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POLICE in the Turks and Caicos Islands yesterday dismissed rumours that head of beleaguered investment club Olint, David Smith, had attempted to commit suicide by taking a drug overdose.
"He is alive and kicking as far as I know," Sergeant Calvin Chase of the Turks and Caicos police force told the Observer. "We have no such information and I am certainly not aware of it."
So where did these “rumours” come from? Who knows. So much about this Olint case is cloaked in secrecy. An email is leaked by an unknown source purportedly written by Smith stating the fund is a shambles forcing Smith to deny it. But later in the week Smith’s own lawyer hints that the email was in fact legit: OLINT Crash - Email Very Genuine(with letter) « Real Investments For Life
Earlier this week Jamaican radio reported that Olint’s accounts at brokers like FXCM, Oanda and FX Solutions have been frozen and that David Smith is being investigated by the Department of Justice for possible money laundering (although none of these firms has gone on the record stating they even have any David Smith accounts at their firms, possibly because of client confidentiality agreements.)
And Government officials in the Turks and Caicos remain tight lipped and unwilling to shed any light on David Smith’s now defunct operation. In such an environment “rumours” will take hold. It is time someone in authority in Jamaica or the Turks and Caicos step forward and tell us all what the hell is going on.
The NFA is on the march. This week they announced that all Forex Dealer Members must meet the first capital benchmark of $10 million by October 31st: National Futures Association | News Center
Quote:
On July 17, 2008, NFA's Executive Committee recommended that NFA's Board of Directors approve revisions to NFA Financial Requirements Section 11 to implement the increased capital requirements called for under the Reauthorization Act. Under these revisions, Forex Dealer Members will be required to maintain adjusted net capital equal to or in excess of $10 million as of October 31, 2008, $15 million as of January 17, 2009, and $20 million as of May 16, 2009. NFA staff expects that the Board of Directors will adopt these revisions at its meeting on August 21, 2008 and that the Commission will approve them shortly thereafter. We are providing advanced notice of the increase in capital requirements to give Forex Dealer Members sufficient time to make arrangements to come into compliance.
In addition to the increase in the required minimum capital, the Executive Committee also recommended that the Board of Directors approve revisions to NFA Financial Requirements Section 12 regarding the collection of security deposits. Section 12(a) requires that Forex Dealer Members collect and maintain minimum security deposits of either 1% or 4% of the notional value of each forex transaction, depending on the currency. Section 12(b) provides an exemption from this requirement for those Members that consistently maintain at least twice the required adjusted net capital. The revised rule would provide that a Forex Dealer Member that consistently maintains 150% of the required adjusted net capital would be exempt from having to collect the prescribed security deposits. As with the capital requirements, NFA staff anticipates this revision also becoming effective on October 31.
How does you firm stack up?
The following firms have net capital below $10 million
In particular you will notice that three firms are far below the upcoming increase to $10 million. Advanced Markets, Bacera and Money Garden. In fact, they are struggling just to meet the current $5 million net capital requirement with Advanced Markets a scant $17,000 above the current law. That kind of capitalization does not inspire much confidence and traders really need to beware doing business with them.
The following firms have net capital below $20 million
GFS Forex $10,829,000
Alpari $11, 668,000
ODL $15,182,000
I Trade FX $15,828,000
FX Solutions $18,088,000
CMS Forex $19,306,000
The following firms have net capital above $20 million
PFG $20,275,000
Interbank FX $22,980,000
Gain Capital $44,293,000
GFT Forex $58,304,000
FXCM $70,794,000
Oanda $164,256,000
As always conduct your due diligence and make sure the firm you are trading with will be able to comply with the new law.
As far as I know first you should understand the broker is from which country then you go to the site of registrations of that country there isn't any reference site for all of countries
Rt Rt Hon David Miliband MP
Secretary of State,
Department for Environment, Food and Rural Affairs
(DEFRA),
Nobel House
17 Smith Square
London SW1P 3JR
16 May 2007
Dear Secretary of State,
My friend, who is in farming at the moment, recently received a cheque for Ł3,000 from the Rural Payments Agency for not rearing pigs. I would now like to join the "not rearing pigs" business.
In your opinion, what is the best kind of farm not to rear pigs on, and which is the best breed of pigs not to rear? I want to be sure I approach this endeavour in keeping with all government policies, as dictated by the EU under the Common Agricultural Policy.
I would prefer not to rear bacon pigs, but if this is not the type you want not rearing, I will just as gladly not rear porkers. Are there any advantages in not rearing rare breeds such as Saddlebacks or Gloucester Old Spots, or are there too many people already not rearing these?
As I see it, the hardest part of this programme will be keeping an accurate record of how many pigs I haven't reared. Are there any Government or Local Authority courses on this? My friend is very satisfied with this business. He has been rearing pigs for forty years or so, and the best he ever made on them was Ł1,422 in 1968.
That is - until this year, when he received a cheque for not rearing any. If I get Ł3,000 for not rearing 50 pigs, will I get Ł6,000 for not rearing 100?
