FCM/Harris Bank

Discussion in 'Retail Brokers' started by grg03002, Dec 3, 2011.

  1. In opening an account with a futures FCM they are requesting me wire money to Harris Bank. I read online that Harris Bank is the "starting point" to an investigation on MF Global as much of the money was or is held there, any thoughts on the safety of Harris Bank? Anybody know if RCG (not the fcm I'm referring to) also holds its assets at Harris Bank, or do they all hold money in different places?
  2. Harris is a fine bank.

    Credit Ratings**
    BMO HARRIS BANK N.A. Moody’s S&P Fitch DBRS
    Rating Outlook Stable Stable Stable Stable
    Senior Debt A1 A+ AA- AA (low)

    Rating Outlook Stable Stable Stable Stable
    Senior Debt Aa2 A+ AA- AA
  3. Harris Bank has been around longer than I have. A lot of futures money goes through them. It's probably the best starting point for an MF investigation because at least they know the numbers they get from Harris are real and honest.
  4. actually
    another Canadian bank, RBC - the Royal Bank of Canada is fighting a law suit brought
    against the bank as a result of a ponzi scheme:
    "The suit before the Superior Court of Quebec alleges RBC's Beaconsfield branch where
    Jones conducted most of his business, was aware that Jones was exploiting his
    personal account for his financial dealings.
    He deposited cheques with double endorsements and forged signatures.
    The bank has offered victims a $12.5-million settlement but the protesters said
    victims will continue to seek the $40 million outlined in their lawsuit."

    IF Harris were to be sued for MF G's losses, they'd be a long way down the line
    and have the funds to cover a judgement against them, but the way things are
    going with MF G, the CME might be looking at being sued and the CFTC since
    the investigation suggests MF G was using client funds far longer than a couple
    of days before the bankruptcy - if they didn't know, they should have known