RefcoFX Bidders?

Discussion in 'Forex Brokers' started by globalfxtrainer, Oct 24, 2005.

  1. Does anyone know if refcofx has any suitors?

    I spoke with a gentleman at the CFTC and he said that everyone he had spoken to regarding refcofx said that this unit was profitable.

    Presumably that would mean that this unit, if able to be broken away from the Refco parent, would have some value.
  2. Very profitable firm, looks like JC Flowers pulled out so they won't be able to steal them for a song. Many interested parties currently.


  3. The part that Flowers was bidding on was the regulated part. I'm wondering what's happening with the RefcoFX Associates, LLC, the Forex part?
  4. Any new news?

    If FXCM takes over RefcoFX accounts will it be dollar for dollar?
  5. Man I wish I knew the answer to that. It sure would be great if the account holders were unhurt.
  6. I'm one of the RefcoFX account holders. I don't like the fact that I can still trade, but not withdraw my funds.
  7. No kidding, pretty puzzling. What happens to profits or losses on the account? I think I know if it's a loss, they'll deduct if the accounts are re-instated at FXCM or somewhere else. But what about a gain?

    That statement was made Oct 27. Maybe there is hope.
  9. Chriz


    Take a look at : 'In addition, there can be no assurance as to whether customers will be able to access any gains from any trading activity occurring after October 17, 2005.'
  10. And since this is on RefcoFX's site, I would say that is a good indication of the deal possibily moving along with FXCM:

    " RefcoFX Associates LLC filed a petition for relief under chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the Southern District of New York on October 17, 2005 and is currently operating under Chapter 11 bankruptcy protection. Because of the chapter 11 filing, RefcoFX is unable at this time to continue accepting deposits in its customers' accounts and is unable to release funds back to its customers.
    FXCM has indicated to RefcoFX an interest in acquiring Refco FX's accounts with its customers in a transaction under which RefcoFX customers would be absorbed by FXCM or an affiliate, and RefcoFX has been in discussions with FXCM over the possibility of such a transaction. Completion of such a transaction would help expedite the repayment of customer funds by RefcoFX, and all RefcoFX customers would then have access to funds and accounts in the ordinary course of business. Any such transaction would be subject to approval of the Bankruptcy Court. There can be no assurance that Refco FX will be able to reach any agreement with FXCM or with any other entity for an acquisition and for the transfer of accounts or that the Bankruptcy Court would approve any such transaction. In addition, any such process, even if successful, is likely to take weeks or months to complete.

    There can be no assurance as to the timing or amount of any payments to customers from their accounts at RefcoFX. In addition, there can be no assurance as to whether customers will be able to access any gains from any trading activity occurring after October 17, 2005. Any return of amounts in customer accounts is subject to the supervision and control of the United States Bankruptcy Court.

    Customer service representatives are still available to assist you with live trading account questions.

    Please understand that we cannot in any way offer any assurances or comment on current events surrounding the REFCO group of companies.

    For questions not relating to the above please email "
    #10     Nov 4, 2005