I havnt seen anyone commenting on MF Global here. They have just filed for bankruptcy but what is worse is that it appears they have been using their clients funds to trade contrary to all the rules. If I had money with them I’d be very worried. It seems $700 million of client funds cannot be located.
Regulators Investigating MF Global for Missing Money - NYTimes.com
I just got an email from MF Global…my account has been liquidated…guess that means I won’t be getting my money back :mad:
I dont think that is necessarily the case, all accounts appear to have been frozen. In any case you may be entitled to compensation from the FSA if you are in the UK. Likewise other countries may have compensation systems in place. Where are you located?
Sorry just saw you are in BC, have a look at this and contact the relevant agency.
Category:Financial regulatory authorities of Canada - Wikipedia, the free encyclopedia
Here you go, follow up with the agencies named here.
[B]©2011 MF Global Holdings, Ltd. All rights reserved. MF Global Canada Co. is a Member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. MF Global Canada Co. is an approved participant of the Montreal Exchange, and a clearing participant and registered futures commission merchant of ICE Futures Canada.[/B]
Thanks for your help. I went to the BC Securities website…now I have to figure out where they put that info!
This is a rather shocking developement across the markets. Apparently nobody saw it coming. I can see a whole slew of new “regulations” stemming out of this :(…
MF Global accounts shock leaves clients scrambling | Reuters
…or is it just the beginning of something worse…
MF Global Bankruptcy Exposes Vulnerability of U.S. Banks to Eurozone Debt Crisis - Money Morning
Nobody saw it coming because nobody was looking. That’s what happens with light touch regulation, they are supposed to all behave themselves, of course they are all just doing as much scamming as they think they can get away with. Occasionally they get caught like FXCM or Forex.com.
It’s unfortunate because if one retail broker is doing it, who’s to say the others aren’t doing the same (using customer’s money to trade)…and the retail brokers are how the average person can get into the game it seems.
Now to find another broker…hoping Oanda is a little more credible and that their leader isn’t another former bankrupt executive trying to make a comeback! :49:
As a Canadian you should be made whole. I’m not sure of the details though. When Refco Canada went under 5(?) years ago, my account was frozen for several months. Then MF Global Canada :17: took over my account and everything was OK. The American customers only got something like 10% of their funds and it took a year.
PS - I didn’t stick with MF Global Canada because they didn’t have mini accounts and MT4.
Thanks for that…hopefully it will work it’s self out. Lots of employees lost their jobs by the sounds of it…a couple of thousand.
MF Global had MT4 and mini accounts when I signed up a couple of years ago. Who are you with now if you don`t mind me asking?
FXDD Malta
Thanks!..I just contacted them and they do accept BC residents, and they have MT4, and micro accounts!! Said they’d expedite my application… and that our funds are segregated and they don’t invest outside like MF (so they say 
)
Sorry about your account… the first warning I can recall was from ZH on oct 26 after second quarter results
This is amusing. I applied for their trading internship at their prime brokerage and they never called me back. I’m pretty happy about that now 
I wonder how long it will take to get your money back…
Not sure about the Canadian system but apparently in the UK it can take almost a year. Pretty bad but at least the money isnt totally lost.
Wonder no more…got home today to find a cheque in the mail for 100% of my account balance
Ironic part is, the cheque is in US Funds and, looking at the charts, the USDCAD exchange rate is falling back towards par now …arrrgh