The cash says mrq, most recent quarter. It makes zero sense that MF has cash of $46.66 Billlion, with debt of only $24.34 B A cash surplus of $22.32 Billlion? Hard to believe How could MF get $22.32 in cash? From profits? No! Selling stock? They don't have that much market cap. Taking customer deposits into their own accounts? Likely, remember they play many unregulated markets like forex.
I agree the stated figure seems high and that as I highlighted it is a historical snapshot, but I think I am jut going to have to leave you to believe what you want to believe on this.
It's OK I'm not a conspiracy theorist, but remember this is a Bermuda company. Therefore only loosely regulated in the US.
Yahoo does not compute these figures right for a broker. Solves your problem? Best you stay away because you do not know what you are talking about. Just a friendly tip.
I really don't think that being based in Bermuda really has anything to do with whether or not the FED would open the repo window for these guys . . . The bottom line is that they are the #1 clearing firm on the CBOT and CME, and #2 on the NYMEX. They are the "oil" that lubricates the wheels for most of the exchanges out there and without a doubt, the oldest commodity company on this planet, started in 1783 by James Mann in London.
"Thus it is the client's capital that stands in 'first position' against trading losses or gains and the company levers its balance sheet to maintain regulatory capital to collateralize these positions and extend margin," Casteleyn said in a client note.
Enterprise value is equity market cap plus debt. Not total assets minus debts. Your definition is completely wrong.
So it is best to find a futures broker and clearing firm that are based in the US ? Imagine the 2 biggest. Refco no more and Man has the wheat trade loss , and I don't know if that is a problem for them. The uninsured futures account has always made me nervous, maybe the best thing is just keep enough for day margins and close the position @ 3:14 central and reopen @ 3:31 central if you want to have an overnight. It is pretty rare for a huge gap up in those 15 minutes (if you're a mostly long trader) Thought about trading ETF'S but don't like the lack of 24 hour trading , especially the lack of 24 hour stops.