Read all the guy's posts over the last month, he's gone full on troll. I blocked him after he came on a thread where we were discussing the best island in Hawaii to live (where I lived for 3 years and he apparently visited for 3 weeks) and within a couple posts was accusing me of being some kind of elitist asshole who also apparently engages in gay handwaving orgies (his words not mine) and knowing nothing about a small island I lived on. He came unhinged like this in his previous incarnation as Volpunter and started ranting about Jews ruling the world, right before he was banned. The guy's clearly got some deamons.
Thanks for that information. I did not recognize the volpunter connection, but now it all makes more sense. It's too bad, though, because out of his approximately 10 posts per day, some are actually useful and devoid of anger. It was the same with volpunter before he disappeared.
You lost a long argument in another thread on MBA education and now follow me around wherever you can and connect me to some banned user. Here you are shooting down a broker whose practices you don't like even though you are not even conducting any business with said broker and hence do not fully grasp the nuances in this discussion and rational behind decisions, this broker makes. It would help if you talked about issues that only concerned you and in which you actually control any sort of domain knowledge. I appreciate and understand that someone who is underfunded and wants to overleverage must find IBs margin practices frustrating. All others should not be in the slightest impacted by this.
Sorry to interrupt the back and forth, but some facts need to be stated. AMP Global Clearing doesn't clear anything. No matter the name, they are a nonclearing FCM Take a look at the CME list of clearing firms. AMP Global Clearing is not there. You have to know how to dig to find out who clears their trades. Trades are cleared by ABN AMRO Clearing Chicago LLC and Dorman Trading, LLC. And some other interesting information: "Six Hundred and Fourteen (614) customers comprise 50% of AMP’s total segregated funds held for customers. Ten (10) customers comprise 50% of AMP’s total secured funds held for customers." You may now return to the normal back and forth.
That's something I stated early on but it was denied. I also did not see them as clearing agent on any list. Who knows. I, however, still believe that with small firms like this, one single individual account fuxxup, one single incident of employee theft or misappropriation of funds will immediately force the firm to shut down and will make clients wait for months/years before they get back xx cents on the dollar. Happened numerous times and will happen again. The risk is way lower with larger firms. There are reasons why wealthy individuals park their liquid assets at UBS and HSBC and the same applies to brokerage accounts.
AMP told me they are not a clearing FCM. They said they clear through some other firm, the name of which I have forgotten. I do recall Mattz saying in the past that they clear through AMP, so maybe Optimus clears through AMP which clears though firm XYZ?
This is interesting. I know all futures customer funds are mandated to be "segregated." So, if you don't mind my asking, what are an FCM's "secured" funds and how are they differentiated from the segregated funds? TIA.
Yes and multiple times segregated funds have been misappropriated at FCMs in the past. You can't regulate misbehavior. Only threaten with severe punishment. I have no idea why the US still clings on its totally outdated FCM model while the rest of the world is happily moving along. People on the street are way too busy being excited about politics when they should actually rise against the money grab that is instigated by all those slimy middle men in high and low finance in the US.