Refco Account Security

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Quote from Apex Capital:

Mr. Rockford, you are so far out of line with your assumptions and suppositions that your above posting is extremely LIBELOUS.

You have no idea what kind of fund I am running, let alone what kind of clearing business that I have with Refco, whether that clearing relationship is personal or related to my CTA, let alone what kind of sensitivity I have to capital at risk, let alone what kind of due-diligence that I have done regarding my clearing relationships, past or present, personal or professional. Your claims above are baseless and without any merit whatsoever, let alone fact.

I repeat . . . your claims above are extremely LIBELOUS and based on nothing more than pure conjecture on your part. If you would like me to teach you a lesson about libel . . . by all means, please continue posting in a similar manner.
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Giveit up buddy ... nobody cares ... and if you really think your business or reputation has been damaged by postings on ET (LOL) then you really have something to worry about.
 
I am curious ... was RFX trading pre market
on any ECN's that day ? I assume the specialist did not open the market in RFX that day on the NYSE before refco was halted ?

saw this on nasdaqtrader under trading halts section

_10/13/2005_
_09:30:39_
_RFX_
_REFCO INC._
_T1_
 
Quote from FuturesTrader71:

I think in your quote above, you intended to say, "....suffered a loss due to collapse of a futures clearing merchant (FCM)..." which may be true. However, I am aware of 2 cases where a futures broker went under and took customer funds with him (was personally involved in one such situation). In both cases, the money was long gone even after NFA arbitrations ruled for the customers. The principals in those firms simply shut everything down and went elsewhere.
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What exactly do you mean with "futures broker"? The introducing broker? Or the FCM (clearing broker) where the customer's funds are held?

Does an introducing broker have any authority to take money from a customer's account? In my understanding, an introducer is no more than a middleman between customer and FCM who cannot touch the client's funds. All payments are made directly to the FCM's bank account, and vice versa withdrawals directly from the FCM to the customer.

Please correct me if I should be wrong.
 
well i guess there is a lot of confusion and panic among refco account holders at the moment.

without wanting to stir up any debate about who is to blame, which units are safe etc i thought this link may provide some fortitude to worried account holders....

(sorry if it has been posted before - it probably has, but i cant be arsed to read 50 odd pages of negativity to find out :) )

http://www.cme.com/about/press/cn/05-138CMERefcoStatement16261.html

basically, the bottom line is that refco business is still good. (i traded on my refco account on friday before i was aware it was so bad - no probs). the merc is happy they are good for it, and its a different entity from the other troubled & closed down units.

i guess the bottom line though is that the company is in shit and the futures business could well be sold off - there is a fire sell going on this weekend by goldman

sleep tight folks.
 
Quote from Felix:

What exactly do you mean with "futures broker"? The introducing broker? Or the FCM (clearing broker) where the customer's funds are held?

Does an introducing broker have any authority to take money from a customer's account? In my understanding, an introducer is no more than a middleman between customer and FCM who cannot touch the client's funds. All payments are made directly to the FCM's bank account, and vice versa withdrawals directly from the FCM to the customer.

Please correct me if I should be wrong.
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No, an introducing broker doesn't usually have anything to do with your accounts. FCM's are clearing merchants who are ultimately responsible for clearing your trades to the exchange. There are many situations where a futures broker signs an agreement with an FCM (Fortis, Advantage Futures, O'Connor, RCG, etc) and then manages their own accounts. Many prop firms are run this way and they have full access to your accounts. I can't think of any retail futures brokers at the moment who are not also FCM's. An FCM has to put up a tremendous amount of capital to conduct its business.
 
Quote from Apex Capital:

Mr. Rockford, you are so far out of line with your assumptions and suppositions that your above posting is extremely LIBELOUS.

You have no idea what kind of fund I am running, let alone what kind of clearing business that I have with Refco, whether that clearing relationship is personal or related to my CTA, let alone what kind of sensitivity I have to capital at risk, let alone what kind of due-diligence that I have done regarding my clearing relationships, past or present, personal or professional. Your claims above are baseless and without any merit whatsoever, let alone fact.

I repeat . . . your claims above are extremely LIBELOUS and based on nothing more than pure conjecture on your part. If you would like me to teach you a lesson about libel . . . by all means, please continue posting in a similar manner. [/QU

before you were all fluff. now you are all bluff.
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Quote from zdreg:

Quote from Apex Capital:

before you were all fluff. now you are all bluff.
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Obviously, Baron Robertson has a problem with the libelous statements that JimRockford posted back on page 53 of this thread, otherwise he would not have DELETED them.

Ask yourself why.
 
Apex, is the libelous post from Rockford quoted in one of your posts? If that's the one you're talking about, everyone can still read it. Page 53 near the bottom.
 
Thank you Sir for correctly pointing that out.
I will bring this to the attention of the powers that "be" at ET so that it can be appropriately rectified in the morning.
 
Quote from jimrockford:



You seem to be encouraging us to take this risk with Refco, as opposed to some other futures broker. Is there a reward for taking that risk?
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Huh? You must have some really deep issues. I said early Saturday morning,

"What might happen however, is that the liabily of the parent company is now so high, and lawyers are circling, and customer flight so fast, the brokerge could die a rapid death. This will not be the first time such a thing has happened. So we put on another trade with another broker. Life goes on"

I don't know what you are talking about accusing me to say (attacking me?) that I am encouraging readers to take risk with Refco? And then going so far as to insinuate that I get some sort of reward. Oh brother.

I speculated that the company would die a rapid death and that we (meaning those who have accounts with Refco) would wind up working with other brokers. And based on the most recent news it looks like that is happening right now.

BTW, if I were Apex's legal council, I certaintly would have my complaint already written and filed. ET does have a liablility here. I do not understand why this thread is still on the board.
 
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