It appears that Vision will no longer be active in futures business - they sold off their account base to ADMIS. Just got this from Optimus about their clearing partner: Announcements for Optimus customers regarding ADM Investor Services September 30th, 2014 We are pleased to announce that the owners of Vision Financial Markets, LLC (“Vision”) and ADM Investor Services, Inc. (“ADMIS”) recently executed a long term agreement to form a business alliance wherein Vision will transfer its network of customers to ADMIS on either October 31, 2014 or November 28, 2014, pending regulatory approval. Once this transfer has occurred, ADMIS will provide all FCM trade execution, clearing, custody, treasury, market information and research services to these transferred customers and Vision will exit the futures clearing arena. We look forward with great enthusiasm to a new chapter that provides customers with ADMIS’s financial strength and our mutual commitment to exceptional customer service. ADMIS has been a leader in the futures brokerage industry for over 45 years and is known for its financial strength and responsible business practices. ADMIS currently has $304 million in equity capital (August, 2014) of which $128 million is excess capital beyond what they are required to maintain by law. They provide customers with a full array of services including online access to account statements and trading tools such as quotes, charts and research reports via their secure website. The company is headquartered in Chicago and its international reach is fortified by its sister companies, branches and affiliates in New York, London, Hong Kong, Shanghai, Singapore, Taiwan and Mumbai. Both within the US and internationally, ADMIS and its sister companies are clearing members of over 20 different exchanges including CME Group, ICE Futures US, ICE Futures Canada, ICE Futures Europe, Dubai Mercantile Exchange and the London Stock Exchange. ADMIS is a wholly owned subsidiary of the Archer Daniels Midland Company (NYSE:ADM) which is ranked as a Fortune 100 company and had 2013 net sales of approximately $90 billion. ADM has been a member of the CME Group since 1927. Full financial reports, a complete list of exchange memberships and a comprehensive account of all the company’s services can be found by visiting the ADM Investor Services website at www.admis.comWe feel very confident that the Optimus technical trading expertise along with the sound financial stability that ADMIS offers will allow customers the comfort required in a brokerage firm. Please feel free to contact our office with any questions regarding these changes. We can be reached directly at .....or by email at .......... http://www.optimusfutures.com/tradeblog/archives/announcements-for-optimus-customers-regarding-adm-investor-services/?inf_contact_key=315f4d923f79ac7a8aedfd5ad4dec4717fb76a0624d6dab43fec745145ef9e2e
ADMIS is a really solid firm with a great reputation. Why would a firm like ADMIS take on arguably the most tainted book of business in the industry? The sanctions against Vision were a mile long and ultimately drove them out of business. Is the financial reward that great considering the reputation risk to ADMIS?
I have noticed that frequently the worst "large" firms are bought out rather than being allowed to go into bankrupcy. I am not sure if this is because some potentially embarassing truths may come out of the rubble or for some other reason unrelated like accounting writeoffs or tricks. Perhaps it is an option play and although they lose a little money on each share, they make it up on volume? I am not sure the reason why, but it is important to take note. Look up the history of the problem firms you can think of and how many were bought out. (In 2008, was countrywide allowed to go into bankrupcy or was it bought out or merged? Was refco bought out? ) (Enron - http://www.nytimes.com/2002/03/03/business/at-11th-hour-he-bought-enron-but-why.html) My policy since noticing this oddity is to carefully review and even remove accounts from firms that do this kind of merging. The old saying is Fool Me Once, Shame on you ..... Fool Me Twice ..... I have even spent some time wondering who buys out the Federal Reserve - LOL! IMF? BIS? World Bank?
The reputation of the Vision top dogs (Rothman and Boshnack) in the industry was, and still is, shady as hell. Personally I think that this is the best possible outcome for Vision's clients as ADMIS are a far safer outfit to hold their funds than Vision ever were. I notice that only the accounts are being transferred though. It seems that all customer support, execution technology etc. will still be provided through Rothman and Boshnack's latest outfit High Ridge Futures LLC...