Refco clearing Fimat ! !

[bundbaby]

Apparently you can now clear through Fimat & Fortis , even if you trade through refco?!

Thats whats being rumoured at Refco London that Futex are taking on Refco traders.

Apparently Futex has managed this because as a refco subsidiary / partner cannot be tied in to Refco in the same way as RTS is. It probably also means that there is the capability of using TT software.

 

[Directional]

JC Flowers is buying refco out... so should mean that all Refco traders here at Bishopsgate can once again use TT

 

[Parky]

JC Flowers is buying refco out... so should mean that all Refco traders here at Bishopsgate can once again use TT

Not if the JC Flowers continues to use the spread matrix on the trading software it will inherit from Refco, that was apparently "borrowed" from TT.
Remember the whole issue was with this matrix being used and if the new owners pull the plug on this functionality then you are right a solution will probably be found. If they dont then TT will just continue the fight with the new owners and no one in Bishopsgate will be using their software.

 

[Directional]

I thought TT's patent issue was with the static "one click" DOM vertical price ladder interface?

 

[Parky]

I thought TT's patent issue was with the static "one click" DOM vertical price ladder interface?

Hmm not what I heard but in any case the dispute is ongoing and unsettled and JC Flowers would have to settle it for TT to be rolled out. Its dosent go away by virtue of a take over that is the point.

 

[police]

I think if its possible to have the benefits of two clearers from one prop house, then it should be good for trader choice. I wonder how they manage to split their collateral .
Never the less. If you pays your money you takes your choice

 

[GEM]

Apparently you can now clear through Fimat & Fortis , even if you trade through refco?!

Thats whats being rumoured at Refco London that Futex are taking on Refco traders.

Apparently Futex has managed this because as a refco subsidiary / partner cannot be tied in to Refco in the same way as RTS is. It probably also means that there is the capability of using TT software.

bundbaby,

FYI Futex trader do not use TT as all the traders at Refco

i know people that work/own Futex and heard nothing about Fimat/Fortis or them taking on Refco traders.

Check your facts...

 

[bundbaby]

Hi Gem,

I have a contact at TT and I have now double checked with him: Futex will definately have TT in the next few days - although my contact wont be specific Futex have been authorised to use TT

 

[police]

It is possible that they are using TT as front end software to clear somewhere other than Refco. It is not possible to clear refco and use TT as Refco do not support TT at all at the moment.
I suppose you can either use RefcoPro and clear refco or have another clearer but then you can use TT.

Quite a neat solution for some traders. I suppose you get the benefit of having a choice of clearer although you are still in the same office

 

[Parky]

It is possible that they are using TT as front end software to clear somewhere other than Refco. It is not possible to clear refco and use TT as Refco do not support TT at all at the moment.
I suppose you can either use RefcoPro and clear refco or have another clearer but then you can use TT.

Quite a neat solution for some traders. I suppose you get the benefit of having a choice of clearer although you are still in the same office

As I understand it Futex give there clients a choice of three clearers Refco, Fimat and Fortis. If you use TT you cannot clear Refco so have too choice one of the other two. Smart move.

 

[GEM]

Good by the end of the month will be like a supermarket, get in choose you clearer, system and go. What an idea!!!! Lets be sensible, i do not think the clearing houses will be very happy, about sharing, but also the cost of maintaining different gateways with each clearer for the pleasure of the trader is very hard to believe. Do not forget the clearer gives good rates because of the volumes traded, split that by three and i think the rates will not be as good. Futex is a small operation, maybe this is a good advertisement to get some exposure based on recent events.

If though they can actually make the clearer supermarket and still maintain low commissions, Well what the heck, It can only be good for us all.

 

[jondoe]

The only way I can see this possible is Futex connect to Fimat/Fortis via the Internet. Not only would Fortis and Fimat charge them high rates due to the low round turns but the cost of having 3 separate leased lines going into each of the clearers offices just doesnt pan out. I for one would not trade from an office via the internet, surely direct access is the only solution for professional traders and surely this is what we pay our desk fees for.

 

[bundbaby]

They are not as small as u may think. They have offices in Weybridge & Woking and are getting close to 100 traders. Thats probably why they have more than one clearer. Just gives the trader the choice of using Trader Technology software if he needs it.
I agree with you GEM: If you as a trader can choose his clearer, his software yet still have the back up of a good prop house, and importantly, have clearing fees at a good level, it must be a good thing

 

[jondoe]

Dont get me wrong I also think this is a great idea but I just cannot see it being feasable from a cost perspective. Unless they have one office connecting to Fimat and the other to Fortis?? But 2 or 3 lines coming out of one office cannot be cost effective.

 

[Parky]

I would sugest that this is not the way too do it.
If you set all you lines and connection in one way, say Fortis, for the clients that elect to clear Refco or Fimat you just give the business up via trade allocation to the other clearers.
With middle office technology you auto allocate and autoclaim giving no default risk.
Just an idea?

 

[GEM]

They are not as small as u may think. They have offices in Weybridge & Woking and are getting close to 100 traders. Thats probably why they have more than one clearer. Just gives the trader the choice of using Trader Technology software if he needs it.
I agree with you GEM: If you as a trader can choose his clearer, his software yet still have the back up of a good prop house, and importantly, have clearing fees at a good level, it must be a good thing

I know the company and know more than a few people working there, for the last three years. I know that Futex is not even close to 100 traders, they moved to Woking a few months ago and at the moment there are around 30 active traders there.

I have to give it to you though good advertisement for the company.

But lets stick to the facts.

 

[ft15]

I also know traders there and understand differently