Futex - company's financial situation

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Old Jun 14, 2016, 11:54pm   #33
Joined Jul 2010
http://www.futex.co.uk/testimonials.php
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Old Jun 20, 2016, 5:25am   #34
 
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Originally Posted by rsh01 View Post
A whole bunch of them post on twitter under futexlive handle, only one I know still active is brannigan @bjb_futexlive .....though they are still sending out marketing emails for trader courses, now at 70% discount ffs.

It's not even as if anyone lost a chunk it was just being siphoned off if what has been said so far is true. A modern day ponzi. That's why Marco was so hard to get hold of.
@ bjb_futexlive started at a different prop firm today. Don't know if he is still at futexlive
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Old Jun 20, 2016, 5:13pm   #35
Joined Sep 2006
Quote:
Originally Posted by rsh01 View Post
A whole bunch of them post on twitter under futexlive handle, only one I know still active is brannigan @bjb_futexlive .....though they are still sending out marketing emails for trader courses, now at 70% discount ffs.

It's not even as if anyone lost a chunk it was just being siphoned off if what has been said so far is true. A modern day ponzi. That's why Marco was so hard to get hold of.
If that is the case does that mean that they were knowingly operating at a loss and not telling the traders? Let alone those who put money in to trade through them (I nearly did this myself).
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Old Jul 22, 2016, 1:32pm   #36
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Firm where ‘Flash Crash trader’ first worked fails
Harry Wilson, City Editor
June 3 2016, 12:01am, The Times



The firm that taught Navinder Sarao, the alleged Flash Crash trader, how to play the markets has gone bust after one of its largest traders took out an injunction against it, having been told that he was unable to withdraw millions of pounds of his own money from it.

Futex is understood to have called in administrators last month after the action taken by Gabriele Gandini, an algorithmic trader who told the firm that he wanted to leave.

The City of London-based business came to prominence last year after it was revealed as the place where Mr Sarao learned to trade and earned his initial multimillion-pound fortune as a big player on the financial futures market.

In common with many proprietary trading businesses, Futex pooled its traders’ money with larger and more successful traders’ capital being used to help to fund stakes for those starting out.

New junior traders are not paid a wage but can keep half of what they earn in trading profits. The more successful a trader becomes the greater the proportion of profits they can keep, with so-called elite traders retaining up to 95 per cent of their profits.

Futex is understood to have been under pressure since Lee Gibbs, its star trader, left last year, withdrawing his trading account, which was understood to be worth as much as £30 million.

Mr Gibbs’s funds were a big source of trading capital for the business and his departure led to Futex shutting its Woking office and moving its traders to an office in the Square Mile of London.

Companies House accounts for a firm linked to Gabriele Gandini show that it had net assets as of March 31, 2015, of nearly £620,000, up more than £200,000 year on year. The latest accounts for Gabriele Gandini Ltd have yet to be filed and are listed as overdue.

Contacted by The Times, Marco Rossi, a founder of Futex, declined to comment on the company’s administration. Dan Goldberg, a senior manager, did not reply to an email seeking comment. Calls and a message to Futex’s London office went unanswered.

Futexlive, Futex’s YouTube channel, has not been updated since May 25. However, subscribers to the Futexlive mailing list received emails offering a 60 per cent discount on a £1,499 “virtual intensive trader training programme” for June 6 as part of what the firm said was a “72 hour flash sale”.
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Old Jul 23, 2016, 12:18pm   #37
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Futex administrator finds £4.7m shortfall


The administrators of defunct prop trading firm Futex reported on Friday a £4.7 million shortfall between the money held in the firm's clearing account and the cash owed to creditors including former Futex traders.

The report, from Futex administrators Cork Gully, named nearly 60 claimants in the case, which arose following an injunction by one of the firm's trader which led to the collapse of the company.

The administrators report said: "We note that as at the date of the injunction, the total owed to traders (approximately £5.5m) exceeded the total held in the company’s Marex Accounts (approximately £800k) by circa £4.7m."
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Old Jul 27, 2016, 10:56am   #38
 
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http://www.fow.com/3573375/Futex-fun...nistrator.html

Quote:
Establishing legal ownership of the £800,000 held in the Futex account at clearer Marex Spectron and redistributing it to the trading firm's creditors is the top priority for the administrators of Futex's parent comapny, according to sources close to the process.

A source close to the administrator said a decision over the ownership of the funds held in the Marex account will be "the priority for the administrators". The source added: "The cash is available so dealing with this first means that these funds can be distributed sooner."

As reported by FOW on Friday, Cork Gully, administrators to Futex's holding company Independent Derivative Traders (IDT) said: "We note that as at the date of the injunction, the total owed to traders (approximately £5.5m) exceeded the total held in the company’s Marex Accounts (approximately £800k) by circa £4.7m."
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