To add some more accurate financial reporting info to this thread. All US FCM reports their financial position daily by Noon CST - which is submit to both the CFTC and NFA. & CFTC has view access to all Customers Segregated Accounts, so they can view in real-time the activities of the accounts. We agree, if there was any type of insurance for our "Futures" Customers, we would make it available.
I also heard brokers which can handle both securities and futures/options (IB, TDA, Fedelity,...) are usually covered by stronger insurance than futures only brokers. Not sure though....
No worries. Just pointing it out to anyone looking for an "all around" broker... need not waste time checking out Fidelity.
Years ago we heard stories of futures brokers getting into financial trouble. In most/all cases, it was from the broker abusing customer segregated funds in some way and having "things" go south. (I've had more than one broker go bad on me.) Haven't heard much of that sort of thing in recent years. I presume it's because the regulators tightened policies on customer/segregated funds. Hopefully it's to the point that the broker can't do anything with that money except leave it on deposit with the bank. Assuming this is the case, then about the only thing that go wrong is customer trades losing too much money too quickly that the firm's net capital can't cover uncollectable debits. Odds of that seem quite low. Or if there is a theft of funds, of course. Firms have an NFA requirement to maintain a certain "minimum net capital" based upon their customers' assets. Most FCMs have more net capital than that... "excess net capital". That seems to be a measure of "ability to cope with adversity"..... IOW, even if your broker is small but has a "excess/required" net capital ratio... say, 2:1, or 5:1... that makes the broker more robust.
Not if his concern is that the brokerage statements themselves could be fabricated, Madoff style. And if calls BMO Harris about "his" "account," BMO of course won't give him the time of day. Fido apparently thinks its clients are too dumb... Investing directly in commodities or in commodity futures is extremely complicated and very high-risk. Both futures and physical commodities require high levels of expertise and technical savvy...
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