Refco Trading Services (Formerly Macfutures)

Discussion in 'Prop Firms' started by profutrader, Mar 5, 2005.

  1. Does anyone especially if you are from London know about these guys? They were in town trying to set up a trading arcade. A low end one and a premium service. They claim to have quite a bunch a traders both Prop and individuals who are doing exceptionally well with their complete services. Analysts, IT support, front-end trading software etc etc.. Need a little more info from other sources besides their obvious bias views.:D

    Lets hear it guys. :p
  2. I've been trying to research this firm - for the Sydney office.

    Anyway, i've heard it's one of 'the top prop firms around'.

    Reasonable training program (good for a prop, but not like an IB, and no one will 'hold your hang making a trade'.)

    I've heard that they're quite leniant (spelling?) in trading-strategies...

    As in - they may somewhat train you to scalp, but after a bit you can start trying other strategies and keep ones which are profitable.

    Hopefully some others can add to this!

  3. That's exactly what they say. They have got a Graduate Program that teaches you the fundamentals and Technical Anaylsis of futures trading. Good for newbies as well for traders trying to make the transition to electronic trading.

    Only downside is the ex$pensive monthly overhead. If I am their Prop trader, I wouldn't mind but if you are on your own, the overhead is more than what I have pay to be in the pit. Maybe this is naive or penny wise pound foolish. But most guys here do not have huge overheads and they are trading and seems extremely profitable without the FULL fledge services provided by RTS (Refco trading services)

    Need more juice guys if you have any to contribute.:p
  4. Xenia


    SGX Awards Lease and Operations of GETC to REFCO

    SINGAPORE, JUNE 8, 2005 - Singapore Exchange Limited (SGX) today announced that it has awarded the lease of its Global Electronic Trading Centre (GETC) to REFCO Singapore (REFCO). Under the agreement, REFCO Singapore will assume the existing operations of GETC from 1 August 2005, through REFCO Trading Services, its division operating trading arcades. This will be REFCO Trading Services' first foray in the Asia Pacific. SGX has set up the GETC in October 2002 as part of the effort to develop the electronic trading industry. The GETC was used to encourage individual traders to trade electronically in SGX futures and options products. The number of locals using the GETC facility has grown from 20 in 2003 to more than 100 currently. Arrangements have been made with REFCO to facilitate a seamless transfer for the Locals who wish to continue operating at the GETC. With REFCO's participation, the Locals will also be able to expand their electronic access to global markets.

    "As the market evolves, we would like market participants to take a more active role in operating services catering to the electronic trading market. We hope the increased market participation will encourage a vibrant trading community environment. SGX will continue to develop the derivatives industry by offering training opportunities to new Locals in the market," said Mr Gan Seow Ann, Executive Vice President and Head of Markets at SGX.

    Mr Ollie Jones, Managing Director of REFCO Trading Services said, "Asia-Pacific represents a tremendous opportunity for us. It is a new growth area, not only for finding the next generation of electronic traders, but also to provide access for our European and North American offices into the burgeoning Asian futures markets, most notably SGX Derivatives."

    Mr Tan Hup Thye, Managing Director of REFCO Singapore added, "With the GETC, we have a world-class trading facility. Our wish is to see that Singapore remains the preeminent centre for derivatives trading in Asia-Pacific for many years to come." As a next step, REFCO is working out a trading package that includes multi-market access, training and education for the Locals.
  5. I am a trader with Refco in the UK. This is the third arcade i have traded with in the last 5 yrs as a local, prior to that i was with ML for 6 years.

    I have been with Refco for about a year in one of the satelite offices outside London and can tell you the professionalism of the company is second to none. News flow is amazing, so much so that on occassions the information has been relayed to us, i have put my position on, sat there for 2 minutes got out for a small profit and then the move happens.

    Desk costs are actually not out of line with other arcade outfits in the Uk, so i see no complaint there. However, you get more for your money. The set up in London, includes phone, Internet access, individual TV (with headphones) with multiple channels, Reuters, CGQ, access to analysts desk and of course the games room. One place i was at previously, nobody had Reuters and there were 3 TV's scattered around the room for 100 traders.

    Round trips have just been reduced dramatically, details have already been posted on this site so i won't repeat it all. However, bear in mind Refco is the only arcade i have traded with let you run positions overnight, in fact i have runs positions for weeks here.

    Refco are offering Bloomberg access on a 3 month contract rather than 3 years which is standard, this has always out me off Bloomberg before, but will now have a look at it.

    Lastly, due to the much publicised fall out between Refco and TT, Refco are amending their Refcopro platform. This is something all Refco traders are involved in, constantly passing on opinions etc. We are having a platform built pretty much to our spec.

    Hope this helps

  6. cohen


    Hate to confuse matters but I have to disagree about the analysts. They are slow, rarely know what they are talking about and have such a poor relationship with the majority of the traders due to their total lack of respect for them and refusal to believe they get things wrong. They have a small clique who get on with them extraordinary and there is an open debate as to the reasons behind this.

    As a general overview, RTS probably are one of the best companies of its kind. Recent problems have given them a kick up the ass. Costs have gone down, investments appear to have been made in improving grey areas and the IT support is in abudance and generally very good. Furthermore the directors are always pretty approachable when a problem arises, they don't duck and hide.

    The new Refoc Pro needs quite a bit of work still but only time will tell on this plus the grad program needed an overhaul and has improved over the last 9 months but appears to be lacking actual specific market/trading knowledge training.

    As a whole its a good company, traders are never happy so you'll never hear somewhere is perfect. There are some extremely good traders there that you don't hear about, making a lot of money, doing a lot of size.
  7. Agreed entirely!!!!

    Like this morning. They called out the Issing story aswell as the denial when bobl was at the high. I have spoken to four other local shops today and not one of them had that when we did.


    PS Millwall are scum!!!!
  8. I've joined up because this thread was shown to me by the head analyst - Ranvir Singh - at Mac. It is utterly ridiculous to say that they don't know what they are doing.

    Their knowledge of economics and contacts in the marketplace is better than any prop shop I have been at......and I have seen a few. And they also get hold of rumours from the US before my mates at US banks!!!!!

    The analysts at Mac don't trade - so sometimes they look at things more like economists than traders. But thats about all the criticism you can give out. Over the last few months they have got things like Fed/ECB comments, the reissue of the 30yr in the US, Yuan revaluation and the Whitehouse Evacuation before anyone else in the market. I have even traded from home with no other systems than my trading screen and just gone on what they have said and made money.

    Overall - they are the best on the street. Maybe they can be a bit cocky - but so is anyone who is good at their job!
  9. Don't the REFCO guys write "Trader Monthly" magazine?
  10. I think the fact that Refco even has its own analysts is saying more than some other prop firms that I know of that don't have in house analysts and steal/borrow information from other outside sources. And I do have to give props to our sqwak guy who annouced the GM downgrades and the whitehouse evacuation, etc a few seconds earlier than the rest - free money, hopefully someone took him out for a round of drinks
    #10     Jun 14, 2005