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PureBytes Links
Trading Reference Links
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The 1 million cash, 30 million securities advertised by IB is backed
through Lloyd's of London.
http://www.interactivebrokers.com/en/accounts/accountProtection.php?
ib_entity=llc
Spreading funds between accounts is reasonable so long as each account
is still within the SIPC limits. Otherwise, you might want to check to
see which *insurer* is behind each of the accounts. If the brokers all
use the same insurer, and that *insurer* goes under...
Mike
--- In amibroker@xxxxxxxxxxxxxxx, "Steve Dugas" <sjdugas@xxx> wrote:
>
> Hi - I was really worried about this stuff a few months ago when the
whole world started collapsing and did a bit of research. I ended up
distributing my funds better, I have it divided between 4 brokers now,
a real PITA for trading but at least only 25% of the funds are at risk
with any one broker. Also ( for US traders ), I looked for brokers
with cash sweeps because in response to an email from me, SIPC told me
that they consider money in a MMF to be "invested", and as such
covered up to $500K, whereas straight cash is only covered up to
$100K. I am thinking that hopefully the MMF crisis is over now, it
seems people have stopped the run on them and we have some gov't
guarantees now... Also all brokers will point out that they have
purchased supplemental insurance that will cover you up to $10M or
whatever, but in the fine print this is subject to an aggregate limit
and it looks to me like that limit is much less than their total
deposits. Also I learned that the $100K coverage for cash is only for
cash which the evidence shows is intended for *investing*, i.e. if
you have been sitting in cash for a while, or if you have funded a new
account but haven't done any trading yet, they might say that the
evidence indicates that your main purpose is just to earn interest, in
which case your cash may not be covered at all. I am definately no
authority here but this is what I was told by my brokers and by SIPC
themselves, if anyone has a different understanding I would love to
hear it. Thanks!
>
> Steve
> ----- Original Message -----
> From: Carl Vanhaesendonck
> To: amibroker@xxxxxxxxxxxxxxx
> Sent: Monday, February 09, 2009 9:56 AM
> Subject: [amibroker] Re: Broker and bank reliability: leave
trading?
>
>
> Guys,
>
>
>
> I appreciate your time and suggestions responding to my post - it
is a bit clearer to me now that the real risk is (was?) in banks, not
in brokers.
>
> When I mentioned 1 M° USD insurance I was speaking of IB, not the
bankers. In France indeed it is up to 70,000 EUR, and in Belgium
100,000.
>
> Re my parent who lost his deposit: it was in Belgium, and at
Citibank. He is suing them because for unknown there the 100,000 USD
didn't apply. he is suying them with hundreds of other investors, it
is a grouped action.
>
> Nevertheless to come back to the risk being in banks, notbrokers:
what if the bank used by the broker goes bankrupt? Will it really be
indemnised when you see the billions of dollars of their client
deposit??
>
>
>
> Risky time, and you were right stating gold lingot in the safebox
of the bank is NOT insured :-(
>
>
>
> Thanks again,
>
> Carl
>
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