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FrankSlaughtery
Registered: Aug 2010
Posts: 811 |
04-28-12 12:21 PM
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.
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comintel
Registered: Jun 2008
Posts: 1077 |
04-28-12 02:36 PM
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.
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Jack_Larkin
Registered: Jun 2011
Posts: 492 |
04-29-12 12:19 AM
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.)
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vetten
Registered: Nov 2004
Posts: 202 |
04-29-12 12:50 AM
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
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mm19
Registered: Apr 2012
Posts: 185 |
04-29-12 01:05 AM
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?!??
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vetten
Registered: Nov 2004
Posts: 202 |
04-29-12 03:19 AM
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.
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