Refco Situation

[damianoakley]

Hi All,

I just wondered if anyone has any views on the situation surrounding Refco. According to The Time newspaper this morning, the whole company is on the verge of collapse.

I am an active Forex trader and I do find it worrying that a company commonly regarded as one of the biggest in its sector can suddenly hit the skids. Thankfully, I don't trade with Refco, but it's still disconcerting nontheless.

Does anyone have any comments about this? Are there any Refco customers on here who have been blocked from accessing their accounts?

It is my understanding that Refco has many links to other large brokers, like FXCM for example. If Refco does go under, I wonder what will be the implications to these other brokers?

I think it's all a bit crazy really.


Cheers


Damian

 

[samtron]

I think Refco could go bust just like any company on earth could bust.
IMO this is one of the great pitfalls of being classified as a day trader (min $25,000 for stocks), if your broker goes belly up bang goes your pot!

 

[damianoakley]

I've just spoken to a Refco representative on the Refco Live Chat system.

They say that Refco FX holds its capital completely separately to to Refco Securities. They say that if Refco does go under, then all Refco FX customer accounts will be transferred to their sister company FXCM.

In other words, all Refco customers would become FXCM customers overnight.


Wierd.


Damian

 

[hardyards]

I've just spoken to a Refco representative on the Refco Live Chat system.

They say that Refco FX holds its capital completely separately to to Refco Securities. They say that if Refco does go under, then all Refco FX customer accounts will be transferred to their sister company FXCM.

In other words, all Refco customers would become FXCM customers overnight.


Wierd.


Damian

Damian,
I am a REFCO FX client and I appreciate what the Rep told you.

However, my experience of business is that when things go wrong they go very very wrong.
Nobody knows how deep the RefCo hole is.
In theory our funds are separate entities, however do not forget a stranger is holding your money.
I am reducing my account and reducing my trading until this thing sorts itself out.
I am also looking for a European based trading house as a backup both financially and also from a communications point of view.
Saxobank comes to mind.
Do you have any ideas?

 

[fudgestain]

Hi All,

I just wondered if anyone has any views on the situation surrounding Refco. According to The Time newspaper this morning, the whole company is on the verge of collapse.

I am an active Forex trader and I do find it worrying that a company commonly regarded as one of the biggest in its sector can suddenly hit the skids. Thankfully, I don't trade with Refco, but it's still disconcerting nontheless.

Does anyone have any comments about this? Are there any Refco customers on here who have been blocked from accessing their accounts?

It is my understanding that Refco has many links to other large brokers, like FXCM for example. If Refco does go under, I wonder what will be the implications to these other brokers?

I think it's all a bit crazy really.


Cheers


Damian

Wake up pal.

Refco was never quality. Jesus Christ, does everyone have to run around like Chicken Licken? You can work for them and you may have dealt with them but just put it down to expediency.

This thing will be like a stone dropped in a still pool. Soon the ripples will die away and this undistinguished name (Refco, what a joke!) will be forgotten by most.

 

[zagreb]

fudgestain, this is very un-clever and mean thinking. You must think with your head instead (and use abit of common sense). I have been long-term satisfied Refco FX client, and truth is far away from your (amateurish) statement.

 

[fudgestain]

fudgestain, this is very un-clever and mean thinking. You must think with your head instead (and use abit of common sense). I have been long-term satisfied Refco FX client, and truth is far away from your (amateurish) statement.

zagreb, you are the amateur. For sure, I'm glad you've been a satisfied client. That wouldn't tell you what the City elite (and many others) have long known if not from the very beginning.

Some of you just walk around with sacks over your heads. The current facts speak against you loudly and clearly .. simple as that. And as I've already said, the Refco scandal is fast disappearing off people's radar (though the story may go and on for some while).

 

[omrangassan]

RefcoFX full story !?!?

Umm ..
I'm a soo late boy , I'm really till now don't know the story of RefcoFX !!

May someone tell me what has happened to RefcoFX ? How does this will affect its sister FXCM ?

i'M REALLY have no idea about what has happened ... may someone explain this in details if could ?

thanx ... cya

 

[jblaze]

Correct me if I'm wrong but I believe RefcoFX is just for USA clients. Refco Capital Ltd. is for non USA clients. RefcoFX is probably ok. Not so sure about the other.

 

[TWI]

It is a bit disturbing to hear but Refco are refusing some larger accounts to pull their segregated cash out...they are claiming it is a cashflow issue. That is non-compliant and is also b/s. Not sure what are the implications of this.

 

[chump]

I don't know refco from costco ..but in my experience when I hear a little bit of sh...t from a company I always assume it is iceberg deep (this theorem has rarely been disproved ) ...if in doubt always pull your money and do your diligence afterwards . Much less painful.