Just recieved email from Refco and they say everything is buisness as usual, our accounts are safe.
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Good news for Refco FX account holders.
- Thread starter uninvited_guest
- Start date
If I have an account with a company that's front news like this, I will transfer my account no matter what they say. It's your money, take care of it. Don't be the last one out the door.
I should have posted email in original post. Here it is.
__________________________________________
Dear Client,
We have received several inquiries regarding the recent news surrounding Refco. In particular, clients have asked how the news about Refco affects FXCM.
The answer is: the news has no effect on FXCM or its clients. FXCM is an independent company with a strong balance sheet and regulatory record. Information on both can be viewed at the CFTC website http://www.cftc.gov/files/tm/fcm/tmfcmdata0508.xls and NFA website http://www.nfa.futures.org/basicnet/SearchResults.aspx?type=firm&firm=FOREX+CAPITAL+MARKETS.
Although Refco is a minority shareholder, FXCM is managed and controlled by the firm's original founders. Furthermore, Refco has never had access to FXCM's client or firm assets.
* FXCM's net capital exceeds $61,000,000 and is completely independent and separate from Refco
* FXCM's client funds are completely independent and non-accessible by Refco
FXCM clients can make deposits, withdrawals, and trade as usual. For further information, please contact our knowledgeable staff 24 hours a day. Contact information can be found at http://www.fxcm.com/contact-fxcm.jsp.
Best regards,
Drew Niv
CEO
FXCM
__________________________________________
Dear Client,
We have received several inquiries regarding the recent news surrounding Refco. In particular, clients have asked how the news about Refco affects FXCM.
The answer is: the news has no effect on FXCM or its clients. FXCM is an independent company with a strong balance sheet and regulatory record. Information on both can be viewed at the CFTC website http://www.cftc.gov/files/tm/fcm/tmfcmdata0508.xls and NFA website http://www.nfa.futures.org/basicnet/SearchResults.aspx?type=firm&firm=FOREX+CAPITAL+MARKETS.
Although Refco is a minority shareholder, FXCM is managed and controlled by the firm's original founders. Furthermore, Refco has never had access to FXCM's client or firm assets.
* FXCM's net capital exceeds $61,000,000 and is completely independent and separate from Refco
* FXCM's client funds are completely independent and non-accessible by Refco
FXCM clients can make deposits, withdrawals, and trade as usual. For further information, please contact our knowledgeable staff 24 hours a day. Contact information can be found at http://www.fxcm.com/contact-fxcm.jsp.
Best regards,
Drew Niv
CEO
FXCM
guys it's worse then this guys telling you.. Refco Unit Halts Withdrawals, Cash Isn't Sufficient (Update6)
http://www.bloomberg.com/apps/news?...=top_world_news
Refco freezes subsidiary's customer accounts!!!!!!
http://www.usatoday.com/money/indus...-13-refco_x.htm
I know refco own FXCM, and a couple others, watch it fallow traders, get out while you can thats if it's not to late..
More on this over at MoneyTec
http://www.moneytec.com/forums/showthread.php?t=17255&page=1&pp=8
http://www.moneytec.com/forums/showthread.php?t=17253
http://www.bloomberg.com/apps/news?...=top_world_news
Refco freezes subsidiary's customer accounts!!!!!!
http://www.usatoday.com/money/indus...-13-refco_x.htm
I know refco own FXCM, and a couple others, watch it fallow traders, get out while you can thats if it's not to late..
More on this over at MoneyTec
http://www.moneytec.com/forums/showthread.php?t=17255&page=1&pp=8
http://www.moneytec.com/forums/showthread.php?t=17253
Quote from BigGun:
guys it's worse then this guys telling you.. Refco Unit Halts Withdrawals, Cash Isn't Sufficient (Update6)
http://www.bloomberg.com/apps/news?...=top_world_news
Refco freezes subsidiary's customer accounts!!!!!!
http://www.usatoday.com/money/indus...-13-refco_x.htm
I know refco own FXCM, and a couple others, watch it fallow traders, get out while you can thats if it's not to late..
More on this over at MoneyTec
http://www.moneytec.com/forums/showthread.php?t=17255&page=1&pp=8
http://www.moneytec.com/forums/showthread.php?t=17253
Refco doesn't own FXCM, they have an investment in them an several other brokers which won't affect the solvency of either of them. Kind of like if you owned shares of GM and you went broke, no effect whatsoever.
Trader/God
Quote from BigGun:
I know refco own FXCM, and a couple others, watch it fallow traders, get out while you can thats if it's not to late...
Wrong.
Refco does not own FXCM.
Although Refco is a minority shareholder, FXCM is managed and controlled by the firm's original founders. Furthermore, Refco has never had access to FXCM's client or firm assets.
FXCM's net capital exceeds $61,000,000 and is completely independent and separate from Refco.
FXCM's client funds are completely independent and non-accessible by Refco.
Get your facts straight before posting, please.