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Could FXCM Be Held Accountable for Refco Trader Losses?
Interesting post suggests that FXCM may be trying to avoid being held responsible as a referring agent for Refco. Blog post makes interesting reading. If bankruptcy court fails to meet trader demands for restitution, they still may have recourse.
For a second time, customers of RefcoFX.com had their hopes dashed, as another deal to buy the unregulated forex arm of the bankrupt futures brokerage fell through. Refco and Gain Capital agreed to a deal in July that would have been worth at least $2.5 million and eventually given Refco customers their entire account balances back. The deal fell through in late July, though, with Refco saying in a statement the two sides both agreed to cancel the deal because “they were unable to reach terms on a final asset purchase agreement.” However, deciding on a final price was only part of the issue. According to a Gain Capital spokesperson, the deal was snagged because of a lack of automation on the part of RefcoFX. Gain says Refco customers’ account info wasn’t electroncally updated, forcing Gain to manually look through 17,000 folders if the deal went through. Refco claims it has customer information stored electronically, but admitted it may not have been compatible with Gain’s system. It also said there were other reasons the deal did not go through, but did not give specifics. While RefcoFX.com has been in limbo since its parent company declared bankruptcy in October 2005 and all account balances have been frozen (i.e., no funds can be deposited or withdrawn), customers were still allowed to trade.
However, in late July, Refco informed its forex customers that, “As a result of its inability to enter into a final asset purchase agreement, RFXA[Refco FX Associates] plans to terminate its agreement with FXCM, the company that services RFXA’s Web-based platform as of July 31, 2006. Thereafter, customers will no longer be able to trade on the Refcofx.com web-based platform.” As a result, RefcoFX customers will have to go through the bankruptcy courts to reclaim their money. RFXAtold its clients that it believes they can make a claim for their final account balance (i.e., the amount as of July 31); the bankruptcy court may only allow claims for account balances on the day Refco declared bankruptcy. Ironically, it was FXCM that initially thought it had a deal with Refco for the purchase of the forex accounts. However, their agreement dismantled earlier this year when Refco refused to accept the final offer because it believed it could get a better deal. Many Refco customers were against the Gain deal because it did not immediately free up their assets. In some cases, Refco clients would not be fully reimbursed for more than two years, and only if they maintained a minimal level of trading.
I am a newbie with no strategy. I hop in and out of the market anyhow. I should have cleared my account by now, but news trading saved me. Since trading news saved me, FXCM switched me to no desk trading without my approval. I just got an email to tell me that. Now I am scared of trading news or leaving a position open with stop order before news time. if I am in a trade with stop order and news come out, my stop order is ignored and I cannot close the position until like 6 mins later. This has happened to me twice. You cannot even enter the market because a message will say the price has changed even when the quote on your platform did not change. I don't know if it is improving because I could close my posiotn manually when price moved against me last week.
it's good when there're no econ releases.. it can be as tight as 2 pips for euro/usd and 3 pips for gbp/usd. but when there're major econ releases the spread will widen.. so fixed spread with fxcm as dealer is still better to some who dun like such a volatility when comes to NFP. It depends on how you trade. If you're scalper, no middleman dealer is better.
it's good when there're no econ releases.. it can be as tight as 2 pips for euro/usd and 3 pips for gbp/usd. but when there're major econ releases the spread will widen.. so fixed spread with fxcm as dealer is still better to some who dun like such a volatility when comes to NFP. It depends on how you trade. If you're scalper, no middleman dealer is better.
Just trade with OANDA. EURUSD is 1.5Pips, GBPUSD is 2 pips.
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Metatrader 4 - EA Live and Demo Hosting Solutions http://www.omegasupreme.com & Omega Trading Blog!
I was asked questions like: "how many years have you been trading this market"---meaning:- 'how much can I bullshit you?'
I still couldn't get any straight answers...
When I probed hard....they said they have no control over the spreads (strange if you have a look at the 'no dealing desk 'link) and that that this would exist all the time for a 'no dealing desk acc'...i.e apply now and we will give you no guarantees for anything...
This is my first post here, so let me introduce myself. My name is Pawel Kalinowski. I had been recently testing the new NO DEALING DESK option with FXCM (Forex Capital Markets) as they advertised rapid execution even during news releases ie. macroeconomic reports. I wanted to test it on Non-Farm-Payrolls (November the 3rd, 2006) and found following:
1. FXCM filled me on my resting order even before the price in the streaming prices window displayed the price (rate) I wanted to have.
2. The stop/loss was not executed I had to manually exit the trade.
3. FXCM filled me on the highest ask priced noted on this day. (17 pips slippage)
4. FXCM executed the trade whole minute and displayed it after the market went down ca. 100 pips. I was unable to change the parameters of the order during that time.
Would you like to see it ? I had even recorded it live:
Fxcm No Dealing Desk
Linear Mode
