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"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
Guys, this is a classic example of why you should understand the ownership structure and insurance protections of the firm you place your funds. Personally I have very little trust in any futures broker and my overall impression of them as ethical business entities is very low. I'd be particularly leery of single owner based firms.
I'm most comfortable with IB given they are publicly listed, I can review their annual report and at least there is a share price to see signs of trouble. It's not perfect but better than most private firms where you have little idea of their financial condition.
I also have concerns about IB as well. Concerns outlined in this thread and post and these should be concerns with any broker in my opinion.
Hi heywally, you can never be "too paranoid". My understanding with IB is if you elected to sweep excess funds into the IB securities account as opposed to the commodities account you had SIPC insurance up to $900k (See below) with SIPC which …
We also saw in the case with MF Global segregation rules were pretty much ignored. I read an alarming article awhile ago how Merrill lynch was trying to co-mingle some "dirty laundry" into some BAC FDIC insured customer accounts. See article below...