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Worried
Singapore investors descend on MF Global office 6.28 pm BUSINESS TIMES
November 2, 2011, 6.28 pm (Singapore time)
Worried Singapore
investors descend on MF Global office
SINGAPORE - Retail
investors in Singapore
trying to salvage their doomed investments from the local MF Global office were
left frustrated and empty-handed on
Wednesday after they were told their trading positions were closed and their
funds were frozen.
Dozens of worried local
investors lined up at the MF Global office throughout the day seeking to recoup
their money, but all they received was a form to complete after being told no money would be disbursed until
liquidators wound down the bankrupt US brokerage.
'Of course I'm afraid I
may not get back anything, that is why I am here,' said Andre Chia, a
32-year-old pilot. 'I'm waiting for the liquidation, MAS (Monetary Authority of
Singapore), maybe I'll end up at the Speakers' Corner,' he added, referring to
the only place in Singapore where protesters can gather without a permit.
In the wake of the
collapse of Lehman Brothers in 2008, hundred of Singaporeans gathered at
Speakers' Corner to protest their losses from mini-bonds linked to the failed US bank.
Liquidators from KPMG have
assured MF Global customers in Singapore
that they are working to ensure all money in client accounts is returned to
them.
However several investors vented their anger that they
were closed out of trading positions at a loss, with no option to wait for the
market to turn.
'I feel uneasy, I don't
know how much I will lose. If I have to cut losses, I have to know how much I
will lose,' said 57-year-old John Wong, who had invested around S$8,000
(US$6,259) with the brokerage.
Around 20 investors went
to the office on Wednesday afternoon, while local media reported that at least
60 people converged on the premises that morning.
But the concerns were not
confined just to MF Global clients in Singapore, where retail investing
is hugely popular. Several other brokerages in the city-state used the US firm as a
counterparty to their contract-for-difference (CFD) products, a popular retail
investment product.
AMFraser said on its web
site that from Nov 1, MF Global stopped all trading in CFDs.
'As such, we have no
market access and clients will not be able to close out CFD positions for the
time being,' it wrote in a note to clients.
Brokers Kim Eng and CIMB
also had to freeze access to their CFD products, although Kim Eng said on its
web site on Wednesday that it had restored limited access to allow positions to
be unwound while CIMB told clients to contact them.
The Monetary Authority of
Singapore said in a statement released on Tuesday that it will work with MF
Global Singapore and the liquidators to achieve an 'equitable treatment of all
stakeholders.' -- REUTERS
I was there but what can I do...
All my shorts in CFDs is freeze. If price shoot up, I will be losing money.
Juzztrade ( Date: 02-Nov-2011 11:36) Posted:
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MF Global collapse haunts Indian investors too
MUMBAI (Commodity Online): With bank accounts of MF Global frozen, many traders still are concerned with the safety of their margin accounts. And Indians are not only involved, they will have a much tougher time since they can't go to the law, Why? Many accounts are strictly speaking not “legal”
RBI has strictly mentioned that the $200,000 allowed to be invested abroad shall not be used for margin trading, though trading at an asset's full value is allowed. This measure was taken after the RBI noticed that traders who trade in futures, after suffering losses, will have to fund their margin money over the limit.
So how do the investors go around the rule? Answer: through their NRI friends or relatives. As per unofficial estimates, Indian investors have over $100 million in MF Global accounts but since Friday, MF Global's bank accounts have been frozen by the US regulators. Many are not only unable to access or withdraw their margin money, traders can't even square off their existing positions.
As of August 31, MF Global held almost $7.2 billion in segregated accounts. " This is the first time in history that segregated funds have been frozen. We're just like everyone else, scrambling to make sure we're first in line to get our money”, Wall Street Journal quoted a broker
So unless the US law takes its course and resolve the $700 million “missing” from the books of MF Global, Indian traders will have a hard time sleeping.
(Reuters) - MF Global Holdings Ltd failed to protect customer accounts by keeping them separate from its own funds, said a top U.S. exchange regulator.....
MF Global cannot account for a large amount of customer money that was supposed to be kept separate from other funds, sources said, and regulators are scrambling to review the broker's accounts. The cause of the shortfall -- including whether the company pilfered client funds or merely cannot account for the money -- was not clear.
The Federal Bureau of Investigation is showing preliminary interest in regulatory probes, a person briefed on the matter said.MF Global did not keep customer accounts separate from the firm's funds.....//
Put it simply, the company boss/management take clients' money to go and gamble/bet BIG BIG time in risky asset ...
