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Vision Financial Markets brokerage (www.visionfinancialmarkets.com)
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Vision Financial Markets brokerage (www.visionfinancialmarkets.com)

  #51 (permalink)
Market Wizard
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timefreedom View Post
It might also be prudent to get an explanation from someone less biased on this particular matter. Nothing against @mattz as I've seen countless helpful posts from him on this forum, but I would think if Vision is the only firm he clears through then the possibility for bias would be present. It is my understanding that the 2 main principals from Vision are leaving to form a new FCM called High Ridge.

I have taken the time to talk to every customer who called and present things in an unbiased manner, so the customer could make an informed decision about his/her trading and/or funds and where to hold them.
I am not the "it's all good" kind of a person and those who know me know that I have address every concern with the most serious attitude.

Matt

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #52 (permalink)
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mattz View Post
I have taken the time to talk to every customer who called and present things in an unbiased manner, so the customer could make an informed decision about his/her trading and/or funds and where to hold them.
I am not the "it's all good" kind of a person and those who know me know that I have address every concern with the most serious attitude.

Matt

Excellent. And in this matter, clearly it's not "all good." It's one thing to have a series of complaints filed - quite another to lose status with the NFA. For the benefit of the board, are you, @mattz looking at the possibility of offering clients a different clearing option?

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  #53 (permalink)
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timefreedom View Post
Excellent. And in this matter, clearly it's not "all good." It's one thing to have a series of complaints filed - quite another to lose status with the NFA. For the benefit of the board, are you, @mattz looking at the possibility of offering clients a different clearing option?

This is pure speculation and I would not expect Matt to comment, but it seems to me the eventual dissolution of Vision would free him from certain contractual obligations. It wouldn't surprise me if the business development people from other FCMs are burning up the phone lines right now because they know that Vision's various introducing brokers are soon going to be in the market for a new FCM.

If I had money at Vision I'd sit tight and let things settle out, but I wouldn't reward High Ridge (the "new" Vision) with my continued business. It's a competitive market and the top dogs at Vision/High Ridge have multiple blemishes in the area of failure to supervise and they should have cut loose the troublesome CTA and IB long ago.

On a slightly redeeming note, the Vision principals were not banned from the industry, they made customer restitution and they paid a pretty big fine. I suspect Vision, as it winds down, and High Ridge, as it starts up, are going to have extra NFA attention so your money should be as safe or perhaps safer than any other place.

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  #54 (permalink)
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CafeGrande View Post
This is pure speculation and I would not expect Matt to comment, but it seems to me the eventual dissolution of Vision would free him from certain contractual obligations. It wouldn't surprise me if the business development people from other FCMs are burning up the phone lines right now because they know that Vision's various introducing brokers are soon going to be in the market for a new FCM.

If I had money at Vision right now, I'd sit tight and let things settle out but I wouldn't reward High Ridge (the "new" Vision) with my continued business. It's a competitive market and the top dogs at Vision/High Ridge have multiple blemishes in the area of failure to supervise and they should have cut loose the troublesome CTA and IB long ago.

On a slightly redeeming note, the Vision principals were not banned from the industry, they made customer restitution and they paid a pretty big fine. I suspect Vision, as it winds down, and High Ridge, as it starts up, are going to have extra NFA attention so your money should be as safe or perhaps safer than any other place.

...I might be wrong, but that's exactly what I'm thinking as well, and I'm going to behave in the same way as you described until Matt would tell me to change anything...

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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  #55 (permalink)
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timefreedom View Post
Excellent. And in this matter, clearly it's not "all good." It's one thing to have a series of complaints filed - quite another to lose status with the NFA. For the benefit of the board, are you, @mattz looking at the possibility of offering clients a different clearing option?


CafeGrande View Post
This is pure speculation and I would not expect Matt to comment, but it seems to me the eventual dissolution of Vision would free him from certain contractual obligations. It wouldn't surprise me if the business development people from other FCMs are burning up the phone lines right now because they know that Vision's various introducing brokers are soon going to be in the market for a new FCM.

If I had money at Vision I'd sit tight and let things settle out, but I wouldn't reward High Ridge (the "new" Vision) with my continued business. It's a competitive market and the top dogs at Vision/High Ridge have multiple blemishes in the area of failure to supervise and they should have cut loose the troublesome CTA and IB long ago.

On a slightly redeeming note, the Vision principals were not banned from the industry, they made customer restitution and they paid a pretty big fine. I suspect Vision, as it winds down, and High Ridge, as it starts up, are going to have extra NFA attention so your money should be as safe or perhaps safer than any other place.

What part of my quoted comment do you consider pure speculation?

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  #56 (permalink)
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timefreedom View Post
What part of my quoted comment do you consider pure speculation?

I meant my comments (to follow) were pure speculation. Sorry for the confusion.

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  #57 (permalink)
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Matt,

Where does this leave clients funds lodged with Vision? Are funds safe?

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  #58 (permalink)
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Just got off the phone with Matt. He took the time to ring me here in Ireland and assured me that my funds are safe. He said if I wanted my funds out I could get a wire transfer Monday if I want. So long as my funds are safe that's all I care about...

James

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  #59 (permalink)
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I spoke with my IB also and he said basically the same thing. He knew what was going on but was surprised it has been blown out of proportion like this.
He feels Vision is not in trouble and will not disappear any time soon.

Head up and keep your stick on the ice!
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  #60 (permalink)
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Here is the introductory paragraph from the following article:


Quoting 

The owners of a U.S. futures brokerage that regulators have ordered to close for helping to misappropriate customer funds will open a new brokerage with the same leadership and staff, company executives said.

Please correct me if I am wrong here, but these guys helped a CTA rob customers of their money and now they are simply going to run off and start a new firm? And we are all supposed to blindly think that they would never screw over any customers in the future?

I don't want to run off half cocked, so please let me know if I am misunderstanding any of this. And if I am not, how is it that only the firm is being punished and barred, but the people who actually engaged in the misconduct are allowed to continue working in this business?

I am not educated about the inner workings of these firms to know how any of these findings by the NFA compare to the working of MF Global, but I would think it particularly foolish to give any benefit of the doubt to "High Ridge".

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