multicurrency futures accounts

Discussion in 'Index Futures' started by Aaron, Mar 5, 2002.

  1. Aaron


    I've heard that Mann Financial offers multicurrency futures accounts, i.e. an account that you could trade both US and international futures through. Does anyone have such an account through one of Mann's IB's or anyone else? What IB do you use?

    How does the currency translation work? Are your profits in foreign currencies converted back to dollars every night? How wide is the spread for major currencies?

    I've heard that Interactive Brokers is working on multicurrency futures accounts. Anyone know when they are expected to be rolled out?

    I'm looking for advice on the most efficient way to trade both Globex and Eurex futures from those with international experience.

    Aaron Schindler
    Schindler Trading
  2. H2O


    I'm as you waiting for InterActive Brokers to come with the multicurrency futures account (Or better the multicurrency total account stocks and futures)

    If you want to have a multicurrency future account try PMB (Or on of their IB's) I've worked with them and they are good (I quit because they don't offer stocks)

  3. I have an account with Man Financial through eFloorTrade. They allow multicurrency accounts. I'm not sure how they work but I saw them demoing products on the Dax. I'm sure they would be able to answer your questions.
  4. wild


  5. dozu888


    i know PMB holds your P/L in euros until you need to redeem and exchange into USD.
  6. wild


  7. I think most clearing firms keep money in euros until you need it switched back.
  8. Aaron


    Thanks, everyone, for your replies.

    A couple people said your P&L in different currencies will be held in that currency until you need to convert it. Does that mean your account will have balances in multiple different currencies? Like I might deposit $10,000 but after trading I might have an account balance of +$11,000, +1500 Euros, -500 Brit. pounds, -100,000 yen, etc. This seems strange to me -- especially the negative balances.

    Can you just buy a Dax using $ in your account for margin or do you first have to do a separate $ to Euros transaction to have Euros for margin?

    Aaron Schindler
    Schindler Trading
  9. dozu888


    why would you prefer 2nd hand smoke when u can just call the damn broker?
  10. Usually it remains like you said, even if in negative territory, but you might pay interest for your -500 GBP.
    Only upon your request your broker will change some USD into GBP to cover those -500 GBP. Also works the other way, of course. You do not convert USD to other currency for margin.
    #10     Mar 5, 2002