Futex - company's financial situation

This is a discussion on Futex - company's financial situation within the Trading Firms forums, part of the Trading Career category; Anyone that knows what is going on at Futex right now has been told in confidence. So until announcements are ...

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Old Jun 2, 2016, 5:50pm   #25
 
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Anyone that knows what is going on at Futex right now has been told in confidence.

So until announcements are made, it's unlikely any accurate gossip will come through.

Bit too early to write them off....
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Old Jun 2, 2016, 6:23pm   #26
 
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Originally Posted by DionysusToast View Post
Anyone that knows what is going on at Futex right now has been told in confidence.

So until announcements are made, it's unlikely any accurate gossip will come through.

Bit too early to write them off....
The 'accurate gossip' is traders couldn't withdraw their cash.

I agree, we don't have full info, but theres enough reason to speculate that they're are ****ed.
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Old Jun 3, 2016, 8:42am   #27
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The 'accurate gossip' is traders couldn't withdraw their cash.

I agree, we don't have full info, but there's enough reason to speculate that they're ****ed.
Yeah, a trader getting an injunction against them? Hmmmm. To speculate further http://news.forexlive.com/!/warning-...futex-20160601

I dodged a bullet, was going to open an acct with them....
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Old Jun 3, 2016, 10:49am   #28
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http://www.profit-loss.com/articles/...ading-at-futex

Can't find any more info. Have emailed the person I know there but lost his number as my new phone dropped a whole bunch of them as they weren't saved to the SIM on my old phone.
A mate of mine who knew someone who used to work there has been told that they have 'gone bust' but could not get any more info other than that this ex-trader at futex said "they book sh*t." An interpretation of that=they don't book decent profits which explains their courses to make income. So it's all smoke and mirrors.

Judging from the info it appears a trader tried to take money out and found out that he/she couldn't, most likely due to lack of funds in the comingled accounts (I don't think trader funds were segregated at the futex level, but were segregated at the Clearer (Marex) level). Hence the injunction. Shocking stuff.
I am a little curious, this company may be in trouble but they clearly had a good phase at some point... Is it not the same traders that sit with them are suppose to make them money? So how come they are all complaining? I am not very clear on this, maybe someone else can shed light.

I will never run a prop firm, especially in London not only is the UK culture one built solidly around productive jobs like plumbing, building and that kind of thing with the rest piling into Real estate and high finance in the big 4, mainly IT because the rest of the jobs are just Europeans coming over from Germany and other parts of Europe. So to run a firm that speculates in assets feels a little daft, it is more of an American dream. In the UK the idea is to get a job with a brand name to put on your CV. So I am not surprised if they are now branded as a scam. As an individual you can do well speculating if you know what you are doing but brokers don't make it easy. To start hiring people that's just another story.

There are a few of them offering courses, I have nothing against this because in truth the worst of them can educate the army of non-educated Forex traders to a descent standard. They should have probably stuck to selling courses and trading privately. The two don't mix, either you are teacher of science or a scientist, don't think you can be a good teacher if you concerned about practising your science and vice versa, a student will feel like a fly buzzing in your ear. Well, I guess they are finding out the hard way. In my opinion people want to trade for a job, they should get their own cash and set up shop or get a job.
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Old Jun 6, 2016, 5:39pm   #29
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"The company behind Futex is Independent Derivative Traders Ltd. As of 31 May 2014 they had exactly £1,049,610 of current assets on their balance sheet. Considering they had about 70 traders at that time, that's only £15,000 per trader. That's enough margin for around 10 lots of FESX. This means the company can't give its traders the size they would need in order to achieve P&L necessary for a decent living."

According to an article in the Sunday Times this weekend, a trader was trying to take out millions. So if that was their real assets then they were well short. Weird weird weird.
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Old Jun 6, 2016, 9:52pm   #30
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http://www.fow.com/3531521/Prop-firm...s-traders.html

They closed woking office earlier this year.
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Old Jun 7, 2016, 4:19pm   #31
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http://www.fow.com/3531521/Prop-firm...s-traders.html

They closed woking office earlier this year.
Huh so they were cutting costs and have been in trouble for a while. Nice.
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Old Jun 14, 2016, 5:39pm   #32
 
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http://www.thetimes.co.uk/article/fi...ails-sl8h87s7p

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