Learn the Truth About the REFCOFX/FXCM Relationship

Discussion in 'Forex Brokers' started by ZoneTrooper, Jul 13, 2006.

  1. BTW, July 20th should prove to be an very interesting day in court.

    It could be a free for all.

    Do you have somebody representing YOU in the court room? Those of you who are being held hostage by REFCO.

    Are you in the fight? Or do you plan on just rolling over and letting the Banks take your money.

    If you want to fight, Please hire a lawyer.

    If you want to get a lawyer, and not have to pay his whole salary join the Legal Fund.

    Check out http://www.refcofxaccountholders.com/

    Collectively we can keep the banks from ripping us off.
  2. mokwit


    Just from skimming through the first couple of pages of the second document there seem to be references to trading opposite clients but no reference to providing access to all that interbank liquidity.....................
  3. Chood


    Of course not, why would there be? That's not what these guys were about.
  4. Chood


    Something else of interest. According to the first item linked by ZoneTrooper, which is a filing by FXCM in the bankruptcy case, RefcoFX paid FXCM $650,000 (six hundred & fifty thousand dollars) dollars a month to operate, after the bankruptcy filing, the make-believe "heads we win, tails you lose" customer trading on RefcoFX. That's very expensive entertainment. For that price, if divvied among the customers, all of them could have bought a GameBoy. Presumably, that expense ended when the make-believe trading was stopped July 31st. Still, what a waste.

    Z'Trooper linked to http://www.refcodocket.com/DocketFiles/2386a.pdf
  5. mokwit


    Amazing how they were able to continue offering clients access to all that interbank liquidity after the banks cut their [credit] lines (took about two minutes before there were no quotes on Refco's Currenex, apparently).
  6. Chood


    I wondered about that, too. They must have had a double-secret credit facility lined up -- in Mumbai maybe. You know those Indians, they'll do the work others won't.
  7. mokwit


    It's called 'Hwala' banking, but did not realise it had credit standing in the global interbank market
    #10     Aug 3, 2006