forex scholar
Active member
- Messages
- 239
- Likes
- 9
Any info. on the IG group? Are they staying afloat or on the brink too ?
seem ok to me
Any info. on the IG group? Are they staying afloat or on the brink too ?
Well, Tradex Swiss AG isn't the only Swiss Broker out there swindling customers of their money. The CFTC just busted another Swiss firm by the name of INH-Interholding SA and its principal Joerg Heierle. The Story is below. As a reminder the following Swiss firms ARE NOT REGULATED and should be avoided:
Unregulated Swiss Brokers
WestCapFX
ACM
MIG
DukasCopy
GFX Group (Forex.CH)
Crown Forex
Hopefully this is old news and someone has corrected this blatant error long ago since this post is from 2007. ACM is regulated by the Swiss Dept of Finance. I'm not sure why the author of this post would list them as bein unregulated.
Forex regulation
Rosenthal Collins acquires MG Financial
By James P. Miller | Tribune staff reporter
11:34 AM CDT, October 15, 2008
Rosenthal Collins Group LLC, the Chicago futures clearing firm, said Wednesday that it has acquired New York-based MG Financial LLC, a provider of online trading services in the foreign exchange market.
The two closely held concerns didn't disclose terms of the acquisition, beyond saying that it involved "an exchange of equity interests."
Rosenthal President Maureen Downs noted that the futures brokerage and clearing company embarked late last year on a growth initiative focused on capitalizing on the growing demand for futures and options, and building its presence in offshore markets such as Europe, South America, the Middle East and Asia. "We have made great progress in the past year," the executive said, "and today's transaction with MG tekes us to a whole new level with an unparalleled futures and foreign-exchange offering throughout key Asian markets and all of these regions."
MG Financial, which was founded in 1992 and began offering online trading services in 1997, has an extensive client base in Asia, particularly among Chinese-speaking clients outside of China because of regulatory restrictions that are in force on the mainland of China, Rosenthal said; all MG traders are required to speak at least two languages fluently, Rosenthal said, and the New York firm's polyglot group of traders contains people who speak languages such as Mandarin Chinese, Japanese, Russian, Arabic, German and Spanish.
Hi guys,
Any idea wether EURGBP will go further down?
Net Capital Requirements for Forex Dealer Members
On October 22, 2008, the Commodity Futures Trading Commission approved increases to NFA's capital requirements for Forex Dealer Members (FDMs). As stated in a July 23, 2008 Notice to Members, the minimum requirement will be $10 million as of October 31, 2008, $15 million as of January 17, 2009, and $20 million as of May 16, 2009.
On October 29, 2008, the CFTC contacted NFA. The CFTC advised NFA that it had received a telephone call from attorney David Serepca of San Carlos California, who said that he represented an individual by the name of Chris Lee. Serepca told the CFTC that, in April 2008, Chris Lee had written a check for $500,000 to SNC Asset Management and Kenneth Lee for the purpose of investing in a fund which would trade forex. Serepca said that he and his client had met with Kenneth Lee on October 29, 2008 and were told by Kenneth Lee that Peter Son (SNC CEO) had disappeared, and that customer money was missing.
On October 29, 2008, another principal of SNC, Young Choi – who worked at SNC’s main office in New York City – advised NFA that SNC was out of business and wished to withdraw its NFA membership. In addition, NFA became aware of a newspaper article that appeared in The Korea Daily on October 29, 2008, which reported that SNC – a Korean investment firm located in California – was “closing its operations due to the global financial meltdown” and that “the partners of the firm have no power to revive the business.” The article also stated that the firm had been managing over $70 million and that “it appears many Korean investors may lose their investments in the firm.” The article reported that the main office of SNC had been closed since October 28 and that employees had been notified to no longer come to work. In addition the article reported that the “president of the firm, Peter Son, has not been reachable by many investors and that his cell phone has been off.”
Based on the telephone call from SNC’s Young Choi advising NFA that SNC was out of business, as well as the information received attorney David Serepca, and which appeared in the Korea Daily newspaper article, on October 30, 2008, NFA auditors went to SNC’s main office at 40 Wall Street in New York City to inquire about Peter Son and his whereabouts and to determine if customer funds were missing. However, when NFA auditors arrived at SNC’s main office they found that it was closed and its doors locked. The auditors left a note on the door requesting that a representative of SNC contact NFA.
Subsequently, NFA’s auditors were contacted by Young Choi, who agreed to meet with NFA’s auditors at SNC’s main offices at 40 Wall Street. Thereafter, NFA’s auditors did meet with Young Choi, who again indicated that SNC was out of business and that he had terminated the lease for SNC’s main office effective October 31, 2008. Young Choi also told NFA’s auditors that he first became aware of SNC Asset a few weeks ago, that he was unaware that it was involved in forex trading, and that it was this understanding that SNC Asset only invested in real estate. Young Choi further indicated that he did not know Peter Son’s whereabouts.
Hello,
Finally my first post here. I've been trading for almost 4 years, and as I'm getting more successful I'm also paying a lot of consideration to choose the right brokers.
Presently I'm with Oanda, had been with FXSolutions, tried FXCM (they're big, all-right, but IMO sorry...customer support & sales are simply uninformed and untrained, also often rude).
Now I'm thinking of opening another account to diversify, and checking the CFTC web it stunned me that PFG has separated accounts.I got this reply from them:
"Like I mentioned before we hold all customer funds in a segregated accounts, which we list the account numbers in our funding instructions."
Yup, English a bit off, but the questions I'm struggling with:
a. do they REALLY put our money in a separate account (that would require opening a bank acc. for each customer separately)
b. even if they do, according to US bankruptcy law, what exactly happens? do we get our remaining funds back or not?
Any PFG clients here?
Btw, the so-called Segregated account or fund is a selling trick in the US. But if you have been told by a UK FSA regulated firm about this word,you need to check the terms and conditions when you sign up as some borkers,even Bank somehow, make a exemption from "client's money rules"(defined by FSA COBS).
Btw, the so-called Segregated account or fund is a selling trick in the US. But if you have been told by a UK FSA regulated firm about this word,you need to check the terms and conditions when you sign up as some borkers,even Bank somehow, make a exemption from "client's money rules"(defined by FSA COBS).
Who cares? If your money is guaranteed by the FSA what does it matter if they keep your money up the nearest orifice?
Hi CFDplayer,
Thank you so much for your reply.
Well, I must say that initially I was quite happy to see PFG listed as one with "Segregated Accounts".
Thanks to you I see how it works now.
So basically, any broker, be it forex, futures or whatever - if the go belly up, our money would not be fully recovered? Unless they have 2 entities I think.
I still don't understand how does that work, since most people believe that their money is "safe" when put into "separate account". This is all very confusing.
One more:
Regarding CFDs and futures - which broker would you recommend?
Thanks a lot
=CFDplayer;554580]When dealing futures contract with an exchange member based in the US and regulated by CFTC,your funds will display in the CFTC Segregated Accounts column in the monthly repport.
Believe it or not, even they physically separate the amount of client's margins from their own Net Capital in a bank, according to US GAAP, those money will be treated as company's debt as the forex investors rated as creditor on the balance sheet. That's why in the UK, FSA doesn't accept margin trading on currencies as investment.