Are futures account at banks safe?

[dandxg]

I understand futures accounts are segregated and none have lost their funds in the history of these regulations. As some may recall though, things got real dicey last summer with firms such as Velocity. So my question is what if the banks that hold these segregated accounts go under? Since futures don't have SIPC guarantees would we lose our money.

I would appreciate some feedback from some senior traders.

 

[TraderZones]

Quote from dandxg:

I understand futures accounts are segregated and none have lost their funds in the history of these regulations. As some may recall though, things got real dicey last summer with firms such as Velocity. So my question is what if the banks that hold these segregated accounts go under? Since futures don't have SIPC guarantees would we lose our money.

I would appreciate some feedback from some senior traders.

Many futures brokers use Harris Bank in Chicago. Get a broker who does not.

 

[sammybea]

Quote from TraderZones:

Many futures brokers use Harris Bank in Chicago. Get a broker who does not.

Is your assertion that Harris Bank will go under?

 

[TraderZones]

Quote from sammybea:

Is your assertion that Harris Bank will go under?

that is not a valid extract from what I said now, is it?? I responded to the OP's question with one fact.