Its still beyond my understanding how folks continue trading at these shops. Arent there enough products out there to trade at "respectable" FCMs to trade?
Jimrockford & Tomcole, FXCM also served as the broker of choice for the accused signals and advising swindler James de Wet, aka Team Forex. de Wet placed the futures accounts he managed at FXCM, according to the recent CFTC enforcement action against him. Wonder how much (if any) FXCM knew of his misconduct and how much it made from its relationship with him?
and u 4get the 4xmadeeasy scam http://www.fxcmhome.com/home.php check this out ))))))) fxcm the white nights says zonetrooper, no reason not to trust'em etc..... too funny )))))))
wooops sorry that was from uninvited guest....... anyway, same blinkers... guys, don't mean to be unnecessarily offensive here, but u shld have smelt the coffee by now...
The power of the internet The January issue of Active Trader just hit the newstands in my area a few days ago and they had a big article on Refco. I would say close to 100% of the article has been discussed here on EliteTrader.com in depth at least 1 month ago or longer, nothing new in the article. Looks like these forums are the place for current info on Refco.
Chood, A close relative of mine had money with that fu..... liar James de Wet http://www.cftc.gov/opa/enf05/opa5126-05.htm The first time I saw his website and had a good close look, I smelled immediately shit and advised him to move his money away, unfortunately he wanted his loss to be recovered This James claimed to be a statistician but had not even 1 risk/reward number or drawdown number on his performance page.
Auction of Refco currency brokerage stake delayed Wed Jan 18, 2006 05:47 PM ET NEW YORK, Jan 18 (Reuters) - A U.S. bankruptcy judge on Wednesday delayed the auction for Refco Inc.'s stake in a retail currency brokerage by three weeks to Feb. 16, a lawyer at the hearing said.
I understand that RefcoFX allows its customers to continue trading during the bankruptcy and the freeze of client withdrawals. That raises a question: How can it continue to "broker" its retail customers' trades? I mean since it, like other retail "brokers," is supposed to be laying off its customer positions in the interbank market -- i.e., it is not holding the trades itself and thereby trading against the customer -- how has it managed to establish counterparty credit sufficient to participate in the interbank market? Surely, as a "broker" of its customers' trades, it must have multiple interbank counterparties ready and willing to deal with it. Any thoughts?
Iâm now informed that RefcoFX manages and cabins this problem with a credit facility into which the tape of all customer trades is funneled. The facility is four-sided, right-angled at each corner, sturdily made, and rests in the center of the RefcoFX dealing floor. On it is a label âRisk.â From it, risk is cleared each night, clean and reliable. I also understand that despite the Refco financial problems, this credit facility has not changed at all from since before the bankruptcy. Is FXCM looking to buy it as well?
NEW YORK, Jan. 20 /PRNewswire-FirstCall/ -- Refco Inc. (OTC: RFXCQ) said today that Judge Robert D. Drain of the U.S. Bankruptcy Court of the Southern District of New York approved on Wednesday, January 18 an order delaying the auction and related deadlines for the proposed sale of assets of Refco's online foreign-exchange trading unit, namely: * More than 17,000 retail client accounts of Refco FX Associates LLC (http://www.RefcoFX.com); and * The 35% share of Forex Capital Markets LLC (FXCM) currently owned by Refco. FXCM, a Futures Commission Merchant registered with the CFTC and a member of the National Futures Association, provides a foreign currency trading platform and execution services to retail investors. The adjournment was sought to provide potential bidders with more time for due diligence and to schedule management meetings on the sale and came after agreement with the current "stalking horse" bidder FXCM and Refco's Official Committee of Unsecured Creditors and the Agent for its bank lending group. Judge Drain's order establishes, among other things, the following new deadlines and dates: * Latest date for interested parties to qualify as potential bidders and access the virtual data room: February 10, at noon; * Deadline for the submission of a qualified bid package: February 13, at 10:00 a.m.; * Potential bidders will be notified whether they are a "qualified bidder" under the Bidding Procedures Order by 10:00 a.m. on February 15; * If there is more than one "qualified bidder," an auction would be held at the offices of Skadden, Arps, Slate, Meagher & Flom LLP on February 16 at 10:00 a.m.; and * A hearing to approve the sale to the winning bidder will be held at the U.S. Bankruptcy Court in lower Manhattan on February 17, at 10:00 a.m. The bidding procedures for the sale of Refco's retail foreign exchange assets are similar to those employed in the sale of the assets of Refco LLC, the company's regulated commodity futures business, which was completed on November 25. "We are pleased that we were able to reach an agreement and obtain the Court's approval of the revised bidding timeline and look forward to holding a robust auction for these assets," said Harrison J. Goldin, Refco's chief executive officer. If approved by the U.S. Bankruptcy Court, the transaction will ultimately preserve all the account balances in the transferred retail client accounts. All those interested in taking part in the bidding process should contact Ashish Contractor at Greenhill & Co. at 212-389-1500. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of the 1995. In this press release, all statements other than statements of historical fact are forward looking statements that involve risks and uncertainties and actual results could differ. These forward-looking statements are based on assumptions that we have made in light of our experience and on our perceptions of historical events, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. Although we believe that these forward-looking statements have a reasonable basis, you should be aware that numerous factors, including the outcome of the Audit Committee's investigation; our ability to obtain financing arrangement or alternatives; changes in domestic and international market conditions; competition; our ability to attract and retain customers; our relationships with introducing brokers; retention of our management team; our ability to manage our growth or integrate future acquisitions, our exposure to significant credit risks with respect to our customers, international operations and exchange membership requirements, the effectiveness of compliance and risk management methods, potential litigation or investigations, employee or introducing broker misconduct or errors, reputational harm, and changes in capital requirements, could cause actual results to differ materially from our expectations. Because of these factors, we caution that you should no place undue reliance on any of our forward-looking statements. Further, any forward looking statement speaks only as of today. It is impossible for us to predict how new events or developments may affect us. The Company disclaims any intention or obligation to update or revise any forward-looking statements, either to reflect new information or developments or for any other reason. SOURCE Refco Inc. Web Site: http://www.RefcoFX.com