Ex MAC/Refco traders

Discussion in 'Index Futures' started by FGBS, Oct 17, 2005.

  1. FGBS


    With the whole Refco mess going on are the ex-mac guys still trading? Any idea what happened to the Refco office in London? It seemed there were a lot of competant traders in the London office, makes me wonder what they are going to do now.

    Cheers for any news.

  2. I'm at RTS london office... business as usual at the moment, traders are trading and can deposit or withdraw funds freely.
  3. FGBS


    Is that the old MAC office? How many guys still there?
  4. i wasnt here when it was Mac, but I'm presuming so... the office at 155 Bishopsgate.

    Everyone has the jitters and a few guys have left already - most of us have a contingency plans up our sleeve just in case it all goes down the can - but we're not exactly short of arcade's to go to round here, I can think of about ten within 5 or 10 mins walk.

    Most traders are maintaining the bare minimum they need in their accounts to continue trading, but theres probably still 150 guys in the office here, looking around.
  5. FGBS


    Wow 150 still there, with all the options you mentioned around I thought a lot of you would have packed bags and left already... Can you still trade your old size with the minimum in the account?

    GLUCK with everything.

  6. Dogfish


    depends what deal you were on, no probs if fully backed but if you were asked to keep a reserve to trade big then if you remove it it's going to be an issue. Nothing's really changed on the risk front these rules had always been in place. The leverage is extremely generous at mac by anyone's standards hence why not a lot of people have moved on. I'm sitting tight until I hear something concrete, better the devil you know:p

    For example to trade the size given here at traders alliance you have to stump up serious cash
  7. exactly :)
  8. alchem


    Sounds like the mood is good over there. Remember, these guys are traders. I wouldn't be suprised if they bought MAC back from Refco, at a 60% discount...
  9. dogfish is actually wrong about the situation. leverage has been cut in ratio terms as well as the general risk profile is not nearly as generous with downside stops. Even if you are backed, if you do not keep cash in you account then you cannot trade.

    Also there does appear to be a large number of traders looking for opportunities elsewhere. A number of the stock index traders are making for the door and other large trader in bonds are doing the same.

    In fairness RTS was having problems before this mess occured.
    #10     Oct 17, 2005