APEX Clearing

Discussion in 'Retail Brokers' started by The Bishop, May 12, 2013.

  1. 1245


  2. OK, thx. I was thinking of opening a futures account to go with my FX account at MBT but wasn't sure.

    Much appreciated.
  3. Catoosa


    MBT website is still showing trading stocks, futures, and options from a single universal customer account. That is obviously outdated information since the selling of the futures trading part of Apex's business to Knight.
  4. 1245


    And, you can never trade futures in the same account as securities. Some firms give you the illusion you can.

  5. Catoosa


    Correct, MBT/Penson moved the money back and forth daily between a unseen futures account and the clients universal account. Worked nicely and hand check writing privileges on the universal account.
  6. 1245


    It is important to know this for those traders with smaller accounts and portfolio margin in the securities account. If you move too much equity to your futures account from your portfolio margin account, the PM account can revert to Reg-T.
  7. It is possible to have situations in which you have plenty of equity and margin overall, but it gets locked up by rules on one underlying real account or the other, and you have a margin deficit in the other one and you get liquidated.

    This happened to Eric Townsend with Interactive Brokers, who reported it on Financial Sense News Hour.
  8. JamesL


    Are they still able to do this with funds held at different clearing firms - Apex and Knight?
  9. Catoosa


    No, MBT emailed me that the client will have a stock and options account at MBT/Apex and a seperate futures account at Knight. To move funds from the MBT/Apex account to the Knight account, MBT/Apex client will have to make a request through MBT and MBT will charge a $15 wire transfer fee. The MBT client can trade both accounts using MBT software by selecting the proper account number from a list of clients account numbers from within the MBT trading software.
    #10     May 15, 2013