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With regards to other brokers, I suggest reading all the topics posted in today in the Broker section as most all of them apply to MF Global questions: Brokers and Data Feeds - Big Mike's Trading Forum
If you have a good rapport with your broker I suggest talking to him/her and see if they found a more secure place to conduct business. quite often a broker can take his/her clients with them.
If not, we would be more than happy to acoomodate the business.
I feel bad for customers, brokers and everyone else on the retail side who got tangled in this . This institution had a lot of good people and I hope that those the "little people" of back office, brokers, etc would find a home soon.
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Ted Monjure, a 48-year-old Manhattan trader who has $27,252 frozen in a former MF Global Inc. account, said he is considering pulling his money out of his three other trading accounts.
“I’m a high net-worth person, and I don’t want to see $1 million get smoked by another misunderstanding,” Monjure said, recounting how he’d thought the Securities Investor Protection Corp. covered any losses due to a meltdown such as that at MF Global. He’s now been told SIPC may not cover the money because it was in a futures account and faces months of uncertainty as he files a claim seeking recoveries.
I can see this leading to a major crisis of faith with futures brokerages. For myself at least I don't see any reason to keep more than the absolute minimum I need to cover margins in the account if I know that this money is 100% at risk. Anyone else feeling the same way? This could happen to any of us it seems and having your money locked up or become an unsecured collateral against the company is going to have serious repercussions for the industry.
When I trade Futures, why would I have anything more than what I need to cover commissions in that account?
Same goes for any kind of trading?
I know some people disagree, but I think if you have significant wealth then you need to do it through letters of credit vice actually moving money. There are other forms also, but whatever or however you need to do it then I suggest the swap/letter of credit technique for any decent amount of funds. (i.e. 200K+)
Brokers/Bankers/IB's/FCM's, whatever are just people. And in today's world, a great many are ethically challenged to keep up with Mr. Jones. Sad, but my reality.
EDIT: I meant to say 'margins' not commissions in first line. hehe....
Prudence Doesn’t Pay
The people who were most prudent are being hurt the worst, said Don Miller, 50, a member of the CME since 2004 who works remotely from his home in the Boston area and has more than $2 million at risk, including his business and retirement accounts.
“Some people put a little in for margin, those of us who don’t believe in excessive leverage put more in for our activity in the course of providing market liquidity than we need,” Miller said. “Because of the segregated aspect, that money is supposed to be safer than with a bank.”
“My trading business and my life have come to a complete stop,” said Miller, who has a $30,000 college bill for his daughter coming due.
Safer than in a bank??? You either buy the extra insurance or you link your bank accounts all via ACH where they are all 1 day away from cash being moved. I do it on 5 bank accounts (companies and personal) and I don't see why this is hard in today's world of online banking. I think burying your head and saying "Well I thought..." is just another guy 'trusting' and 'hoping'. I guess my view is more libertarian when it comes to this stuff. Are people that naive in all business transactions? I know I have been, but those days are OVER for me...
Unless it is backed by the Federal government (even then....) then you do not plant all your money in one place.... Well, I guess maybe if someone like Madoff is around then maybe....