Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
this morning received an e-mail from TransactFutures that they had closed all open positions due to their clearing house, MFGlobal, filing for bankrupcy. And that they were scrambling for another clearing house. Should I be worried about my deposit with my broker at Zaner Group ?
There are more people pecking at the pie that a Multi Level Marketing scheme. I thought that Zaner Grp was my broker and Transact was my clearing house. Apparently MFGlobal fits in there somewhere too. I do know that traders receive no guarantee in the event of bankruptcy of the broker.
I live in BC, Canada and I am limited on my broker selection. Infinity was not available, but they recommended Zaner grp and Transact. Transact has been in business for quite awhile and they receive good reviews on the web. Transact seems to have clients all over the world.
Can you help answer these questions from other members on NexusFi?
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
Disconcerting blow to confidence of major clearing FCM firms. Hopefully this was just an isolated case.
Client accounts are supposed to be segregated but who knows what happened; hopefully the CFTC fully investigates any shenanigans and brings them to light. I look forward to the episode of "American Greed" on this in the future.
...and what do you know. Allegations of account segregation violations by MF Global. Corzine in the deep dung pasture now (along with that 12 mil severance which should go back into the performance bonds securing the segregated accounts)!
I am not going to say "do not feel to bad as you are not the only one" what an annoying platitud for those affected. "A problem shared is a problem halved" and all the others, well meant but empty. Yes you are unlucky, hope you are not too badly exposed.
Unfortunately this could happen to any of us no matter how smug or secure we feel and although many have been adversely affected, a lesson should have been learnt by now, Limit your exposure to any financial organisation wether it be a Bank, Fund or Broker etc.
Trust No One, millons of people have learnt the hard way.
When the shit hits the fan it will not be your interests that they are looking out for.
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter