FORUMS BROKERS SOFTWARE
Home
 
    Forums > Currency Trading > Forex Brokers > broker bankrupt: currency futures safe???


Reply
 
Thread Tools
Old Apr 28th, 2012, 07:21 AM   #19
FrankSlaughtery
 
 
Join Date: Aug 2010
Posts: 849
Quote:
Quote from vetten:

hello folks,

I always wonder if currency futures from CME are safe if a broker blows up.

with the likes of Refco and MF Global going belly-up, I dont feel like pouring big money in spot forex.

so what happens if I bought a currency futures contract through my broker and he goes bankrupt?

thanks

IIRC, the regulated side of refco (futures not spot) was ok. those trading spot got hosed. if i'm wrong pls correct.

unless you're trading some exotic pair (insert inappropriate joke here) like EURTRY or USDPLN or whatever and can't find liquidity in the cme futures, just stick w/ futures.
    Quote
Old Apr 28th, 2012, 09:36 AM   #20
comintel
 
 
Join Date: Jun 2008
Posts: 1,244
Quote:
Quote from rmorse:

Futures: No Insurance. Account are segregated from FCM in the clients name. This is the way the CFTC expects your account to be protected.

.....
[/B]
I wish that futures accounts were segregated individually in the name of each client but unfortunately it seems that such is not the case.

There is just one big "Client segregated funds" account maintained by the broker and if a deficiency occurs, everybody shares in the loss.
    Quote
Old Apr 28th, 2012, 07:19 PM   #21
Jack_Larkin
 
 
Join Date: Jun 2011
Location: Toronto
Posts: 643
Quote:
Quote from vetten:

I live in NZ, but have an IB account. IB seems alright, but you can never tell. I have an account >500k trading Ozzie stock and forex and it might be time to look for a broker linked to a bank.

any ideas?

thank you everyone for your contribution.


Dukascopy has been working with clients in such a way for a while now.

You use a local Swiss bank branch (includes names like Merrill Lynch, Barclays, and Liechtensteinische Landesbank) and interlink it with Dukas with a bank guarantee. Your daily P/L is netted with the bank, and Dukas bases your buying power on your bank balance.

Here:

http://www.dukascopy.com/swiss/english/forex/custodian/



(Dukas is the same broker that Lakai from tradeitdontdateit used to trade FX... don't think he used the custodian bank services like this, but Dukas is a more trusted broker for higher account balances as such.)
    Quote
Old Apr 28th, 2012, 07:50 PM   #22
vetten
 
 
Join Date: Nov 2004
Location: AUS
Posts: 202
hello guys,

a quick search came up with Macquarie Bank in Australia. I do know a little about them as I was looking for a broker when I lived in Australia. It is an investment bank with offices in 28 countries around the globe.
they do broking as well, Australian stock, cfd~s and futures are on the menu and they are a member of CME, Liffe etc.

as far as I know, you can open a bank account in your name at one of the big banks of your choice and you authorize them to withdraw funds for your purchases and they will deposit into your bank account when you sell.
you can open accounts on the internet.

I will look into this in detail myself and if I`m happy with the results I dont think you can get it any safer.

ps: thanks Jack for your research
    Quote
Old Apr 28th, 2012, 08:05 PM   #23
mm19
 
 
Join Date: Apr 2012
Posts: 185
Quote:
Quote from vetten:

hello guys,

a quick search came up with Macquarie Bank in Australia. I do know a little about them as I was looking for a broker when I lived in Australia. It is an investment bank with offices in 28 countries around the globe.
they do broking as well, Australian stock, cfd~s and futures are on the menu and they are a member of CME, Liffe etc.

as far as I know, you can open a bank account in your name at one of the big banks of your choice and you authorize them to withdraw funds for your purchases and they will deposit into your bank account when you sell.
you can open accounts on the internet.

I will look into this in detail myself and if I`m happy with the results I dont think you can get it any safer.

ps: thanks Jack for your research
hum, from all the banks you pick Macquaire that is running on life support?!??
    Quote
Old Apr 28th, 2012, 10:19 PM   #24
vetten
 
 
Join Date: Nov 2004
Location: AUS
Posts: 202
life support? dont know what you`re talking about.

can you give me all the details please?

aha, just searched on the internet: 24.6% profit fall and has shed 1300 jobs worldwide, but still made 730 million full-year profit.

still quite good for a small to medium sized company in world standards and hardly in need of life support I would say.
    Quote
 
Reply
Thread Tools

Forum Jump



   Conduct Rules   Privacy Policy   Sitemap Copyright © 2014, Elite Trader. All rights reserved.   

WHILE YOU'RE HERE, TAKE A MINUTE TO VISIT SOME OF OUR SPONSORS:
Advantage Futures
Futures Trading & Clearing
AMP Global Clearing
Futures and FX Trading
Collective2
Automated Trading Services
CTS
Futures Trading Software
dom993trading.com
NinjaTrader Consulting
eSignal
Trading Software Provider
FXCM
Forex Trading Services
Global Futures
Futures, Options & FX Trading
Interactive Brokers
Pro Gateway to World Markets
JC Trading Group
Direct Access Trading
MB Trading
Direct Access Trading
NinjaTrader
Trading Software Provider
optionshouse
Option Trading & Education
Rithmic
Futures Trade Execution Platform
SpeedTrader
Direct Access Trading
SpreadProfessor
Spread Trading Instruction
thenut-trader.com
FX, Gold, & Stock Signals
TradersStudio
System Building & Backtesting
Tradier
Equity and Options Trading
Trading Technologies
Trading Software Provider