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Thanks for the quick reply. For non-US taxpayers opening an account in Singapore to trade US futures, do they face any kind of US withholding tax?

Def, Are the rates / fees / procedures in opening an IB account from Singapore the same as those in the US?

I've traded US markets from Singapore before. It did require a lifestyle adjustment. I did my work from 3pm to 9pm, traded from 9.30pm to 4.15am then then went straight to bed at 4.50am after settling blotters. Then you get up at noon and start your day. It's the only way to see friends...

paper trading is fine for weeding out code errors, logic errors and understanding the dynamics of what you are doing. But I think it's prudent to then give yourself a trial period of real trading with reduced capital before pronouncing the final evaluation. I think most people who have traded...

People like Mahras make me feel like an underachiever ... :( But power to you if you're 17 and already playing with Monte Carlo simulations. You might be the next Monroe Trout.

I don't think resuscitating Refco is likely to be an option TH Lee will pursue with any seriousness. Unless they want to be in the business of operational turnarounds, they will want to withdraw whatever is left of the capital they have committed to Refco as quickly as possible so it can be...

surf, you're back! and no longer in disguise! good to have you again.

While what you are saying is a true statement, it doesn't detract from my point, which is: it is very difficult to bring a negligence suit against an underwriter even in the worst of cases. Here, it has been established that even a well regarded PE shop which is understood to conduct...

Very cool story! Let's see, VN was short puts, so Refco must have bid them with great haste. So implieds popped on those particular puts causing a dimple on the smile. Your friend the MM spotted that in a jiffy, took the short vol position and prayed for the market to quieten down.

um ... if Tommy Lee couldn't figure out what was wrong with Refco's books when they bought a private stake, it's unclear how much more Goldman, a mere underwriter and fee collector, is expected to be able to uncover anything. I doubt if there is going to be a successful lawsuit on the basis...

High praise coming from you Apex! Cheers and good luck in the markets.

Wow. I'd like to meet this buddy of yours and hear that war story. Come to think of it, I'm sure Victor would too.

Can someone who has a good handle on the various entities that make up Refco comment on which pieces will most likely suffer what consequences? I don't really understand the situation. The capital markets division which does prime brokerage is done for - because they need to raise capital...

I'll be very surprised if the segregated funds take a hit. In times of such dire competition with LIFFE, EUREX et al, the entire Chicago futures industry has an incredibly strong vested interest in making sure that none of the segregated funds take a loss.

I think what you are suggesting is wholly inaccurate. From all accounts, VN paid Refco every red penny. I don't think he would have had to go through the humiliating exercise of selling his silver collection if he got off scott free and left Refco with the hit as you are suggesting.

Acrary, Thanks for this material - it is really wonderful stuff. You probably already have help, but if you would like someone to synthesize this material for you, I'll be willing to undertake that task.

One possible source is to look through academic papers : some scholar has probably looked at this and has an appendix with all the information somewhere.

Let's see here. If Refco had bad receivables and wanted to avoid realizing the writedowns, it had to either factor it above its market value or transfer it to a more creditworthy entity. Either option is uneconomic to the party who assumes the receivables so Refco would have to make a...

So if you only use limit orders in your trading, is there any downside to participating in liquidity rebates?

I don't think that's right. A buy limit placed below spot adds to liquidity. The only difference between my first example and the second example is where you are in the queue as a result of the timestamp.