Anyone still using Refco Futures as a futures broker? Those that have switched are you thinking of going back as it is almost impossible to get similar platform anywhere. Thanks WinDiff
I withdrew about 90% of my assets from them in October but still have relatively large amount of money there. Frankly I'm not going to touch them. As I understand after Man acquired Refco's futures clients can choose the trading platform- either remain with old Refco's or switch to Man's. Personally, I plan to stay with old platform but will not return all money there at least for several months. Better will wait and see for a while
Thanks My situation is quite interesting as I took out of Refco almost 95% of my funds and guess what I ended up putting it with Man but after almost a month of using their MTrade shit I am getting fed up and what used to take me 15 min with Refco now takes me almost an hour with Man... Thanks WinDiff
I am having the same thoughts, but still concerned about going back. I really liked their platform. Does anyone have any information as to how much customer money has returned to Refco since they became a part of Man Financial? How safe is Refco Futures at this time, now that they are part of Man Financial?
"Clients held $6.5 billion in futures accounts at Refco on 30th September, but this figure had dwindled to barely $2bn by last Friday." Seems like everytime I read something, the amount of client funds with Refco keeps getting smaller, so it's not very reassuring.
Refco is a division of Man in name only... Man purchased the assets rather than the shares, so accounts are held with Man now, and not with Refco as a seperate legal entity. So by all means, use Man or use "Refco division" whatever gets your goat, your money is with the company Man Financial.
So does that mean the Refco Division cannot file bankruptcy on it's own? Does this mean that the only way funds with Refco Division could be in danger, would be if Man Financial itself for whatever reason filed bankruptcy?
exactly. Refco LLC can file bankruptcy, be sued etc, whatever it likes, but your accounts are with Man, seperate firm, seperate segregation. If you look at the bottom of your statement, or in the statements section of the Refco/Man website it says: "Pursuant to an agreement between Man Financial Inc ("Man") and Refco LLC ("Refco"), Man committed to acquire the futures customer accounts that are currently cleared and carried by Refco. The transfer of the accounts will occur at the close of business on November 25, 2005 (the "Transfer"). As such, your account will be cleared and carried by Man after the Transfer. "
I stayed with Refco throughout and, aside from the Man logo, there's no discernable difference (in the experience) so far. I use the Xpress platform. As for Man, I've had dealings with them for 10 years, mostly as a broker of their managed futures and hedge funds. Their reputation in the community has been sound as far as I recall.