Hi chaps

Hopefully this is the right place for this thread?

im curious about your thoughts/opinions on where you feel comfortable to have your monies kept for your trading accounts in view of recent MF Global/PFGBest debacles.

CME Group seem to be pushing to have these funds at clearing houses;

UPDATE 2-CME Group wants customer money held at clearinghouses | Reuters .

I was a customer with MF Global (UK) and I still have my funds sitting with the administrators (or helping in someones summer vacation down the hamptons :-) ) with no sight of when/if I will get a penny back.

I'm not really sure how I exactly feel about this just yet but some form of central account pool is possibly more appealing to me than at your broker/s, as currently is. But how do you allocate funds for cme, nymex, eurex etc as I like to have my monies available to trade whatever instrument im on that day so still needs more thinking.

I agree though that something needs to be done to get back traders confidence [I wonder how many traders have lost confidence or if they still feel the same way?] that their funds are safe as this is No 1 for me.

Cheers and happy trading
Bry

I think the best solution would be to give the money to Obama and let him manage it. I think it would be foolish not to.

vegasfoster 

I think the best solution would be to give the money to Obama and let him manage it. I think it would be foolish not to.

brydubtrade 

Hi chaps Hopefully this is the right place for this thread? im curious about your thoughts/opinions on where you feel comfortable to have your monies kept for your trading accounts in view of recent MF Global/PFGBest debacles. CME Group seem to be pushing to have these funds at clearing houses; UPDATE 2-CME Group wants customer money held at clearinghouses | Reuters . I was a customer with MF Global (UK) and I still have my funds sitting with the administrators (or helping in someones summer vacation down the hamptons :-) ) with no sight of when/if I will get a penny back. I'm not really sure how I exactly feel about this just yet but some form of central account pool is possibly more appealing to me than at your broker/s, as currently is. But how do you allocate funds for cme, nymex, eurex etc as I like to have my monies available to trade whatever instrument im on that day so still needs more thinking. I agree though that something needs to be done to get back traders confidence [I wonder how many traders have lost confidence or if they still feel the same way?] that their funds are safe as this is No 1 for me. Cheers and happy trading Bry

I agree too. If a few more brokers get belly up like this, then that would be a HUGE BLOW to the confidence of the traders. If the trading amount in the account itself if not safe, then that is a Big Issue. Something definitely needs to be done about it, before it is too late.

indeed and also not forgetting WorldSpreads (Spread Bet firm) who also went up in smoke with a customer funds hole worth about £13m, although nit futures per se, still not good for clients confidence in the industry..!

Re-hypothecation is the word, as thats what killed the MFG euro bets and therein customers sacred money...

I meant to say that re-hypothecation is what allowed MFG to prop up their huge exposure to the euro bets they were trading..!

Generally good to overthink 'model' - I would like more to see

a) better controls / reporting
b) protection up to 50-100K for example through fund like CME thought about as well

vegasfoster 

I think the best solution would be to give the money to Obama and let him manage it. I think it would be foolish not to.

Yeah "Obama Futures Group" with $5.00 margins, $0.05 commissions RT and $500.00 to open an account.

brydubtrade 

Hi chaps Hopefully this is the right place for this thread? im curious about your thoughts/opinions on where you feel comfortable to have your monies kept for your trading accounts in view of recent MF Global/PFGBest debacles. CME Group seem to be pushing to have these funds at clearing houses; UPDATE 2-CME Group wants customer money held at clearinghouses | Reuters . I was a customer with MF Global (UK) and I still have my funds sitting with the administrators (or helping in someones summer vacation down the hamptons :-) ) with no sight of when/if I will get a penny back. I'm not really sure how I exactly feel about this just yet but some form of central account pool is possibly more appealing to me than at your broker/s, as currently is. But how do you allocate funds for cme, nymex, eurex etc as I like to have my monies available to trade whatever instrument im on that day so still needs more thinking. I agree though that something needs to be done to get back traders confidence [I wonder how many traders have lost confidence or if they still feel the same way?] that their funds are safe as this is No 1 for me. Cheers and happy trading Bry

I think it would be a great idea, but what happens when I trade on ICE ? My funds are at CME Clearing ?