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UGM - United Global Markets GOING DOWN

  • #21
  • Jun 28, 2007 3:41pm Jun 28, 2007 3:41pm
Quoting helterscalper
One of the biggest risks a retail spot fx trader faces is the fact that his /her account is non segregagated from the balance sheet of the broker they are with .Regardless of what your broker tells you , if they go bust you will lose your trading account.This is what happened at Refco.

This brings me to my point. While the retail fx traders lost , all the refco futures accounts were untouched by the creditors as all futures trading accounts must be segregated by law.

So ... if you have concearns for the safty of your funds in the event of your broker going tits up, why not trade fx via a futures broker on the CME.

regards to all
At this point why bother with futures and the CME if you can get segregated spot fx accounts. I know it was mentioned in another post but for all the talk about safety of funds etc I am surprised more people aren't going for a segregated account with FXCM UK at least.. That way when the NFA comes for all these small brokers like 1world or if you are concerned about trading with someone who isn't regulated like FXDD now you have the piece of mind to know your funds are safe. But again maybe people need to see another refco to understand.
  • #22
  • Jun 29, 2007 3:04pm Jun 29, 2007 3:04pm
I was able to get funds wired out of my account after the NFA approved the release. It took about 3 days. The customer service was up front and honest about what was going on and they followed through. The remaining accounts are to be transferred to IFX which has more than enough capital requirements and are supposed to adopt the MT4 platform next week. I, however, am skeptical about going along with them after they misrepresented their status to the NFA. Now I need to find a reliable MT4 broker so I can run my ea's. Back to the drawing board.
  • #23
  • Jun 29, 2007 3:06pm Jun 29, 2007 3:06pm
Quoting stech137
I was able to get funds wired out of my account after the NFA approved the release. It took about 3 days. The customer service was up front and honest about what was going on and they followed through. The remaining accounts are to be transferred to IFX which has more than enough capital requirements and are supposed to adopt the MT4 platform next week. I, however, am skeptical about going along with them after they misrepresented their status to the NFA. Now I need to find a reliable MT4 broker so I can run my ea's. Back to the drawing board.
What misrepresentations did IFX make to NFA?
  • #24
  • Jun 29, 2007 3:39pm Jun 29, 2007 3:39pm
Quoting jeffreytp
What misrepresentations did IFX make to NFA?
My understanding is that UGMFX is merging with IFX and the same management from UGM who made misreresentations to the NFA are bringing their accounts over with them and will be involved in managing the new company which will keep the name IFX.
  • #25
  • Jul 1, 2007 3:25pm Jul 1, 2007 3:25pm
If in fact the new capital requirement is approved and some companies are unable to meet it. Am i to understand that investors lose?
Because I dont see why, there was no fraudulent activity the companies were just not able re-capitalize.
Can anyone shed some light on some options that may be used like mergers, or acquisitions or something.
This news shed a horrible light on the FCM and i dont think it is being propogated fairly.
I would appreciate if someone with experience can explain how investors can help to mitigate such circumstances as being invested with a company that is unable to meet the requirements and what options exists for the companies that will be coming under this new pressure, because everybody just can pick up there money and run to a larger broker. That in effect would make the situation worst and help it to happen alot more sooner than later.
Thanks.

DS
  • #26
  • Jul 1, 2007 7:54pm Jul 1, 2007 7:54pm
Quoting Dasfx
If in fact the new capital requirement is approved and some companies are unable to meet it. Am i to understand that investors lose?
Because I dont see why, there was no fraudulent activity the companies were just not able re-capitalize.
Can anyone shed some light on some options that may be used like mergers, or acquisitions or something.
This news shed a horrible light on the FCM and i dont think it is being propogated fairly.
I would appreciate if someone with experience can explain how investors can help to mitigate such circumstances as being invested with a company that is unable to meet the requirements and what options exists for the companies that will be coming under this new pressure, because everybody just can pick up there money and run to a larger broker. That in effect would make the situation worst and help it to happen alot more sooner than later.
Thanks.

DS
DS ~

I would suggest reading this, it was written in response to some of the post that were so out of whack from the truth about the recent events with the NFA.

http://forexfactory.com/showpost.php...&postcount=824
  • #27
  • Jul 2, 2007 2:49am Jul 2, 2007 2:49am
with increased required capital, merger is the most logical path for brokers..

instead of raising net cap with the same amount of clients, you effectively double your net cap with merger and get double the client base as well..
  • #28
  • Last Post: Jul 6, 2007 12:59pm Jul 6, 2007 12:59pm
Having recently read various posts concerning the present scenario at UGM FX, it is apparent someone has been given incorrect information or misinterpreted information received.

IFX DID NOT make any misrepresentations to the NFA. IFX Markets has reached an agreement to take over UGM's business following UGM's inability to meet Net Capital Requirements. Both firms worked with the NFA to reach the agreement. IFX remains in good standing with the National Futures Association and the Commodity Futures Trading Commission.

Furthermore, UGM FX's management is NOT taking over at IFX. Business at IFX continues as usual. We look forward to working with all UGM FX clients moving forward.

I hope this clarifies any misconceptions surrounding UGM FX or IFX Markets.

Should anyone have any further questions, please do not hesitate to contact IFX Markets at [email protected]

Sean Carr
Vice President of Sales, North & South America
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