Anyone pulling money out of MF Global?

Nice links - Thanks for posting them. I can't add a lot here, except I read somewhere that accounts transferred via CME were moving with 75% of margin vs the original ~ 60%. This sort of validates the idea that CME located more client funds. It is fair to remember that MF Global had client funds on deposit at many other exchanges besides CME. There may be issues elsewhere. I also read earlier in the week that ICE was able to fully account for all customer funds on deposit.

At this point I'm in the same position as steve0617, when I look at the status of my funds I find an error message. I believe this is only because MF Global has taken down portions of their web platform.

I'm sure there will be lots of confirmation out there by the time markets open this evening.
 
At this point I'm in the same position as steve0617, when I look at the status of my funds I find an error message. I believe this is only because MF Global has taken down portions of their web platform.

I'm sure there will be lots of confirmation out there by the time markets open this evening.
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My funds still show in the MF emidas.com site. I have received no emails other than my IB trying to keep all us informed, but no contact from RJ O'Brien which is where I'm supposed to go, no PDF MF nightly statement when there's activity in my account. Nothing specific to my account.

The only thing that was at all different was last Wednesday, I tried to connect Ninja via PATS to MF. It didn't fail with a warning message like it usually does when there's a problem - it just sat there doing nothing for several minutes. I eventually gave up and closed NT.
 
Quote from FreeMarketRider:

Exactly - If they don't get this right the implications are huge. Moving open positions was clearly job one. But stranding accounts that were flat raises a large number of questions. Where are the controls / audit trails that should easily identify movement in and out of segregated accounts. More and more this smacks of the well connected looking out for themselves at customer expense.

I'm hopeful that Monday see's massive liquidation (cash wire our) of flat accounts. By rights we should see no more than an 11% haircut. I'll gladly split my 11 with the legal system provided justice is served (ie criminal and civil actions) to the crooks who stole our funds. Of course justice tends to be up for sale more often than not.
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you are hopeful that the boys in DC who robbed the social security bank will look out for us,it won't be to clear the conscience,it'll be to keep up appearances,keep that money in the other brokerage houses(banks),for now,just another straw on the camel's back, stay with the same max loss ,max position size ,and withdraw the rest,only leave what you use,and if this market fiasco ever unwinds,don't expect to get paid if your banks take a hit...this is a small taste of another thing we will learn to accept in bigger spoonfuls down the road...it would work in the banks favor down the road if the law is rewritten to be even more evasive
 
Hey All,

I had an account with MF too. I sympathize with all my fellow commodity traders who got caught up in this mess.

I just got an e-mail from RJ O'Brien showing a statement a/o Friday's close 11/4, so obviously my account has been transferred.

The only issue is that only my open position was transferred, and not my cash balance.

I did not receive any other kind of e-mail explaining the transfer and what will become of my cash balance.

My MF account from Friday still has my open position and cash balance in it, so it doesn't look like they zeroed anything out yet.

Anyone else in a similar situation with positions transferred but not cash balances?

Frustrated just like everyone else

:mad:
 
Quote from syd697:

Hey All,

I had an account with MF too. I sympathize with all my fellow commodity traders who got caught up in this mess.

I just got an e-mail from RJ O'Brien showing a statement a/o Friday's close 11/4, so obviously my account has been transferred.

The only issue is that only my open position was transferred, and not my cash balance.

I did not receive any other kind of e-mail explaining the transfer and what will become of my cash balance.

My MF account from Friday still has my open position and cash balance in it, so it doesn't look like they zeroed anything out yet.

Anyone else in a similar situation with positions transferred but not cash balances?

Frustrated just like everyone else

:mad:
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I was flat going into last week so the only thing there is my cash. I've heard nothing. :(
 
Quote from ammo:

you are hopeful that the boys in DC who robbed the social security bank will look out for us,it won't be to clear the conscience,it'll be to keep up appearances,keep that money in the other brokerage houses(banks),for now,just another straw on the camel's back, stay with the same max loss ,max position size ,and withdraw the rest,only leave what you use,and if this market fiasco ever unwinds,don't expect to get paid if your banks take a hit...this is a small taste of another thing we will learn to accept in bigger spoonfuls down the road...it would work in the banks favor down the road if the law is rewritten to be even more evasive
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No doubt banks would love to see exchanges dry up because regulated derivatives are probably lower margin due to their transparency. By default trading would move back to their books. I suspect the bankers were the ones who wagged their tongues enough to bring MF down. It was effectively the equivalent of a run on what is really a non banking firm by counter parties.

The really scary thing if you look is that the CFTC is working furiously to paint a good safe picture and bring higher standards to swaps. Talk about financial weapons of mass distruction. You are definitely correct that all traders are going to have to rethink their approaches to the game if this situation drags out.

For all practical purposes segregated funds could have legally been parked in euro sovereign debt which should make us all wince and reflect.
 
I saw the link and sent a quick mail this morning and received a replay back in less than an hour (inserted below). This pretty much confirms that dealing with the flat (cash only) accounts hasn't started as of yet. It appears from other posting that if an account has excess deposits (beyond margin requirements) they remain frozen at brokerage.

Thank you for your inquiry. I am unable to find any information regarding position transfers for your account at this time. If you did not hold any open positions in CME contracts as of close of business Friday, 4th November, I will not have any information about your account. I can only advise you to contact MF Global or their trustees for any information about cash only accounts.
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It appears that RJ Obrien is picking up a number of MF Global accounts. I found the following note on my MF Global login page. Based on everything we've read in the press - accounts will be distributed across a number of firms, so you may not see this on your page. But I expect all account holder will be seeing some kind of note soon. This is encouraging.

<a href="http://s1104.photobucket.com/albums/h331/specsalot/?action=view&amp;current=Loginsnip.jpg" target="_blank"><img src="http://i1104.photobucket.com/albums/h331/specsalot/Loginsnip.jpg" border="0" alt="Photobucket"></a>

More details from RJO Corp:

What exactly moved over from my position at MF Global?

Open positions on U.S. futures exchanges were transferred to RJO. These include positions on CME Group (including CME, CBOT and NYMEX), ICE Futures U.S., Kansas City Board of Trade, Minneapolis Grain Exchange, NYSE Liffe U.S. and CBOE Futures Exchange (CFE).
All account types, including individual, IRA, trust, joint, corporate, etc. were transferred.

Will positions on international exchanges move to RJO?

No. For information on these positions, please visit the trustee website at www.mfglobaltrustee.com.

What If I did not have positions on, only cash?

If you only had cash in your account, this equity did not transfer and resides with the trustee. Please visit www.mfglobaltrustee.com for information on how to obtain these funds. However, you do have an account on record with R.J. O’Brien and can trade after funding it. See funding instructions below or at www.rjobrien.com/mfglobal.
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I got a reply in less than 5 minutes tonight, after I posted here, from the CME Group from the clearing house division, here's the body.
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Unfortunately since there were no open positions to transfer it is still at MF Global. The only accounts that we were able to transfer were accounts that had positions without certificates. All remaining accounts will be subject to the bankruptcy proceedings and decisions made by the trustee.

....and another reply to my email....

No, unfortunately I have not heard of anything specific. Your best bet is to stay in touch with any contacts you have at MF Global, with the Trustee, and the CME to keep yourself up to date with the latest news.
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Looks like we're still in limbo. I wish I had more information, perhaps tomorrow will bring more movement as it'll be a business day, we'll see. I still believe that the powers that be are trying to restore the confidence lost with the violation of the segregrated accounts by moving as quickly as possible.
 
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