Do the same search using "RefcoFX", not FXCM and see what you get. http://www.nfa.futures.org/basicnet/ Put RefcoFX under the the "Firm Name" field. Still laughable?
Well, I guess, if you can't trust God, who can you trust? I don't mean to blaspheme, or anything, but I thought maybe I should mention that you didn't answer any of my questions or explain any of the contradictions arising from your assurances. A RefcoFX representative gave assurances somewhat similar to yours, but then those assurances were later proven, by events, to be totally false. I hope you won't think it paranoid of me to quote the chat, which has been posted at http://www2.oanda.com/cgi-bin/msgboard/ultimatebb.cgi?ubb=get_topic;f=16;t=004799;p=10
Well seeing how some people are gullible enough to actually believe it, its gone from laughable to pathetic. You do realize that anyone can apply for that on the NFA site, and once they are alerted it will be taken down. How any person with a hint of sanity and an IQ above room temperature can take this seriously is beyond my comprehension. Trader/God
So the chatter says that the funds are safe (that is true) and they would go to FXCM if Refco went Bankrupt (that is also true). Do you have any more evidence you can post to help me out? Trader/God
You owe me an apology, buddy. Get your facts straight. The NFA website shows exactly what I said it shows. I'm waiting for your apology.
Learn to read so you don't ruthlessly embarrass yourself so publicly next time. Here are my guarantees (100% track record): 1. RefcoFX clients get their funds back thanks to FXCM 2. Those are listing are more fake than Dan Rathers Bush memos, only a nitwit could think otherwise. (MUMBAI!! haha, Are you really this stupid, is anybody?) Jimrockford time to retire that name its been embarrassed enough, have some pride. Trader/God
Sure, I'm always happy to help out the omniscient. The RefcoFX rep promised that in the event of a RefcoFX bankruptcy, customer accounts would be immediately shifted to FXCM. This was obviously false, because it didn't happen immediately. Perhaps, in reading the chat, you didn't catch this? This rep's claim was obviously false, because it would require approval by the bankruptcy court. Why should we be absolutely certain that this promise will ever be kept, now that it has already been broken? The RefcoFX rep promised that bankruptcy at other Refco entities could not in any way jeopardize RefcoFX. The rep asserted that everything about RefcoFX was separate; separate company, separate operations, separate books, separate accounts, separate, separate, separate. Perhaps, in reading the chat, you didn't catch this? This rep's claim, too, was obviously a lie, since RefcoFX has been included in Refco's bankruptcy, for what you vaguely describe as a procedural reason. FXCM, up until the Refco collapse, consistently represented itself as a part of the Refco Group. I'm sure you will tell us that FXCM is separate, separate, separate. We can't really confirm that because the nature and extent of the FXCM relationship, with Refco, is a secret. Is it possible that FXCM is also in danger of bankruptcy, as a result of the Refco collapse? Could it be that FXCM's bid is a desperate attempt to avoid an FXCM bankruptcy triggered, in part, by loss of the business it processed on behalf of RefcoFX? I'm not saying that RefcoFX account holders won't be made whole. I just don't understand how you can express so much certainty that this will occur. I think that RefcoFX account holders should be screaming for blood and for aggressive and comprehensive and swift criminal prosecutions, and that appropriate criminal proceedings will increase the chances of holding individuals responsible for Refco's debts, so that the loot can be recovered. I think that your assurances are lulling them into a false sense of security, which prevents them from doing what is needed to protect their interests.
Oh, I'm sorry, I'm just a dumb old coot that believes that it's a tad more difficult than, "anyone can apply for that on the NFA site". Here's the criteria the NFA requires for an IB (the same that is listed on the aforementioned RefcoFX application dated 11/8/05): Introducing Broker (IB) An IB is an individual or organization which solicits or accepts orders to buy or sell futures contracts or commodity options but does not accept money or other assets from customers to support such orders. Registration is required unless: You are registered as and acting in the capacity of an AP or You are registered as an FCM or You are registered as a CPO and only operate pools or You are registered as a CTA and either solely manage accounts under powers of attorney or don't receive per-trade compensation. An IB is required to file the following: A completed online Form 7-R. A completed online Form 8-R, fingerprint card and fee of $85 for each individual principal. Fingerprint card and fee are not required if such person is currently registered with the CFTC in any capacity or is listed as a principal of a current CFTC registrant. Individual principals and branch office managers who are applying for registration as an associated person must satisfy all applicable filing requirements. Also, for each branch office manager proof of passage of the futures branch office manager examination (Series 30) or sponsorship by a broker-dealer and proof of having met the branch office manager requirements of either the New York Stock Exchange or the National Association of Securities Dealers, Inc. A completed Form 1-FR-IB (Part A) or FOCUS Report (certified audit) or a completed Guarantee Agreement (Form 1-FR-IB Part B) from an FCM. If applying as an Independent IB (Non-guaranteed), a statement describing the source of the current assets of the IB applicant combined with a representation that the applicant's capital has been contributed for the purpose of operating the business of an IB and will continue to be used for that purpose. A non-refundable registration fee of $200. If SEC-registered broker-dealers limit their futures-related activities to the sale of security futures products on contract markets or derivative transaction execution facilities, they can become an IB by filing a completed Notice Form 7-R.
Are you the person who said Refco stock was a "screaming buy" AFTER the scandal broke out? I don't see how you can continue posting here or on moneytec under the same name. What a disgrace.
I had a very similar dialog PRIOR to the bankruptcy filing. In it, the rep stated that RefcoFX was completely insulated from the events at the parent and there was nothing to worry about. This was the just of the chat.