Re: [amibroker] Broker and bank reliability: leave trading?

["LB" <limit@xxxxxxxxxxxxxx>]

 

 I am not sure how Europe does it, but in the USA your banking accounts are insured and backed by the USA Gov.

 As I said I am not sure about Europe, but I don't see why the USA Gov. would insure accounts from Europe with IB.  But they may.

 It should be easy to find out for sure, just to be safe.

 

 Now as far as Funds purchased.  If they were investments, I don't see how they could be insured.  But then again.  I do know the situation and what was bought and who it was bought from.

 

 I wouldn't buy through my bank, but I know if I would buy Funds through my bank, they would not be insured.  But my bank accounts would be insured.

 

 Also with my stock brokers.  The money not invested is in banks and it is insured.  The money that is invested and being traded is not insured.

 

 Eacj country is probably different.  Best to keep and know, before something happens.

 

----- Original Message -----

From: Carl Vanhaes

To: amibroker@xxxxxxxxxxxxxxx

Sent: Monday, February 09, 2009 3:30 AM

Subject: [amibroker] Broker and bank reliability: leave trading?

I know this might be judged as off topic, but I also know this is a
general concern across all active traders nowadays: I am based in
Europe and have a brokerage account at IB. I have no concern about IB
reliability but they are "only" a broker. And my concern is the banks
they use to store your and their money, in this case Citibank and
Bank of America. When you ask they say your account is insured up to
1 million USD.
Very good but I wonder what would happen if both Citibank and BAC
failed and went bankrupt. I had a member of my family here which
funds purchased at his local banker agancy were supposed to be
insured; until they called him some months ago to say that they were
very sorry but his investment were 100% lost due to Lehman Brothers
bankrupcy. He sued his banker (guess what bank: Citibank!!!) but
nothing so far...
If you can't even rely on your own banker in this financial crisis
then isn't it time to leave trading until this crisis is over? And,
in the meantime, buy some precious metal and have it stored in a
place you can see and touch ??

I like to have your opinions here...

Carl

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