In Thailand, 3.25% p.a. on a fixed 5 month deposit, more readily available funds in a savings account getting 0.875% (which is not attractive by any means).
The Shocking Truth about 'Segregated' Accounts
- Thread starter Joovenile Jatt
- Start date
In Thailand, 3.25% p.a. on a fixed 5 month deposit, more readily available funds in a savings account getting 0.875% (which is not attractive by any means).
File suit with what cash exactly? Don't you lot understand YOU ONLY FIND OUT THEY ARE DOING IT WHEN IT IS TOO LATE, JUST LIKE KERVIEL.....
Exactly. I wonder can I open a fx account in some bank? That should be relatively safer compared with opening an account in the ordinary brokers. I heard that Dukascopy and MIG have good reputation, all swiss banks... But they only comply with the swiss financial regulation instead of NFA or FSA regulations.
Exchange Actions Re: MF Global Inc.
Effective immediately, ICE Clear U.S. will no longer accept transfers of positions from MF Global to another clearing member, and will no longer accept liquidating trades for MF Global accounts. These measures are being taken in order to facilitate the possibility of effecting a bulk transfer of MF Global customer accounts to one or more clearing members.
Effective immediately, ICE Clear U.S. will no longer accept transfers of positions from MF Global to another clearing member, and will no longer accept liquidating trades for MF Global accounts. These measures are being taken in order to facilitate the possibility of effecting a bulk transfer of MF Global customer accounts to one or more clearing members.
Like I said... "not much recourse".
This MF case is the first I've heard of a broker violating the segregation rule in this manner. You've suggested "it goes on all the time but is not reported".. I doubt that. I've had about a half-dozen CFTC audits and a couple from the SEC. "Segregation of Customer funds" is a REALLY big deal to the regulators... doubt it gets violated regularly in the way MF has apparently done.
I remember a local CPO who "accidentally" violated the segregation rule by commingling over just a weekend... he caught a ration of shit for it when the CFTC audited.
