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Thanks for the clarification. I remember reading your post over there. It sounds like that additional policy is through Lloyd's of London. That is why I am confused - it is not the gov't (SIPC) backing your futures account, but rather a third party insurer.
Thanks again for pointing this out.
Let us hope we never have to find out how good this extra protection is!
Due to a recent emergency involving Russell R. Wasendorf, Sr., a suicide attempt, some accounting irregularities are being investigated regarding company accounts. PFGBEST is wholly owned by Mr. Wasendorf. Therefore, the NFA and other officials have put all funds on hold, and PFGBEST is in liquidation-only status with our clearing FCM. What this means is no customers are able to trade except to liquidate positions. Until further notice, PFGBEST is not authorized to release any funds. We will update you as any new procedures are stipulated and with any further information as it becomes available.
Anyone know what Interactive Brokers ranking is? I didn't see it on the list. Who do they clear with?
Interactive Brokers Canada, from their financial statment
Interactive Brokers Canada inc, was incorporated under the Canada Business Corporation Act in the City of Toronto, Ontario on December 14, 2000 and is wholly-owned by Interactive Brokers Group LLC. The Company began its operations in June 2002 and carries customer accounts of Canada residents for execution and clearing of securities and commodities transactions. These transactions are cleared through its affiliate in the U.S.A., Interactive Brokers LLC.
Hi, this is not true. It only covers stocks. I looked into this awhile ago as well when looking at tradestation as a potential broker. Never take reps assurances on the phone, always get it in writing.
You have ZERO coverage with Tradestation if you only trade futures unless they sweep the cash into an insured sweep account. If you trade stocks AND futures at trade station you will probably be ok if the cash is swept to the insured equities sweep account. If you only trade futures it is possibly swept to an uninsured account. You should contact trade station and get it in writing.
At least Tradestation is high up on the list Mike posted.