Trying to find the financials on APEX for their futures clearing business but can't it anywhere on the CFTC site. Does anyone know where I can find this? Penson was listed there when they were Penson, but now that it is Apex, I can't find it. Thx http://www.cftc.gov/ucm/groups/public/@financialdataforfcms/documents/file/fcmdata0213.pdf
APEX Clearing is NOT an FCM. Penson sold their futures business to Knight Futures. This is Annual Focus Report from 2012 for Apex: http://www.sec.gov/Archives/edgar/vprr/13/9999999997-13-007267 1245
OK, thx. I was thinking of opening a futures account to go with my FX account at MBT but wasn't sure. Much appreciated.
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 That is obviously outdated information since the selling of the futures trading part of Apex's business to Knight.
And, you can never trade futures in the same account as securities. Some firms give you the illusion you can. 1245
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.
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.
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.
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.