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"A lot of firms (not us)"... I meant we require a signature on a
disclosure from account controllers. I do not believe we require
guarantees.
-----Original Message-----
From: Jeff Gilfillan [mailto:jeffg@xxxxxxxxxxxxxxxxxxxxx]
Sent: Thursday, September 18, 2003 6:00 AM
To: 'Stefan Schulz'; omega-list@xxxxxxxxxx
Subject: RE: PFG (broker)
The exchanges determine margins and are quite generous on that end (3-5%
on average per contract). Margins unfortunately do not prevent debits
nor can any risk management department.
A lot of firms (not us) would like to find out as much about a customer
as possible and if someone is responsible for trading another
individual's account, there should be some disclosure (and there is).
Ultimately if the FCMs agreed with you and acted upon it, they could
just mirror stock firms. Charge 50% margins and impose some "down tick"
rules etc.
nahhh
-----Original Message-----
From: Stefan Schulz [mailto:prog1@xxxxxxxxxxxxxx]
Sent: Thursday, September 18, 2003 5:29 AM
To: omega-list@xxxxxxxxxx
Subject: Re: PFG (broker)
Why would any broker need a guarantee from a customer ? If they're
worried
about defaults, that's what margins are for. If they believe that
margins
don't adequately cover them then their risk management department isn't
doing its job. Which in turn means you shouldn't touch such a broker
with
a barge pole.
$.02,
Stefan
At 13:00 17/09/03 -0700, omega-digest-request@xxxxxxxxxx wrote:
>From: cwest [mailto:cwest@xxxxxxxxxxxx]
>Sent: Wednesday, September 17, 2003 2:14 PM
>To: omega-list@xxxxxxxxxx
>Subject: PFG (broker)
>
>
>Here's an issue that surprised me which it would seem prevents me from
>having any clients with accounts at PFG. PFG requires anyone with
>authority to trade a client's account to also guarantee that account!
>Is this a (Futures) industry norm?
>
>Colin West
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