Velocity sold to Institutional Liquidity LLC. Stay or leave?
- Thread starter DarthSidious
- Start date
i agree w/ the previous commenter re "trading up" to a better capitalized counterparty. i remember when TOS had PNSN as clearing firm and a lot of traders were concerned b/c PNSN did some completely FUBAR nonsense w/ their capital. when TOS was bought by TDA you instantly got the security of their much better balance sheet.
ILQs reg history is absurd. One $50k and $250k fine, respectively.
http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=3320
Tanner is the front-man for James Pieron (owner of ILQ):
http://www.twincities.com/ci_20745169/will-trevor-cook-testify-against-alleged-co-conspirators
You'd have to be f*cking crazy to keep your money there.
Google "Trevor Cook Ponzi" as well.
http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=3320
Tanner is the front-man for James Pieron (owner of ILQ):
http://www.twincities.com/ci_20745169/will-trevor-cook-testify-against-alleged-co-conspirators
You'd have to be f*cking crazy to keep your money there.
Google "Trevor Cook Ponzi" as well.
Thanks for those links! they do mention "Ponzi Scheme" WAY to many times for me to feel comfortable keeping money there!
Anyone do business with Advantage Futures? I was planning on calling them on Monday...they dont seem to list any of their platform fees though....with regard to TT, are they the same as VF $500 or $1500 for Pro?
FUBAR is the right term ... lol. They bought some debt in a private placement of, as I recall, a racetrack. And worse one of PNSN's directors had an interest in the track. FUBAR PLUS might even be a better way to characterize their actions. Segregation as a concept has its flaws (or maybe I should say risks) so having a sound counterparty matters. It can matter a great deal.
I have an account with DeepDiscountTrading.com too and I am extremely pleased with everything.
I wanted to address some of these questions directly as I believe there is a great deal of misinformation that is being spread about the impact of the bulk transfer, as well as, about ILQ and its senior management.
ILQ has, up to this point, primarily been a foreign currency broker. I began working with Jay Earnest and Velocity Futures in February of this year to expand our product offering to include on-exchange futures. As a former professional options and futures trader, I saw the need to offer our customers a more diverse set of products to trade.
Over the last several months, ILQ worked to fully integrate Velocity's back office portal into our systems as we believe it to be the best back office system available today. ILQ has purchased all of the technical infrastructure from Velocity to support their futures business including their Chicago data center. ILQ has also employed all of Velocity's employees since July to ensure that customer experience is not impacted. If customers decide to maintain their accounts with ILQ/Velocity they will be trading on the same systems and working with the same individuals as before the transfer.
In response to the talk of Ponzi schemes and such, I understand that the lack of information can give way to speculations that have no basis in truth. ILQ has established its business in the most highly regulated environment in the world. The source of our capital has been verified by the relevant financial regulators. Given the financial irregularities that have affected the futures industry over the last couple of years, it is wise to be skeptical of the people that you choose to do business with. As a former regulator myself, I can tell you that the level of scrutiny that all FCMs now face is without parallel. ILQ has faced this scrutiny and has been given approval to hold customer segregated funds.
As someone that has spent an incredible amount of time and energy building a business, the idea of being a front for someone is laughable and hurtful at the same time. The people that I have worked with know that I am a person of character and substance. If anyone has any questions regarding the impact of the bulk transfer on their account or would simply like more information about ILQ or myself, I invite them to e-mail me at jason.tanner@ilq.com or call me 1-800-619-5007.
Regards,
Jason Tanner
CEO
ILQ has, up to this point, primarily been a foreign currency broker. I began working with Jay Earnest and Velocity Futures in February of this year to expand our product offering to include on-exchange futures. As a former professional options and futures trader, I saw the need to offer our customers a more diverse set of products to trade.
Over the last several months, ILQ worked to fully integrate Velocity's back office portal into our systems as we believe it to be the best back office system available today. ILQ has purchased all of the technical infrastructure from Velocity to support their futures business including their Chicago data center. ILQ has also employed all of Velocity's employees since July to ensure that customer experience is not impacted. If customers decide to maintain their accounts with ILQ/Velocity they will be trading on the same systems and working with the same individuals as before the transfer.
In response to the talk of Ponzi schemes and such, I understand that the lack of information can give way to speculations that have no basis in truth. ILQ has established its business in the most highly regulated environment in the world. The source of our capital has been verified by the relevant financial regulators. Given the financial irregularities that have affected the futures industry over the last couple of years, it is wise to be skeptical of the people that you choose to do business with. As a former regulator myself, I can tell you that the level of scrutiny that all FCMs now face is without parallel. ILQ has faced this scrutiny and has been given approval to hold customer segregated funds.
As someone that has spent an incredible amount of time and energy building a business, the idea of being a front for someone is laughable and hurtful at the same time. The people that I have worked with know that I am a person of character and substance. If anyone has any questions regarding the impact of the bulk transfer on their account or would simply like more information about ILQ or myself, I invite them to e-mail me at jason.tanner@ilq.com or call me 1-800-619-5007.
Regards,
Jason Tanner
CEO
Reply from VF : "To my knowledge the customer portal will remain the same."
But I am no longer making decision based on the customer portal. In this environment, safety of funds is of paramount importance, and I would be a fool to ignore that.
It's a shame really. For such a long time if you had $ with a FCM, the only way you lost money was if the market took you out. No more, and it's a bloody shame. CME et. al. has no credibility left
But I am no longer making decision based on the customer portal. In this environment, safety of funds is of paramount importance, and I would be a fool to ignore that.
It's a shame really. For such a long time if you had $ with a FCM, the only way you lost money was if the market took you out. No more, and it's a bloody shame. CME et. al. has no credibility left