This is the source of Atlasratings.com - a CTA with less than $1AUM - lol - king of the world - http://www.absolutereturns.com/program/name/mkc_global_fund__lp
What are the safest futures brokers? MF Global and PFGBest have me worried!
- Thread starter travelingtrader
- Start date
This is the source of Atlasratings.com - a CTA with less than $1AUM - lol - king of the world - http://www.absolutereturns.com/program/name/mkc_global_fund__lp
This just keeps getting better - the source that people are using - the guy has been registered in the industry for LESS THAN ONE YEAR - LOL - a greenhorn.
http://www.nfa.futures.org/basicnet/Details.aspx?entityid=jjJSrBVR1Pw=&rn=Y
Excellent points! You are right on!
I found an article about McCormick in Wall Street Journal.
He is a trader and a victim of MF Global. That's why Atlas ranking was created.
Here is a quote from WSJ.
"In the fight to get their missing money back, not all customers at MF Global Holdings Ltd. were created equal.
Andrew McCormick, a commodity-fund manager in Seattle, had about $480,000 at MF Global when the firm collapsed in October. Half of his money was invested in the U.S., and the other half went into non-U.S. investments.
So far, the 27-year-old Mr. McCormick has recovered about $175,000 on his U.S. holdingsâor 72% of what he is owed. On the rest, "I haven't seen a penny," he said."
Here is the link to this WSJ article.
http://online.wsj.com/article/SB10001424052702304020104577386334032320226.html
He is a trader and a victim of MF Global. That's why Atlas ranking was created.
Here is a quote from WSJ.
"In the fight to get their missing money back, not all customers at MF Global Holdings Ltd. were created equal.
Andrew McCormick, a commodity-fund manager in Seattle, had about $480,000 at MF Global when the firm collapsed in October. Half of his money was invested in the U.S., and the other half went into non-U.S. investments.
So far, the 27-year-old Mr. McCormick has recovered about $175,000 on his U.S. holdingsâor 72% of what he is owed. On the rest, "I haven't seen a penny," he said."
Here is the link to this WSJ article.
http://online.wsj.com/article/SB10001424052702304020104577386334032320226.html
Penson's assets were bought up by KNIGHT (NYSE: KCG), which is a powerhouse in other asset classes. It should be a $1bb+ FCM inside of two years..
OEC is now owned by GAIN Capital - form your own conclusions about Gain capital or [most] other FX shops.
RCG is a decent firm, though never been one of my favorites.
----------------------------------------------------------------
We've had TWO FCM FAILURES - one public, one private.
The PFG fraud was possible because only one man received the firm's bank statements, rather than several people, as PFG was structured as a corporation where Wasendorf SR. had 100% ownership.
The MF Global fraud was possible because executives @ MF, notably Corzine, and probably ONLY CORZINE, make the conscious decision to purloin client funds to cover shortfalls in firm bank accounts. Because the feckless Democrats, who have received money from Corzine's bundling, refuse to prosecute, we have set the precedent that a firm may use client funds for any purpose they like without reprisal.
---------------------------
The solutions are:
(1) The CFTC and/or NFA must receive unfettered access to FCM bank account information, electronically, and on a continuing basis;
(2) There must be prosecutions of both Wasendorf and Corzine.
If there is no fear of punishments, crimes like these will continue...
As for myself, I like to trade through Dorman, ADM, Knight; and have an open mind to others that may be a great value.......sorry IBKR is too hard to work with as a CTA.
The fact that he is new doesn't make his ratings worthless. It's just that his criterias and weighings don't reflect the financial health of the firm and the risk of the customer.
His net capital ratio should weigh a lot more than all the rest, especially "transparency"( LOL), "penalties on worldwide exchange"...
For example, if you check the lastest FCM datas, Crossland maintains almost 2 times its net capital requirement in excess capital, much more than the average 0.5 to 1 ratio maintained by bigger firms like Newedge or FCStone, yet they are supposed to get in trouble soon( after RCG...LOL ).
I am super pissed about ZeroHedge publishing this kind of list, giving a bad name to respectable firms at the bottom, while not even being smart enough to just try to understand the ratings. F***K Zerohedge...
http://www.cftc.gov/ucm/groups/public/@financialdataforfcms/documents/file/fcmdata0512.pdf
It might be the reason it was created, but anyone who knows anything in the futures industry knows that the list is completely stupid. His ranking are all fucked up and gives you no real idea how he came up with it. The sad thing is people who don't know any better and zero hedge jump on it like it's the gospel or something, really sad.
Quote from TraDaToR:
The fact that he is new doesn't make his ratings worthless. It's just that his criterias and weighings don't reflect the financial health of the firm and the risk of the customer.
His net capital ratio should weigh a lot more than all the rest, especially "transparency"( LOL), "penalties on worldwide exchange"...
For example, if you check the lastest FCM datas, Crossland maintains almost 2 times its net capital requirement in excess capital, much more than the average 0.5 to 1 ratio maintained by bigger firms like Newedge or FCStone, yet they are supposed to get in trouble soon( after RCG...LOL ).
I am super pissed about ZeroHedge publishing this kind of list, giving a bad name to respectable firms at the bottom, while not even being smart enough to just try to understand the ratings. F***K Zerohedge...
http://www.cftc.gov/ucm/groups/public/@financialdataforfcms/documents/file/fcmdata0512.pdf
Aren't you contradicting yourself? Yes, in and of itself him being new doesn't make the list worthless. What makes it worthless is his shitty rating of the FCMs. Why is Amp rated above Advantage Futures? Why is Crossland and RCG both at the very bottom? The list is complete garbage, and he should be ashamed for even publishing it. No better than the other mudslingers out there.
@TraDaToR
I truly don't understand why you are so quick to discredit Atlas?
Perhaps, we are all in denial.. All world is upside down. What seemed to be a strong foundation forever falls apart like a house of cards.
Atlas ratings has released its report before the bankruptcy of PFG. This is a fact.
The other factors to consider for me personally:
1. Atlas is a 3rd party.
2. I don't see any sponsors or banners on Atlas site which is good
3. The guy is a trader who lost money to MF Global
4. He is a fund manager, knows finance
Anyhow, i think its just great that Atlas Ranking exists. Don't we traders need more of those ranking, more 3rd party, unbiased , professional research into the health of FCMs?
Me, for example. I have an account with a big FCM that is on bottom according to Atlas. It makes sense to me to diversify and open a 2nd account with another firm that has higher ranking.
If you choose not to believe in Atlas that's fine. I personally choose to consider it and it should be fine as well.
I truly don't understand why you are so quick to discredit Atlas?
Perhaps, we are all in denial.. All world is upside down. What seemed to be a strong foundation forever falls apart like a house of cards.
Atlas ratings has released its report before the bankruptcy of PFG. This is a fact.
The other factors to consider for me personally:
1. Atlas is a 3rd party.
2. I don't see any sponsors or banners on Atlas site which is good
3. The guy is a trader who lost money to MF Global
4. He is a fund manager, knows finance
Anyhow, i think its just great that Atlas Ranking exists. Don't we traders need more of those ranking, more 3rd party, unbiased , professional research into the health of FCMs?
Me, for example. I have an account with a big FCM that is on bottom according to Atlas. It makes sense to me to diversify and open a 2nd account with another firm that has higher ranking.
If you choose not to believe in Atlas that's fine. I personally choose to consider it and it should be fine as well.