MF Global announcement

Quote from justrading:

What happens to customer funds if MFG files for bankruptcy?
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:eek:
Damn..I've been trying to call me broker all day and he just wasn't picking up
 
Just got this message from Transact Futures: "Effective immediately the CME has suspended trading with our clearing firm MFGlobal. We are working with the management of the MFGlobal, the CME and other clearing firms to re-enable trading soon."
 
Quote from justrading:

What happens to customer funds if MFG files for bankruptcy?
More...

Well, assuming they're not COMPLETELY breaking the law, several laws (Commodity Exchange Act, Securities Exchange Act, CFTC and SEC rules and regs) are in place to ensure that client deposits are separate from the business. Just because the business goes doesn't mean the client deposits are at risk.

Supposedly.
 
Quote from steve0617:

Well, assuming they're not COMPLETELY breaking the law, several laws (Commodity Exchange Act, Securities Exchange Act, CFTC and SEC rules and regs) are in place to ensure that client deposits are separate from the business. Just because the business goes doesn't mean the client deposits are at risk.

Supposedly.
More...

yeah that's the theory
problem is when they illegally start mixing the client a/cs with their own
it does happen though to be clear haven't heard that is the case with MFG.
Sit tight, I guess...
 
Quote from Daal:

Ex-goldman man goes to MFG and gets it bankrupt in record time. More fuel for conspiracies :p
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Goldman = “smartest guys in the room”?
 
Quote from benwm:

Goldman = “smartest guys in the room”?
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Maybe smartest at making risk free money, or when they have the most information.

Seems they just as dumb as everyone else when it comes to real trading.
 
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