Not sure about US laws and regulations on this but can't you attempt to transfer your existing positions between FCMs?
Yes this is what I am trying to do but I need approval from a risk manager before. I am in contact with 2 FCMs already. I should get an answer tomorrow hopefully.
Is it a large FCM? Doesn't sound like so... Transfer would take time, 48 hours doesn't seem like enough time to setup a new account etc. What about Interactive Brokers? Can't you get a decent market for your positions? How big is it? How much money are we talking? For a big enough size, you should be able to get a quote and trade out of it... Especially bflys...
Well really the main problem for the unwind is that it is not possible in liquidation mode unless I trade outrights. Liquidation would cost me around $1-2K I guess, not that much but given how hard it is to make money it is quite annoying.
Giving away any money is always annoying... Do the legs move a lot? You could try to do the outrights and try to either break even or make some... Hope you can find someone to do the transfer!
Define hegde? If there is a serious move like the CHF will you lose a tonne of cash? Is the risk of your trades exceed your account balance? Then they might have a reason for it. It all sounds quite strange tho. As I'm sure you know in the finance world you will get a wide range of responses from everyone. One company wants this one company wants that. You just have to find the right one. AMP I recon are the most relaxed Broker / FCM in the businees. I use CQG trader to. Quite a simple basic platform.
Which FCM is this? You should name them here. If you don't want to, then at least let us know if they are one of the larger or one of the smaller FCMs. Really? That's why? We would really like to know the name of this broker. Anyway, I hope the movement of your account goes smoothly. JP
No mention of whom the FCM is? No follow up conversation with them to understand what "outside the parameters mean?"
The 48 hour thing is clearly a jerk move, no excuses for that. It is a common business practice to "fire" customers who cost more than the revenue they bring in. It sounds like you may have run afoul of that. They devoted a significant amount of customer service dollars to you and anticipated this would continue going forward, so they determined that they were losing money on your account and were better off without you as a customer. While this is legit, the timing and BS excuse clearly weren't.