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justrading
Registered: Apr 2011
Posts: 840 |
08-17-12 02:08 PM
Quote from HKIB:
Thanks, justrading. Here is one question about IB. My IB account shows me that the excess cash stays in the security side, does that mean it will be protected as securities? Some people said that it is not the case, I am confused here.
I remember there was quite a debate about whether a futures account (or mixed) would benefit from SIPC or not. I do not know myself as I am trading a straight futures account with a FCM and for me there is no protection.
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comintel
Registered: Jun 2008
Posts: 1074 |
08-17-12 02:08 PM
Quote from HKIB:
Thanks, justrading. Here is one question about IB. My IB account shows me that the excess cash stays in the security side, does that mean it will be protected as securities? Some people said that it is not the case, I am confused here.
Cash is insured under SIPC except in the case where it is mainly being used to trade futures or forex. If you only trade stocks, it is insured.
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HKIB
Registered: Sep 2004
Posts: 63 |
08-17-12 02:16 PM
Quote from comintel:
Cash is insured under SIPC except in the case where it is mainly being used to trade futures or forex. If you only trade stocks, it is insured.
In my case it is mainly used to trade futures, so IB gives me a false sense of security. I don't understand why IB does not move the cash to a money market fund, which would be a security.
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harryh
Registered: Feb 2011
Posts: 2 |
12-04-12 12:39 AM
I am reading this link for other reasons, but since someon is asking and my company was an mfglobal client, ill chime in. Most 4d/segregated clients got 80 % back. It is fairly certain that we will get the money back eventually, but uncertain as to when. For that reason we sold our claim for 97.5 cents on the dollar.
btw: I am trying ot get a foreign friend trading on TOS. He got set up and now they tell him he can't trade futures. I am furious, but not sure what to do. I didnt like IBs platform. Any other recs?
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comintel
Registered: Jun 2008
Posts: 1074 |
12-05-12 10:44 AM
Quote from harryh:
I am reading this link for other reasons, but since someon is asking and my company was an mfglobal client, ill chime in. Most 4d/segregated clients got 80 % back. It is fairly certain that we will get the money back eventually, but uncertain as to when. For that reason we sold our claim for 97.5 cents on the dollar.
btw: I am trying ot get a foreign friend trading on TOS. He got set up and now they tell him he can't trade futures. I am furious, but not sure what to do. I didnt like IBs platform. Any other recs?
It depends what country he is in.
Brokers do not accept clients in countries with restrictive regulatory requirements, unless they happen to have a branch qualified in that country, in which case they do accept them (since they have gone to the trouble of qualifying for that country).
What country is he in?
There are a few futures brokers with a number of foreign branches, including IB and a few others,
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justrading
Registered: Apr 2011
Posts: 840 |
12-05-12 11:06 AM
Quote from comintel:
It depends what country he is in.
Brokers do not accept clients in countries with restrictive regulatory requirements, unless they happen to have a branch qualified in that country, in which case they do accept them (since they have gone to the trouble of qualifying for that country).
What country is he in?
There are a few futures brokers with a number of foreign branches, including IB and a few others,
Since TOS got taken over by TDA, they are apparently closing accounts / not accepting accounts in various countries.
I heard they have been closing Australian accounts. I know they won't accept Thailand accounts (I emailed) and I hear HK is the same. TDA is closing down in EU so TOS will follow suit.
BTW this is all about your location and does not matter what passport you hold (with the possible exception of American but this is just a guess).
I have a futures account with Vision Financial Markets, their R-Trader platform is nothing to shout about but I have traded via Ninja Trader and Sierra Charts, both of which are supported.
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