I would like to point out that I opened my Forex trading account with REFCO in Hong Kong and I disagree with D.N about clients being unaffected by the bankruptcy.First their was a very cynical attempt to reassure forex clients that we were unaffected and our accounts were safe,then their was an attempt to assure us that we could transfer our accounts to FXCM( with no charges involved) but eventually we were told that our accounts were frozen Then they were transferred to REFCO USA without us even being told.The rest is history.
So let me get this straight...you were with Refco Hong Kong and had signed a customer agreement there? Then subsequently your account was transferred to Refco US and you are now with those of us that are probably going to get screwed at the hand of the bankruptcy court? Here I thought H/K was one of the safe jurisdictions. Refco Canada (now Man Financial Canada) account holders didn't even really experience a bump in the road -- the Canadian laws and the Canadian Investors Protection Fund (http://www.cipf.ca), which RefcoFX was a subscriber to, protected them. If you are looking for others in RefcoFX US that are also banding together, go here: http://www.refcofxaccountholders.com We've hired an attorney and I believe we're doing some good -- the court is at least acknowledging our existence now . Robert Moderator of Group & Co Chair of Ad Hoc Committee Refco FX Ad Hoc Committee of Refco FX Customers http://www.refcofxaccountholders.com
Are you sure your account was with Refco Hong Kong and not Refco USA instead? You may have opened up your account in Hong Kong but that doesn't mean it was with the Hong Kong division. I opened up my RefcoFX account in Canada but not with Refco Canada, I had a USA account.
I opened my account with REFCO Capital Markets LLC Hong Kong because I was originally with REFCO Singapore and their platform did not offer the mini account platform that Hong Kong offered.I traded for nearly 2 yrs and managed a return of 80% on my original investment before the account was frozen.Just my luck!
Refco and GAIN Capital Group Announce Termination of RFXA Agreement NEW YORK, July 26 /PRNewswire-FirstCall/ -- Refco Inc. (OTC: RFXCQ - News) said today that the proposed agreement with privately held GAIN Capital Group (GAIN), under which GAIN was to acquire the Refco F/X Associates (RFXA) retail customer account information and related assets, has been jointly terminated. While the parties had entered into a term sheet outlining the transaction, they were unable to reach terms on a final asset purchase agreement. RFXA said that as a result of its inability to enter into a final asset purchase agreement, it plans to terminate its agreement with FXCM, the company that services RFXA's web-based platform, www.refcofx.com, and notify customers immediately that as of July 31, 2006, their RFXA accounts will be closed and locked from any further trading activity. On June 30, 2006, RFXA announced that it had reached a preliminary agreement with GAIN Capital and that it had filed a motion in the Bankruptcy Court requesting that a hearing be held July 20, 2006 to consider the matter. That hearing was later adjourned to August 10 in order to allow the parties more time to document the transaction and give objecting parties more time to assess the benefits of the transaction.