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Anyone pulling money out of MF Global?
- Thread starter Daal
- Start date
Quote from OldTrader:
SIPC does not cover certain things, like futures contracts for instance, or cash in a futures account. I'm not really familiar with the type of accounts MF Global has...but SIPC basically covers securities, not futures.
OldTrader
Yes, I was thinking MF did like IB and send funds from futures account to the securities to protect the client. They probably didn't, so the non-securities clients are fucked
Quote from steve0617:
Me. The wire has been requested and supposedly sent for delivery tomorrow. I am awaiting my entire trading account funds.
And freaking out, quite frankly.
Do you have an account in the USA? Can you share any email addresses on contact details on personnel you are in touch with?
Quote from usman88:
Do you have an account in the USA? Can you share any email addresses on contact details on personnel you are in touch with?
Yes I have a USA account. I've been dealing with my IB who goes to MF. Requests for money has been made.
But this is what's scaring me: http://goo.gl/0D45y
Quote from steve0617:
Yes I have a USA account. I've been dealing with my IB who goes to MF. Requests for money has been made.
But this is what's scaring me: http://goo.gl/0D45y
Up till now MF Global has not refused withdrawal, at least not to me, so I don't get how valid this article is. I submitted withdrawal application 4-5 hours back and I immediately started calling my contacts. They say its under process and 'will take time'.
Should I write to SIPC too? I am not a US citizen but my account is maintained at MF Global USA
You should prepare for the worst just in case:-
Print off electronic statements. Print off recent email correspondence that might be relevant. Trades completed in the last couple of days. Record any phone conversations.
If the MFers shred their own paper records you'll need to have your own records.
This is every traders worst nightmare but just remember that with Refco all futures traders got their money back in full so hopefully it will be the same outcome.
Good luck.
Print off electronic statements. Print off recent email correspondence that might be relevant. Trades completed in the last couple of days. Record any phone conversations.
If the MFers shred their own paper records you'll need to have your own records.
This is every traders worst nightmare but just remember that with Refco all futures traders got their money back in full so hopefully it will be the same outcome.
Good luck.