To all fellow traders and brokers.
In the GoMarket discussion I tackled an issue regarding a frase in the PDS that GoMarkets uses which refers to their client agreement.
For those who have not read that thread, I hereby recall that frase again.
" One of the terms of the Client Agreement is that
we may use the money in the client trust account
for the purposes of meeting obligations incurred
by us in connection with margining, guaranteeing,
securing, transferring, adjusting or settling
dealings in derivatives by us (This includes
withdrawing money from your account(s) to
satisfy our margin arrangements with our OTC
Derivatives Provider), including dealings on
behalf of other clients. In the event of our
insolvency or default you may lose any
entitlement to money due from us. See section 3
for further information about the credit risk
associated with dealing with us. "
As it is clear that this frase in not only used by GoMarkets, but by nearly all Financial institutes and as it seems their are many more among us that feel, these issues should be discussed about in an open and tolerant way, I started this new thread.
I hope many of you will join this discussion in order to, not only, come to a better understanding about the DEAL WE GET INTO when starting trading, but also to find a way to come to more secured rules for traders.
Don't get me wrong here !!
I am not trying to point my finger at any broker or financial for trying to hustle their clients.
My objective is versatile
at first I hope to make clear for anybody involved - or wanting to get - in this business is aware of what he is getting into, as long as these terms are standard in the branch.
secondly, I hope that we as a - steady growing - group of small but serious clients will get more security regarding the funds we trust our businesspartner with, in order to trade (for our own risk).
as far as anyony of the FF administrators is reading this post, I would ask them, to copy the related posts in the GoMarket discussion into this thread.
I hope a lively disussion will arise.
Pauljr
In the GoMarket discussion I tackled an issue regarding a frase in the PDS that GoMarkets uses which refers to their client agreement.
For those who have not read that thread, I hereby recall that frase again.
" One of the terms of the Client Agreement is that
we may use the money in the client trust account
for the purposes of meeting obligations incurred
by us in connection with margining, guaranteeing,
securing, transferring, adjusting or settling
dealings in derivatives by us (This includes
withdrawing money from your account(s) to
satisfy our margin arrangements with our OTC
Derivatives Provider), including dealings on
behalf of other clients. In the event of our
insolvency or default you may lose any
entitlement to money due from us. See section 3
for further information about the credit risk
associated with dealing with us. "
As it is clear that this frase in not only used by GoMarkets, but by nearly all Financial institutes and as it seems their are many more among us that feel, these issues should be discussed about in an open and tolerant way, I started this new thread.
I hope many of you will join this discussion in order to, not only, come to a better understanding about the DEAL WE GET INTO when starting trading, but also to find a way to come to more secured rules for traders.
Don't get me wrong here !!
I am not trying to point my finger at any broker or financial for trying to hustle their clients.
My objective is versatile
at first I hope to make clear for anybody involved - or wanting to get - in this business is aware of what he is getting into, as long as these terms are standard in the branch.
secondly, I hope that we as a - steady growing - group of small but serious clients will get more security regarding the funds we trust our businesspartner with, in order to trade (for our own risk).
as far as anyony of the FF administrators is reading this post, I would ask them, to copy the related posts in the GoMarket discussion into this thread.
I hope a lively disussion will arise.
Pauljr