem strange or do all brokers do this?

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