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Anyone burnt by PFGBEST's closure?

James_Bond
Aug 19 2012 at 12:35
556 โพสต์
stevewalker posted:
got an email from ex PFG account manager

no comment🙄🙄🙄


  Direct: 312-277-0050
 
 
  Neil Rogers Joins Zaner Group
 
 
 
I am proud to announce that I have joined Zaner, a premier futures and forex brokerage firm, as founder and manager of its Rogers Trading Branch. I look forward to the opportunity to restoring your trust and hopefully resuming our relationship.
'I am excited to have Neil Rogers join Zaner. I believe Neil's diverse experience will be invaluable to us and his clients.' Matthew Zaner, CEO of Zaner, says.
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About Zaner
For over 30 years Zaner has provided brokerage services to traders worldwide in the futures, commodities, metals, currencies, energies and forex markets. Our job at Zaner is to provide you with the right account people, tools and high ethical standards to ensure your highest probability of success - at the best cost. We are professionals who know the markets. On average, our staff, advisors, trade desk support and management, individually have more 14 years of industry experience. Let us provide you the wisdom of our experience. To learn more, visit: www.zaner.com.
Zaner is a member of the National Futures Association (NFA) and is registered with the Commodity Futures Trading Commission (CFTC). In addition, Zaner is a member of the National Introducing Brokers Association, Illinois Chamber of Commerce and has an A+ rating from the Better Business Bureau.
Sincerely,
Neil Rogers
Phone: (847)245-3318
E-mail: [email protected]
P.S. I invite you to join the thousands of other Zaner clients who have enjoyed our brokerage products, services and dedicated client support. Learn more about the requirements for opening a futures or forex account by reading our informative report: https://www.zaner.com/3.0/how_to_open_an_account.asp
 
 
       
 
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Don't they have a tiny little bit of shame? I'm sure this will make some of their waiting-for-a-refund-clients furious. I know I would if I were in their shoes.
FCMReform
Aug 21 2012 at 06:18
8 โพสต์
[B]Post-PFG Reforms Gaining Momentum[/B]

Two new developments in the last few days indicate that regulators are trying to get out in front of the safety of funds crisis that has gripped the futures/forex industry. However, these reforms may not extend to the retail forex market.

On Friday the National Futures Association approved a new rule requiring all Futures Commission Merchants to grant real-time, online access to FCM bank accounts. This rule is in response to Russ Wasendorf’s bank statement forgeries which had fooled regulators for 20 years. The language specifically references FCM’s and we are currently checking to see if Retail Foreign Exchange Dealers (RFEDs) will have to comply with the rule as well. FXCM’s position is that RFEDs need to be more transparent, which is why we also support a rule requiring all FCMs/RFEDs to fully disclosure their financials to the trading public.

The second development came last Thursday at a meeting in Chicago, as reported by the WSJ, in which the CME was reportedly “softening” its opposition to an insurance fund for futures traders. Again, however, no mention of extending such protections to retail forex traders was made.

https://online.wsj.com/article/SB10000872396390444508504577593424033950042.html?mod=googlenews_wsj

While both of these development are positive, the negative aspect to them is that retail forex may very well be over looked. This is why we are strongly encouraging the trading public to contact the CFTC and leave comments about the need to further protect retail forex traders. Traders can leave comments using the link below:

https://comments.cftc.gov/PublicComments/CommentForm.aspx?id=1250
FCMReform
Aug 27 2012 at 18:55
8 โพสต์
Reading through the comments at the CFTC a number of good points have been brought up regarding the need for additional protections.

Alex Winters made the following comment to the CFTC: https://comments.cftc.gov/PublicComments/ViewComment.aspx?id=58421&SearchText=

[Quote]
Forex traders should be considered in these rulings. PFG and MF Global hurt both Forex and Futures traders during their collapse. I submit that any protections offered to futures traders also be extended to forex also. While insurance would be the best protection the emerging forex industry shares the same (and more) insecurities. For this industry to survive and prosper we must be able to trust that brokers that hold our funds are solvent especially since past CFTC rulings (50:1 leverage) require that we deposit even more of our money with brokers when we have no way auditing their financial health.


The CFTC's requirement a few years ago that traders put up more margin to trade retail forex leads to the logical conclusion that regulators put in additional protections (disclosure of company financials, better accounting standards, insurance) since retail forex traders now have more capital at risk. This is a pretty powerful argument and I would encourage traders who leave comments with the CFTC to make it.
Raiden
Aug 29 2012 at 11:35
244 โพสต์
@FCMReform: Thanks for posting, just letting you know it's being read.
FCMReform
Aug 29 2012 at 20:13
8 โพสต์
Raiden posted:
@FCMReform: Thanks for posting, just letting you know it's being read.

Thanks for the note Raiden. Appreciate it.
FCMReform
Aug 29 2012 at 20:15
8 โพสต์
[b]CFTC Nearing Decision on FCM Reforms?[/b]


The CFTC has recently closed the comment period that was associated with the Public Roundtable on PFG:

https://comments.cftc.gov/PublicComments/CommentList.aspx?id=1250

This could mean that CFTC is nearing a decision and is about to announce their planned reforms. Comments and suggestions can still be sent to the CFTC however by emailing [email protected]

FXCM is recommending that all FCM’s and forex dealers publicly publish their financials once a quarter and employ a top ten accounting firm. We encourage retail forex traders to share these and other suggestions with regulators by emailing them directly. Thousands of PFG customers traded retail forex with PFG and their voices should be included in any discussion designed to increase customer protections for NFA regulated firms. Furthermore, providing insurance to futures traders and not forex traders would be a further insult to injury for those currency traders at PFG and any future forex traders caught up in an insolvency. Make your voice heard today.
FCMReform
Aug 31 2012 at 21:17
8 โพสต์
We've been told by the NFA that the instant 'view only' bank account access that FCM's must now grant to the NFA is not applicable to Forex Dealers. In short, NFA is not requiring forex dealers provide the same instant bank account access that Futures Commission Merchants provide. This is the clearest sign yet that regulators are not planning to extend any additional customer funds protections to the retail forex community.

The stated reason is that since retail forex funds are not legally required to be 'segregated' they are not in the same category as the seg funds that FCM's hold on deposit. This has long been an issue involving the Commodity Exchange Act which grants seg funds to on-exchange contracts but does not have a word to say about retail foreign exchange because nobody was trading forex online in the 1970's when these laws were passed.

This logic will likely be used for additional proposals such as insurance where we can now expect retail forex to be excluded as well. This is why financial disclosure for retail forex firms becomes even more important. With retail forex dealers not being included in the safety of funds discussion currency traders are now solely left to their own due diligence when it comes to picking a broker.

We still encourage you to email [email protected] to let regulators know that retail forex should not be excluded. If no one speaks up then regulators can assume that retail forex need not be a priority.
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