Yet another and another class action lawsuit against MF Global...

Quote from buzzy2:

Segregation is not mandatory, you have to explicitly demand that your funds are segregated and be careful not to sign anything "opting out" of segregation.

RIN ID: RIN 3038--AB67

NOTICE: RULES
ACTION: Commodity Exchange Act:
DOCUMENT ACTION: Final rules.
SUBJECT CATEGORY: Opting Out of Segregation

EFFECTIVE DATES: June 19, 2001.

DOCUMENT SUMMARY: Pursuant to section 111 of the Commodity Futures Modernization Act of 2000, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting a new rule allowing futures commission merchants (``FCM'') to offer certain customers the right to elect not to have funds, that are being carried by the FCM for purposes of margining, guaranteeing or securing the customers' trades on or through a registered derivatives transaction execution facility (``DTF''), separately accounted for and segregated. This is sometimes referred to as ``opting out'' of segregation. The CFTC is also adopting amendments to certain existing rules that would, among other things, govern the bankruptcy treatment of a customer that opts out of segregation.

SUMMARY: Futures commission merchants; customers opting out of segregation,
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You're a moron. You can't even read what you quote.

That quote says you can opt out, not opt in. Only certain players (i.e. big players) can opt out having their funds segregated with all depositors, in other words they can have separate bank accounts to trade/settle. Otherwise, all FCM's must segregate customer funds that trade in regulated instrumnts (i.e. no spot forex trading, etc.) from operational funds as stipulated but CFTC Act of 1974, Sect4d(2), which coincidentally is the code referenced in an earlier post you tried to refute.

You're a moron and you are giving mis-information to people who don't know otherwise. You are doing a disservice and quite frankly only shows us what you DON'T KNOW!
 
bpcnabe = IBKR shill.

If funds at IBKR are 100% safe... why do they offer insurance?? If I trade futures from a segregated account, I'm not supposed to need any insurance...

Where did I say that you need to "opt in"??

What I said is you need to make sure the broker actually keeps the money in a segregated account and "demand" not to make transfers elsewhere... and be careful not opting out "accidentally".

If you still disagree, ask Jim Rogers about REFCO.
 
Quote from buzzy2:

bpcnabe = IBKR shill.

If funds at IBKR are 100% safe... why do they offer insurance?? If I trade futures from a segregated account, I'm not supposed to need any insurance...

Where did I say that you need to "opt in"??

What I said is you need to make sure the broker actually keeps the money in a segregated account and "demand" not to make transfers elsewhere... and be careful not opting out "accidentally".

If you still disagree, ask Jim Rogers about REFCO.
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IB works differently, since you can trade stocks, futures, options, forex, etc. out of the same account. And futures are not covered by their SIPC
 
Any of you gentlemen care to analyze the latest MF news?? At first glance, it appears to be a good thing, but upon further reflection, I find myself wondering, "and why was it so crucial to free up this extra liquidity???"

Thoughts from the smart ones????
 
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