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MF Global

  • #21
  • Nov 1, 2011 8:17am Nov 1, 2011 8:17am
Quoting leerees
It's a real shame this company is going bust, I guess being a honest brokerage is not profitable enough to sustain a business, and that's why we see so much scamming.
That's a crock IMHO. They got greedy over leveraging their own trades in CDS.

Honest broker that is not greedy / uses sound trading strategies can easily prosper.

GREED kills many a fool plain and simple this isn't limited to just me and you. It's what killed Lehman as well.

It clearly shows you how powerful and bad greed is.
  • #22
  • Nov 1, 2011 11:54am Nov 1, 2011 11:54am
Quoting Spacetec
I have managed to transfer my MF GLOBAL a/c to IG indiex ,but am still looking for better broker , MF global were very good with order management its gonig to be hard to find simillier broker with the same set up plus they covered most of small caps shares which I liked and also forex was good with them too fast execution real shame they gone bust
I like your profile picture-reminds me of my ex-wife
FF = Forex Faggots
  • #23
  • Nov 1, 2011 12:27pm Nov 1, 2011 12:27pm
Quoting leerees
I trade shares with MF Global UK and have done for around 2 years, before that I tried halifax share dealing and X-o

MF Global was definitely the best broker I've ever used, never had probems with slippage or trade interference. I loved their touch pro platform, it was so professional, you could set up a whole manner of news alerts and order management facilities, the order book showed you which brokers / MM's the orders were coming from.

Sometimes you'd get partially filled, however if price revisits and the rest of your order is filled you...

Hi, to all the MF Global UK clients did you managed to transfer positions or receive the funds back from them? I did not received any consistent communication to my request of withdrals sent on monday morning but just an email from the broker communicating that they are under special administration and that will update as soon as they have news.

did you received anything from the company ? did you managed to receive back your money already? any serious answer will be important at this stage.

thanks in advance.
  • #24
  • Nov 1, 2011 3:21pm Nov 1, 2011 3:21pm
anyone who thinks that they can trust their broker needs their head examined, you cant trust no one
  • #25
  • Nov 1, 2011 11:09pm Nov 1, 2011 11:09pm
Think about this.

If it had been a junior trader, say some French or African guy in a sweater, he would be arrested and criminally charged.

The MF Global blowup came straight from the top, the intentional policy of the CEO, ex Goldman partner, NJ governor. Not some 20-something kid who got over his head, but somebody who really really has no excuse.

Apparently MF even filched "segregated" customer funds! "Jerome" and the African guy in UK never stole, they just traded much too large positions, i.e. overleveraged.

Just like MF Global was massively overleveraged---foolishness and internal cover-up, but the "rogue traders" never stole somebody else's money.

What are the chances Corzine and some 20 managing directors will be arrested tomorrow?

Even in the top 1%, there is the Top 1% of the 1%, and the peons.
  • #26
  • Nov 1, 2011 11:37pm Nov 1, 2011 11:37pm
Quoting mbkennel
Think about this.

If it had been a junior trader, say some French or African guy in a sweater, he would be arrested and criminally charged.

The MF Global blowup came straight from the top, the intentional policy of the CEO, ex Goldman partner, NJ governor. Not some 20-something kid who got over his head, but somebody who really really has no excuse.

Apparently MF even filched "segregated" customer funds! "Jerome" and the African guy in UK never stole, they just traded much too large positions, i.e. overleveraged.

Just like MF...
Good point.. +1
~~ Happy Trading ~~
  • #27
  • Nov 2, 2011 3:55am Nov 2, 2011 3:55am
Quoting mbkennel
Think about this.

If it had been a junior trader, say some French or African guy in a sweater, he would be arrested and criminally charged.

The MF Global blowup came straight from the top, the intentional policy of the CEO, ex Goldman partner, NJ governor. Not some 20-something kid who got over his head, but somebody who really really has no excuse.

Apparently MF even filched "segregated" customer funds! "Jerome" and the African guy in UK never stole, they just traded much too large positions, i.e. overleveraged.

Just like MF...
Yeah you are correct... I think if anything underscores the Occupy WS sentiment this is it.

Our judicial system is fraught with this special treatment for supposed "elite" people.

This supposed group of people that are supposed to be better than the lower groups. If you are apart of this "elite" group you can more or less do no wrong.

If you are an "average" joe they lock you up over failure to pay a speeding ticket and in some cases much less.

You don't have to look to far these days to know who is apart of this "elite" group of people.
  • #28
  • Nov 2, 2011 4:03am Nov 2, 2011 4:03am
Quoting mbkennel
Think about this.

Apparently MF even filched "segregated" customer funds! "Jerome" and the African guy in UK never stole, they just traded much too large positions, i.e. overleveraged.

Not to mention the government entities that are supposed to be checking these kinds of things for compliance.

Our government is a bunch of braindead morons, but yet they can come up with all kinds of rules and limitations because we can't think for ourselves.

Meanwhile it's the same stupid people in charge of big companies that keep causing this kind of turmoil.

The Farm Bill and Frank-Dodd did just "OH SO MUCH" to prevent this and keep poor little dumb ass me and you so safe from ourselves.

