WTF is Atlas? Does anyone take these people seriously? The guys in Chicago -- former locals -- seem to take both RCG and Crossland seriously. I know less about Velocity and Open E Cry but I know least of all about Atlas. Can someone tell me if they have been around awhile and if they have a clue?
The stuff about no proprietary trading nor MBS/european exposure is great. BUT - Wasendorf was committing straight-forward theft, forging documents a la Madoff. He didn't lose the money in bad trades like Corzine - he just pocketed it. So while the lack of risk exposure is great - there needs to be independent audit that the system controls are all operating properly, and a verification of accounts that goes beyond a recent college grad signing off that everything is ok. I didn't use PFG or MoFo G, but after 2 examples, who is going to say NFA or CFTC is actually doing what they say they do? (Although I'm sure they collect their salaries anyway).
NFA = No Fu**ing Accounting CFTC = Can't Find Trader Capital These completely corrupt and dysfunctional entities piss away time messing with prop firms and miss the real (or look the other way) crooked business models.
what's required is INSURANCE then incompetent management and/or theft and incompetent regulators can do their thing but client funds are 100% insured which means clients suffer NO financial loss
How did he weight each category to come up with the ranking? Domain Name: ATLASRATINGS.COM Created on..............: 2012-05-28 19:05:06 GMT Expires on..............: 2013-05-28 19:05:06 GMT Last modified on........: 2012-07-13 17:19:38 GMT Registrant Info: (FAST-18625937) Andrew McCormick P.O. Box 30714 Seattle, Washington 98113 United States Phone: +1.2069204788 Fax..: Email: info@Atlasratings.com Last modified: 2012-07-13 15:11:48 GMT Administrative Info: (FAST-18625938) MKC Global Investments Andrew McCormick P.O. Box 30714 Seattle, Washington 98113 United States Phone: +1.2069204788 Fax..: Email: info@mkcglobal.com Last modified: 2012-07-13 15:08:15 GMT Technical Info: (FAST-12785240) Bluehost.com Bluehost Inc 1958 South 950 East Provo, Utah 84606 United States Phone: +1.8017659400 Fax..: +1.8017651992 Email: whois@bluehost.com Last modified: 2012-06-11 18:50:50 GMT Status: Locked Domain servers in listed order: NS1.BLUEHOST.COM NS2.BLUEHOST.COM =-=-=-= Here is MKC Global http://www.mkcglobal.com/ Here is Andrew McCormick on LinkedIn: http://www.linkedin.com/pub/dir/Andrew/Mccormick/us-91-Greater-Seattle-Area
Sources?? I'm not trying to counter you-just please list a link or attach your email. I don't understand why everyone here is over thinking this-amp does not do prop trading. That is what happened with mf global and pfg-they blew up their accounts and did yet another ponzie scheme. If you don't like amp, then go use another firm or open more accounts. Also amp used to be clearing, but then they moved onto nonclearing. This is a sign of their growth. Why is this suddenly a negative?
AMP has less then $2.5MM in adjusted capital per 5/31/12 CFTC filing. They only have $35mm in customer assets so would think if you've got a decent sized account, you probably should look elsewhere.
A few days ago i opened an account with RCG through an introducing broker. I was choosing between RCG and Velocity. Now, seeing that ZeroHedge put all these companies at the bottom gives me chills. I searched internet and has found that RCG and Velocity have multiple violations and fines with NFA/CFTC . Now, AMP looks pretty damn good to me.
In my opinion, there is usually strong correlation between CFTC/NFA reparations and problems a la MFG & PFG. The more reparations--PFG had many--the more likely there is malfeasance at firm. I will ask my broker more about this tomorrow, but think about it: logic says any FCM's capital on hand does not really say anything about its finances if there is firm-wide fraud... you can theoretically have $1 trillion in extra money, but if there is fake accounting, this can be the same as $1 for all it matters. To me, the FCM's integrity and past history is paramount. Insurance is welcome... I have read the CFTC is considering this now, but nothing comes free. Money will come from traders, so I would not be surprised if commissions will increase across the board. I would not mind paying an extra 10 cents or even 20 cents per side to know my money is safe even if an FCM or bank goes bust. PFG was caught after the NFA told PFG they would stop relying on paper statements and confirm the firm's assets independently via its bank. So electronic confirmation seems the way to go.... unless the banks collude with FCM, which seems less likely, this will protect investors much more than in past. I can't believe the NFA in this day and age was still relying on paper statements--anyone can forge documents in Photoshop. This is what to me is most alarming. I am just surprised they did not do this sooner... but there is nothing risk-free anyway except from futures trading insurance scheme I noted above.