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Customer Account Protection
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Customer Account Protection

  #1 (permalink)
Elite Member
Frankfurt, Germany
 
Futures Experience: Advanced
Platform: TT
Broker/Data: Advantage Futures
Favorite Futures: Futures
 
Malvolio's Avatar
 
Posts: 141 since Nov 2010
Thanks: 93 given, 82 received

Customer Account Protection

I would like to start a thread about customer account protection in the future market because at this point Im not really understanding what would happen with my funds if my broker goes bankrupt.
Im remembering the Refco bankruptcy. Does anyone knows what happened with the customer accounts?

Im asking this because Im looking for another broker and focusing on Velocity Futures. They stated on their homepage that there isnt any insurance in the Futures Industry but Im wondering because InteractiveBrokers does have one for their customers: http://www.interactivebrokers.com/en/accounts/accountProtection.php?ib_entity=llc
How is this explained?

Thanks!

Malvolio

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  #2 (permalink)
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  #3 (permalink)
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IBKR is a BD and velocity is not..... all broker-dealers registered with the Securities and Exchange Commission (SEC) are SIPC members and as such under SIPC coverage .... SIPC is limited in the risks, amounts, and investments that it covers. follow the links and educate yourself.

sort the list at:

http://www.cftc.gov/marketreports/financialdataforfcms/index.htm


Malvolio View Post
I would like to start a thread about customer account protection in the future market because at this point Im not really understanding what would happen with my funds if my broker goes bankrupt.
Im remembering the Refco bankruptcy. Does anyone knows what happened with the customer accounts?

Im asking this because Im looking for another broker and focusing on Velocity Futures. They stated on their homepage that there isn’t any insurance in the Futures Industry but Im wondering because InteractiveBrokers does have one for their customers: http://www.interactivebrokers.com/en/accounts/accountProtection.php?ib_entity=llc
How is this explained?

Thanks!

Malvolio


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  #4 (permalink)
Elite Member
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Platform: TT
Broker/Data: Advantage Futures
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sysot1t View Post

Thank you for the link!

Malvolio

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  #5 (permalink)
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Malvolio View Post
Thank you for the link!

Malvolio

no problem .... There are only like 4 fcm's that are also broker dealers within the small account range as you will see from the xls file on the link. The good thing about that Data from Cftc is that it allows you to determine your level of risk based on customer holdings.

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  #6 (permalink)
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sysot1t View Post
The good thing about that Data from Cftc is that it allows you to determine your level of risk based on customer holdings.

Yes, and for me it seems that Velocity doesnt have much.

Im currently trading with AdvantageFutures, but since they dont offer Eurex through Ninja Im looking for another broker and in addition I was asking myself about the risk of bancruptcy of a FCM:

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  #7 (permalink)
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Advantage is great, though they are lacking on the account management platform part ... if you are committed to ninja, that might be an issue ... They do offer cqg, which will give you what you need ... For a fee of course.

Your alternative would be to look at vision financial, given rithkic has eurex ...or mfglobal ... Besides ibkr of course... Assuming you want to remain with sipc protection. In either case, you can negotiate the comme just like with advantage.

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  #8 (permalink)
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Malvolio View Post
Yes, and for me it seems that Velocity doesnt have much.

Im currently trading with AdvantageFutures, but since they dont offer Eurex through Ninja Im looking for another broker and in addition I was asking myself about the risk of bancruptcy of a FCM:

Velocity is not advantage, but still bigger than amp futures.

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  #9 (permalink)
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Concerning the event of bancruptcy CTFC indicate that:

"Customer funds in segregation have a bankruptcy preference in the event of FCM insolvency" [...] and that "To the extent that customer funds are not sufficient to pay customer claims, the remainder of what customers are owed will participate pro rata in the distributions to unsecured creditors of the bankrupt FCM."
( Futures Commission Merchants (FCMs) & Introducing Brokers (IBs) - CFTC )

So what is mean by "bankruptcy preference" and "unsecured creditors"?

Does anyone remember the Refco bancruptcy and what happened with the customer accounts?

Any help is much appreciated!

Malvolio

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  #10 (permalink)
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I have a question. What about IB's So lets say there's an IB for velocity,can you assume that you have the same protection as velocity if you're with the Introducing Broker instead of the FCM itself, since you account are basically with them?

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