DislikedOnu - according to what I was told yes - fully segregated - but thanks for the heads up - I'll get on it straight away...Ignored
Run a search on 'FSA' and you'll probably find something in these forums.
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DislikedOnu - according to what I was told yes - fully segregated - but thanks for the heads up - I'll get on it straight away...Ignored
Dislikedthey just confirmed the full balance of my account whatever the amount is fully segregated.Ignored
Dislikedthey just confirmed the full balance of my account whatever the amount is fully segregated.Ignored
DislikedHi,
I've reread the contract - it doesn't say anything about limits, nor does the fsa regulation - it states that all client money will be held in a separate account from that of the firm.
So I should be ok - better off than the poor guys with FXLQ for sure.Ignored
DislikedHi,
I've reread the contract - it doesn't say anything about limits, nor does the fsa regulation - it states that all client money will be held in a separate account from that of the firm.
So I should be ok - better off than the poor guys with FXLQ for sure.Ignored
DislikedWell - what does it mean - segregated account???? Refco had these things too. It means that the money is hold separately from operations budget. But what does this mean in case of bankruptcy or fraud? Nothing - it will be part of the overall budget for debths. You can be sure. The UK regulations are not securing your money. Forex will stay a risk investment.Ignored
DislikedHi,
it's in the agreement I signed - by segregating I am appointed the role of secured creditor - ie I'm first in line which albeit doesnt cover all bases - does give an extra layer of protection - the company cannot use my money in any way to pay for its expenses. Forex obvioulsy is and remains a speculative high risk investment - I'm just trying to put aa much protection possible between my money and oblivion in the case the broker goes belly up. Plus the FSA is very attentive to what happens...unlike the NFA - as it appears today - which closes the pen after the sheep have gone away - and which has NO power whatseover - it has to turn over to the CFTC...as far as I know FSA does have power (lif I'm not mistaken it is the equivalent of the US CFTC and SEC in one)...and isn't scared of using it. For example if I ask to withdraw - they have maximum 1 (one) business day to comply or I can file a complaint - and they will have issues.
quote from FSA regulation.
The purpose of the client money rules is to ensure that, unless otherwise permitted, client
money is kept separate from the firm's own money. Segregation, in the event of a firm'sfailure, is important for the effective operation of the statutory trust that is created to protect client money. The aim is to clarify the difference between client money and general creditors' entitlements in the event of the failure of the firm.Ignored
DislikedJAn 4th is the date, Got a call from a source, they have a Hearing at court then, they are around 1-3% short of sending everyone back the money, I can't see where they either don't have a buyer, or can't find the funds...
well, I will post again Jan 4th, or 5th when I know more.
Andy <<Cowboy>> StapletonIgnored
DislikedAnyone got new news for fxlq? Today is Jan 4, hearing date.
fxedgeIgnored
DislikedIt has not been confirmed yet that the 28th is the new date for the hearing but it could be....
Peter said that there was a mutual agreement between the CFTC and FXLQ to delay the hearing...Supposidly there was conflicting schedules for both parties....very vague....
Also there are only certain times of the month the judge will hear these cases and one of them was Monday Jan 21st but that is a Federal Holiday so they are working on another date....most likely the last week in January...
He is aware there are a lot of anxious customers and plans on getting information out on their site ASAP...Ignored