Where to go after Refco?

Quote from FredBloggs:

[..]

see what happens. i think the worst is over. (famous last words!!)
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Fred,

I am not telling you to move your funds or to take action, but I would ask you to consider whether or not you would walk away from the situation with a loss if your money is gone. If you are not ready to do this, then it would seem unwise to me to keep any funds in there given the number and quality of other clearers.

Refco, at the moment, presents extra risk. If this is the case, then where is the extra reward you get for taking that risk. You must consider these angles. Money lost by a clearing firm is extremely expensive to recover that it is almost not worth it for an individual. I have been through this and it is a heartbreaking and tiresome process.

Take care.
 
Quote from SethArb:

RCG ... has been around for much longer than refco ... one approach could be to contact them
or get a list of IB's that clear through them and
due your own due diligence

or even to find a broker like Interactive Brokers LLC for your screen trading and use another one
(i.e. RCG etc ) for pit trades ...
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no way dude (imo :) )!! you surprise me!

if i do move from refco, it will either be transact or velocity (that you wisely mentioned in another thread) for electronic stuff.

no way would i touch ib. geez - refco may be in a bad way, but at least they are still answering the phones and have a reliable platform that doesnt need a rebuild every 5 mins!!
 
Quote from FuturesTrader71:

Fred,

I am not telling you to move your funds or to take action, but I would ask you to consider whether or not you would walk away from the situation with a loss if your money is gone. If you are not ready to do this, then it would seem unwise to me to keep any funds in there given the number and quality of other clearers.

Refco, at the moment, presents extra risk. If this is the case, then where is the extra reward you get for taking that risk. You must consider these angles. Money lost by a clearing firm is extremely expensive to recover that it is almost not worth it for an individual. I have been through this and it is a heartbreaking and tiresome process.

Take care.
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damn you!! you are putting me on edge again and ive been there enough times this last week :)

seriously - yes i think what you are saying is right. wheres the upside?

if refco does pull through, i can always go back.

in all honesty, ive had some great service from refco, and i have to admit that maybe i am emotionally attached to this trade despite my mental stop being busted days ago. im sitting here like a proper loser telling myself 'it will come back'

thanks for the advise.
 
Fred-- I have NO idea how much dough you have at Refco, but IMHO, the risk of an adverse headline or some unexpected development , can throw you off your game. Its easy enough losing money trading, why risk it with a firm going through changes?

And anyways, if Refco re-emerges in some new form, they'll probably have super-cheapo commissions just to get you back!
 
I love REFCO - great firm, great people, great products, just super!

I'm dissapointed by l'affaire Bennet. On Monday when the story broke, I told myself REFCO would live thorugh it or be bought out and since my funds were "segregated" I was OK.

By Thursday when Refco Capital Markets shut down, I became a little antsy but still belived in time, things would be worked out.
Then I asked myelf, what if, things didn't, how would I feel? I asked myself if the funds were those of outside investors, would I leave the funds with REFCO? Then I put on my trader's cap, and calculated the risk-reward ratio, and removed all emotions? And finally I asked myself what is the prudent/risk-cautious/averse thing to do?

After this, I immediately liquidated all my open positions in the US, liquidated Asia/Europe on the open and asked for my funds to be transferred to me.

My bank just infomed me that most of my funds have been returned (from the futures side). I still have some funds with RCM and Refco Securities but at least I have the bulk of my funds and expect the rest to get wired out soon.

I am also confident that REFCO will rise again and I fully intend to refund the REFCO acocunts and continue to trade via REFCO.

But for now, I feel good and will sleep well at night!

Quote from FredBloggs:

damn you!! you are putting me on edge again and ive been there enough times this last week :)

seriously - yes i think what you are saying is right. wheres the upside?

if refco does pull through, i can always go back.

in all honesty, ive had some great service from refco, and i have to admit that maybe i am emotionally attached to this trade despite my mental stop being busted days ago. im sitting here like a proper loser telling myself 'it will come back'

thanks for the advise.
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Quote from FuturesTrader71:

What markets do you need access to? What commission were you paying for each product? There are plenty of firms out there.
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I need to trade:

Pit Gold and EFP's
Pit Silver and EFP's
EuroFX and EFP's
mini S&P
30yr Bond

Commisions at Refco were very good. Looking for firm's where I can trade the above. RCG does not do EFP's.
 
What did you pay?




Quote from gemini_315:

I need to trade:

Pit Gold and EFP's
Pit Silver and EFP's
EuroFX and EFP's
mini S&P
30yr Bond

Commisions at Refco were very good. Looking for firm's where I can trade the above. RCG does not do EFP's.
More...
 
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