One Eyed Shark
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Anyone have any experiences with this broker please post.
Dorman are one of the more established and better capitalised brokers out there, no probs in 2 years
Futures are segregated accounts no matter where your from.
People with futures accounts at refco got there money it was sold to MAN and Marathon Asset Management.Regulated futures and commodities was not covered by the chapter 11.
Refco - Wikipedia, the free encyclopedia
http://www.nytimes.com/2005/10/14/business/14refco.html
Accounts are segregated (in the UK) only if one is designated as a “Private client” , otherwise your money is effectively pooled with the firm’s to meet any liabilities, eg margin calls.
UK –based customers are not protected by US laws/regulations (eg CFTC). A broker can take insurance to protect non-US based customers but this is not a requirement.
Did Marathon honour (ie cover or guarantee) existing accounts? It was under no legal or regulatory obligation. And it was a creditor.
Refco asked for any deal to be structured as an asset sale to maintain the integrity of clients’ accounts. Was this done? If so, this is not the same as a broker simply going down the pan (the point of my original post), taking the clients’ assets with them.
What was the total value of client’s funds held by Refco Overseas? (Refco Overseas re-emerged as Marex in London. A few on T2W have knowledge/experience of Marex)
Man paid $280m for the whole of the regulated futures business. For how much did it sell the European arm? (Marex was capitalised at $174m).
Grant.
UK –based customers are not protected by US laws/regulations (eg CFTC). A broker can take insurance to protect non-US based customers but this is not a requirement.
Did Marathon honour (ie cover or guarantee) existing accounts? It was under no legal or regulatory obligation. And it was a creditor.
Refco asked for any deal to be structured as an asset sale to maintain the integrity of clients’ accounts. Was this done? If so, this is not the same as a broker simply going down the pan (the point of my original post), taking the clients’ assets with them.
What was the total value of client’s funds held by Refco Overseas? (Refco Overseas re-emerged as Marex in London. A few on T2W have knowledge/experience of Marex)
Man paid $280m for the whole of the regulated futures business. For how much did it sell the European arm? (Marex was capitalised at $174m).
Grant.
