Refco FX account withdrawl frozen!!!

straight from refco llc... just had the curiosity to look this up, interesting what they write about refco's liabilities, segregated accts etc (read the right-hand side column from the top):
http://www.refco.com/PDF/new_accounts/individual_joint_acct/cust_agreement.pdf

obviously hindsight is a wonderful thing, but even w/o the benefit of hindsight, given a choice, not the kind of clause (#4 in particular) i wld want to sign up to....

now perhaps this clause is the norm in the FCM world? (dunno, i don't trade futures...)... just asking?
 

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Quote from FXsKaLpEr:

as an FYI (though it's hard to be heard over Chode's bellowing little woman routine) * * * *:
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Nick, how did I get on your bad side today? Sugar crash from all those candy bars maybe? Stick to your diet, you'll be less cranky.
 
thought this cld be useful, straight from edgar... worth reading additional stuff about the sale (MoU-stage) to jcflowers on http://sec.freeedgar.com/displayText.asp?ID=3962406 :

Also on October 17, 2005, the Company and certain of its subsidiaries
(collectively, the "Debtors") filed voluntary petitions for reorganization
under Chapter 11 of the United States Bankruptcy Code (the "Code") in the
United States Bankruptcy Court for the Southern District of New York (the
"Bankruptcy Court"). The Debtors will continue to operate their business as
"debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in
accordance with the applicable provisions of the Code and orders of the Court.

In addition to the Company, the Debtors include Bersec International LLC,
Kroeck & Associates, LLC, Marshall Metals, LLC, New Refco Group Ltd., LLC,
Refco Administration, LLC, Refco Capital LLC, Refco Capital Holdings, LLC,
Refco Capital Management, LLC, Refco Capital Markets, Ltd., Refco Capital
Trading LLC, Refco Finance Inc., Refco Financial, LLC, Refco Fixed Assets
Management, LLC, Refco F/X Associates, LLC, Refco Global Capital Management
LLC, Refco Global Finance Limited, Refco Global Futures, LLC, Refco Global
Holdings, LLC, Refco Group Ltd., LLC, Refco Information Services, LLC, Refco
Mortgage Securities, LLC, Refco Regulated Companies, LLC and Summit
Management, LLC.

None of Refco's regulated subsidiaries, including the futures brokerage
business conducted through Refco LLC and certain of its affiliates, and the
registered broker dealer Refco Securities LLC, have filed for bankruptcy
protection.


anybody knows where to obtain a list of unsecured creditors??
 
"Refco F/X Associates," listed as one of the Debtors, according to post above. Is that the fx dealer, RefcoFX? Anyone.
 
Quote from Chood:

"Refco F/X Associates," listed as one of the Debtors, according to post above. Is that the fx dealer, RefcoFX? Anyone.
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Yes.
 
Quote from inet:

Yes.
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[from another poster this thread:] ". . . when a firm files ch 11, you're an UNSECURED general creditor. So, get in line with the guys they buy pencils and coffee cups from."
 
Quote from Htrader:

FX futures are regulated by the CFTC. However, spot forex trading has no such oversight. I believe all trading done through refco FX was spot forex.

With spot forex there is no oversight, no required segregation of funds, and no insurance.
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"However, forex customers should not have to worry about the stability and financial integrity of their forex dealer. That is where the benefit of dealing with RefcoFX comes in.

Stability and Financial Integrity. . . .

No Counterparty Risk. Size matters. The broker you align yourself with is the counterparty to EVERY transaction. RefcoFX is the single biggest counterparty in the retail FX world and a safer counterparty with which to conduct trading."

Above bold blurb courtesy of RefcoFX, its website heading "Complete Safety of Funds." I am reassured.
 
Quote from Chood:

The material you quote refers to options and futures. Where does it say that CFTC regulates spot fx trading, and more importantly, which CFTC regulations apply to spot trading? If you cannot identify them (there are none), I'd leave the issue alone. Otherwise, you're simply spreading a myth that cannot possibly help anyone.

Personal aside: why you would want to shill for these fx retailers, particularly now? I mean, just this moment, you're staring into the wreckage of one of these bucketeers. Potentially, many people could lose their accounts. Isn't that sobering, and doesn't it suggest at a minimum that you and anyone else with an interest in the subject should exercise a bit more caution?
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Chood this document refers to OTC FOREX transactions which is what FXCM, GAIN, MG etc are offering. It's a fact, please call NFA, CFTC or whoever and dont't waste your time and mine.

By the way I agree with you that unethical firms like Refco should not get away with it, and they won't (I hope). However you will notice that I've been saying for months on this board that Refco FX is not registered properly and I am sure this is one of the reasons this is happening to them.
Now, I believe (and again I hope you do too) this industry can get better, cleaner, more realiable and NFA/CFTC registration and a clean record is the minimum every decent firm should start with.
 
saw this quote tonight on business week online

from mr Flowers ... who is bidding for the futures unit ...

-Its [foreign-exchange] and securities businesses have been damaged by the bankruptcy.-
 
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