The Fall of Refco Trading Services

I work at RTS Chicago. We have not been allowed to trade since Wednesday of last week. This place is a joke!

If Man decides to keep us open, they're going to need to offer generous splits to keep anybody here.
 
Magnus Greaves and his partners were bought out by Refco. I wonder if they got screwed on Refco stock?? When it got killed?? Maybe he can do an article stating whether he took cash or options???????
 
Quote from Xenia:

What statements if "they" (RTS US) are unable to trade since 11/23/2005 ?
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Sorry that's where the London traders still pick up their statements, which is odd as we are owned by http://www.marathonfund.com now.

Our american arm has stayed with MAN and is now a completely separate set up. That means the London traders can no longer go the the american offices to trade and vice versa. RTS London, Brighton, Brentwood, Gibralter and Singapore are still going unaffected although marathon may decide to cull some satellite offices. Marathon say they will keep the MAC business model so leverage etc shouldn't be affected. Apparently when asked what they thought of the set up they said "we ****in' love it"
 
I believe there is more complication on the US side in that the traders are salaried employees due to the laws whereas in europe the traders are entirely self employed
 
Question for you refco boys.

The ones that RTS backed, I think their contract stipulates if either party went into administration the contract is terminated. Did RTS as part of the refco group go into administration or bankruptcy proceedings or was it just one part of refco. Also how likey is it that the new owners will enforce contracts for recent graduates that are not yet profitable. I can't help but think they wouldn't be bothered if a few recent hires walked out?
 
Quote from mr.nononsense:

Just curious Don as to your reference in speaking to Magnus about MAcfutures.. was this before they sold it to Refco, or since the disintegration of Refco ?
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The proposal we received and reviewed was before the Refco deal by just a few months.

Don
 
Quote from Mediocre:

It hasn't been announced officially, but it will be later today. RTS Chicago, New York and Miami will be shut down.
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Man Group already has offices in Chicage and New York. They pawned the London unit off to Marathon. They are cutting the fat quickly.

Trader/God
 
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