I plan to operate on a small scale at first, holding myself down to about 4,000 pigs not raised, which will mean about Ł240,000 for the first year. As I become more expert in not rearing pigs, I plan to be more ambitious, perhaps increasing to, say, 40,000 pigs not reared in my second year, for which should expect about Ł2.4 million from your department.
Incidentally, I wonder if I would be eligible to receive tradable carbon credits for all these pigs not producing harmful and polluting methane gases? Another point: These pigs that I plan not to rear will not eat 2,000 tonnes of cereals. I understand that you also pay farmers for not growing crops. Will I qualify for payments for not growing cereals to not feed the pigs I don't rear?
I am also considering the "not milking cows" business, so please send any information you have on that too. Please could you also include the current DEFRA advice on set aside fields? Can this be done on an e-commerce basis
with virtual fields (of which I seem to have several thousand hectares)?
In view of the above, you will realise that I will be totally unemployed, and will therefore qualify for unemployment benefits. I shall of course be voting for
your party at the next general election.
__________________ I'm now sending trading notes out twice a day with videos too. Have a look HERE.
There's one set at 6:30 UK time for London and one at 12:00 for U.S session, plus I will send a summary video after each session
GFT Purchases The Trading Account of An Undercapitalized Forex Broker
Interesting Reading. I have cut it off from FF news.
GFT Purchases the Trading Accounts of an Undercapitalized Forex Broker:
Customers Can Now Trade and Access Their Funds (starting August 6, 2008)
Ada, Mich., August 4, 2008 – GFT, a world-leading provider of online currency trading services in the $4 trillion-a-day foreign-exchange market, announced today that it has purchased customer accounts (except for those based in Asia) from former forex broker Forex Liquidity LLC (FXLQ).
GFT will provide former FXLQ customers with the ability to recover 100 percent of their account balances as well as continued trading services as a GFT customer. The transfer was approved by United States District Court, Central District of California, and the customer accounts are scheduled to be transferred on August 6, 2008.
“We feel that this is a true win-win situation for both the customers and GFT,” said Gary L. Tilkin, president and CEO, GFT.
“Not only can these traders now access their accounts and begin to trade, it gives us an opportunity to show how we differentiate ourselves with our tools and services that we provide.”
GFT is a financially stable futures commission merchant (FCM) registered with the Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA). GFT has maintained net capital requirements of $65 million*, well beyond minimum requirements set forth by regulators in June 2008.
Due to GFT’s year over year growth, it has been ranked as one of the fast-growing technology companies by Deloitte’s Technology Fast 500 three years in a row (2007, 2006 and 2005). According to the Deloitte rankings, in 2007 GFT had the highest revenue of all listed companies within the forex industry.
GFT adheres to strict regulatory guidelines and principles of integrity. In the United States, GFT is a member of the National Futures Association (NFA) and is regulated by the Community Futures Trading Commission (CFTC). Globally, GFT is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Financial Supervisory Agency (FSA) in Japan, and the Financial Services Authority (FSA) in the U.K.
Additional updates and information will be provided to former FXLQ customers from GFT via online at Welcome to GFT as well as via a special toll-free hotline 1-888-694-0011
“Our goal is to help these customers make a very smooth transition to GFT so that their trust may be restored and they can begin trading again,” said Tilkin.
* According the CFTC’s website, GFT’s average net capital was $68,769,761 between Dec 31, 2007 and May 31, 2008.
About GFT
The CFTC has released its latest Adjusted Net Capital report. With less than three months to go before the NFA raises capital requirements to $10 million the Capital issue is once again front and center in retail forex. How does your firm stack up? Financial Data for FCMs
The following firms have net capital below $10 million
No change in capital for Advanced Markets, Bacera and Money Garden who are still way below the upcoming cap increase. Also, for the first time ACM is reporting net capital and their first number out of the box isn’t that great. One suspects they had no idea cap requirements were going up and it could very well be they have completely mistimed their entry into the U.S. market. ACM appears to have brought a knife to a gun fight… Typical of a Swiss firm isn’t it?
The following firms have net capital below $20 million
GFS Forex $10,909,000
MB Trading $11,165,000
IFX $13,010,000
ODL $13,053,000
Alpari $13,084,000
I Trade FX $16,097,000
FX Solutions $17,974,000
CMS Forex $17,931,000
PFG $19,862,000
The following firms have net capital above $20 million
Interbank FX $30,364,000
Gain Capital $61,918,000
GFT Forex $67,298,000
FXCM $70,792,000
Oanda $165,526,000
As always conduct your due diligence and make sure the firm you are trading with will be able to comply with the new law going into effect in less than three months.
The following firms have net capital above $20 million
Interbank FX $30,364,000
Gain Capital $61,918,000
GFT Forex $67,298,000
FXCM $70,792,000
Oanda $165,526,000
As always conduct your due diligence and make sure the firm you are trading with will be able to comply with the new law going into effect in less than three months.
It seems the biggest robbers end up with the highest net cap.
GFT Purchases The Trading Account of An Undercapitalized Forex Broker
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