In a word pathetic...
  • #29
  • Nov 2, 2011 8:52am Nov 2, 2011 8:52am
Quoting pip_seeker
Not to mention the government entities that are supposed to be checking these kinds of things for compliance.

Our government is a bunch of braindead morons, but yet they can come up with all kinds of rules and limitations because we can't think for ourselves.

Meanwhile it's the same stupid people in charge of big companies that keep causing this kind of turmoil.

[size=3]The Farm Bill and Frank-Dodd did just "OH SO MUCH" to prevent this...
I wonder what will happen if losses suffered by clients really do end up in the hundreds of millions. In the UK there is some protection for funds up to a certain individual amount but surely there will be an upward total limit.
  • #30
  • Nov 2, 2011 8:55am Nov 2, 2011 8:55am
Quoting Hedge212
anyone who thinks that they can trust their broker needs their head examined, you cant trust no one
Unfortunately that is very true, when this kicked off I was thinking that surely they wouldn't have been using clients funds for these trades as that's strictly forbidden, how wrong I was.
  • #31
  • Nov 2, 2011 5:36pm Nov 2, 2011 5:36pm
Quoting PIN Trader
I wonder what will happen if losses suffered by clients really do end up in the hundreds of millions. In the UK there is some protection for funds up to a certain individual amount but surely there will be an upward total limit.
Yes indeed and no leverage limitation neither!

Anyone here still thinks it was such a good idea to lower the leverage?

Good luck.
  • #32
  • Nov 4, 2011 5:22am Nov 4, 2011 5:22am
Quoting Pipstrumpf
Yes indeed and no leverage limitation neither!

Anyone here still thinks it was such a good idea to lower the leverage?

Good luck.
This isnt getting any better, now there are criminal investigations taking place as well. No word on the missing $600 million either.
  • #33
  • Nov 4, 2011 7:55am Nov 4, 2011 7:55am
Quoting PIN Trader
This isnt getting any better, now there are criminal investigations taking place as well. No word on the missing $600 million either.
Don't worry Gary Gensler of the CFTC is looking into it and promises that investor money will be given back... but he also went onto say that it depends on what they find if any. (Can't give something if nothing is there... so much for him doing his job... not a word on that one.)

Wink ~ Wink. Hope you gize n galz feel so safe and warm in your fuzzy NFA / CFTC slippers.
  • #34
  • Nov 4, 2011 9:46am Nov 4, 2011 9:46am
Yep. regulators in the end are just an overpriced door locks, just enough to make the person feel a false sense of security.

Quoting pip_seeker
Don't worry Gary Gensler of the CFTC is looking into it and promises that investor money will be given back... but he also went onto say that it depends on what they find if any. (Can't give something if nothing is there... so much for him doing his job... not a word on that one.)

Wink ~ Wink. Hope you gize n galz feel so safe and warm in your fuzzy NFA / CFTC slippers.
It's easy to be humbled but hard to be humble.
  • #35
  • Nov 4, 2011 8:59pm Nov 4, 2011 8:59pm
Just so you can visualize it a little...
Attached Image (click to enlarge)
Click to Enlarge Name: NFA_slippers.jpg Size: 60 KB
  • #36
  • Nov 6, 2011 8:38am Nov 6, 2011 8:38am
Hello,

I had an account with MF Global, and got really upset when they filed for bankruptcy ... even more when I realized they had not separated customers accounts.

Life goes on and now I am looking forward to open an account at an alternative FX Retail Broker in Canada ... Can any in the forum suggest names and provide comments?

Thxs
E Triple A
  • #37
  • Nov 6, 2011 10:29am Nov 6, 2011 10:29am
Quoting pip_seeker
Don't worry Gary Gensler of the CFTC is looking into it and promises that investor money will be given back... but he also went onto say that it depends on what they find if any. (Can't give something if nothing is there... so much for him doing his job... not a word on that one.)

Wink ~ Wink. Hope you gize n galz feel so safe and warm in your fuzzy NFA / CFTC slippers.
There is still an advantage to only dealing with regulated companies, there are compensation schemes in many countries eg Canada up to $1 million, UK up to £80,000 I believe. Try claiming compensation off some offshore broker run by Russians in Mauritius or somewhere.
  • #38
  • Nov 7, 2011 3:05am Nov 7, 2011 3:05am
Quoting E Triple A
Hello,

I had an account with MF Global, and got really upset when they filed for bankruptcy ... even more when I realized they had not separated customers accounts.

Life goes on and now I am looking forward to open an account at an alternative FX Retail Broker in Canada ... Can any in the forum suggest names and provide comments?

Thxs
E Triple A
Make sure they are regulated whoever they are.
  • #39
  • Nov 7, 2011 3:16am Nov 7, 2011 3:16am
Quoting PIN Trader
There is still an advantage to only dealing with regulated companies, there are compensation schemes in many countries eg Canada up to $1 million, UK up to £80,000 I believe. Try claiming compensation off some offshore broker run by Russians in Mauritius or somewhere.
Hi PIN Trader,

Where can I get the info about Canada compensation schemes up to $1mil ?
~~ Happy Trading ~~
  • #40
  • Nov 7, 2011 3:42am Nov 7, 2011 3:42am
does anyone know if IG index any good ,looking for regulated broker for stocks and shares
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