Really, financial crisis and bankruptcy, one after one after one another ever since because of Osama, or was it because of Obama? LOL??
I think all missing money is by hacking into bank/financial system by electronics and computer scientists of a middle east country. Be careful they using all pilfered money to build or steal technologies and create nuclear bombs capabilities. USA and western nations better be on guard. Your money vaults are all being emptied with your gold bullion taken. This secret country when they know they are too rich and powerful will aspire to rule the world soon. Hahaha, but be serious and think about it. The end of the world might be because of this one.
louis001 ( Date: 02-Nov-2011 10:08) Posted:
stay cool, it's not a big bank or MNCs, it's just a brokering house, multi-millions of dollars of client's money missing worldwide...
the one who is affected are it's clients ....
NY market already factored in the news...stay cool....
seanpent ( Date: 02-Nov-2011 09:56) Posted:
Not sure if market has yet to factor in MF Global collapse ?
Any impact on those companies having dealings with MF Global ?
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it's one of the big brokering houses.. but again the prob tat we are facing is still euro debt crisis.. which will affect all the big banks
louis001 ( Date: 02-Nov-2011 10:08) Posted:
stay cool, it's not a big bank or MNCs, it's just a brokering house, multi-millions of dollars of client's money missing worldwide...
the one who is affected are it's clients ....
NY market already factored in the news...stay cool....
seanpent ( Date: 02-Nov-2011 09:56) Posted:
Not sure if market has yet to factor in MF Global collapse ?
Any impact on those companies having dealings with MF Global ?
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stay cool, it's not a big bank or MNCs, it's just a brokering house, multi-millions of dollars of client's money missing worldwide...the one who is affected are it's clients ....NY market already factored in the news...stay cool....seanpent ( Date: 02-Nov-2011 09:56) Posted:
Not sure if market has yet to factor in MF Global collapse ?
Any impact on those companies having dealings with MF Global ?
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Not sure if market has yet to factor in MF Global collapse ?
Any impact on those companies having dealings with MF Global ?
I think the PM is trying to allow market to find its own level. Many people are still shorted and would die if the market continue to go up. But of there are lots who will also die in a super heavy market fall. Stock markets are always dangerous to invest indiscriminately.
What do you think of their ethics? His wife and relatives are shorting the market...once they closed their short position he will announce that the referendum gets 70 vs 30 approval,,,,Viola!! market shoot up again,,
teeth53 ( Date: 02-Nov-2011 08:37) Posted:
Tis Greece PM even more garang then both of them. playing fire with fire.
He is not a crisis leader intime of need. He should hav call for a crisis meet - close door.
teeth53 ( Date: 01-Nov-2011 16:06) Posted:
| Isit comparble to Madoff and or Lehman..?. think both and many others those out there to cheat..SAD :(( |
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He wanted to cut all Greece into pieces, execept himself.
He must hav shorted very heavily in stk, bond and in any amount, in all kind of money equity.
Now collecting and harvesting what it at stake. teeth53 ( Date: 02-Nov-2011 08:37) Posted:
Tis Greece PM even more garang then both of them. playing fire with fire.
He is not a crisis leader intime of need. He should hav call for a crisis meet - close door.
teeth53 ( Date: 01-Nov-2011 16:06) Posted:
| Isit comparble to Madoff and or Lehman..?. think both and many others those out there to cheat..SAD :(( |
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Tis Greece PM even more garang then both of them. playing fire with fire.
He is not a crisis leader intime of need. He should hav call for a crisis meet - close door.
teeth53 ( Date: 01-Nov-2011 16:06) Posted:
| Isit comparble to Madoff and or Lehman..?. think both and many others those out there to cheat..SAD :(( |
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MF Global did not separate customer accounts
01 Nov 2011 21:07
CHICAGO - MF Global Holdings Ltd, the futures broker that filed
for bankruptcy protection on Monday, did not separate its customers'
accounts from the firm's funds as required by law, its main exchange
regulator said on Tuesday.
'CME has determined MF Global is not
in compliance with Commodity Futures Trading Commission and CME customer
segregation requirements,' CME Group Inc Chief Executive Craig Donohue
said.
Futures brokers must keep customer accounts separate from each other and from the firm's own money.
Mr Donohue said CME is looking into exactly what happened at MF Global. -- REUTERS
01 Nov 2011 MF Global Singapore Pte Ltd (“MF Global”) has informed Singapore Exchange Limited (“SGX”) that it has appointed provisional liquidators from KPMG to oversee the winding down of the company, The appointment does not affect the transfer of customers’ derivatives positions on SGX from MF Global to other clearing members. SGX will continue to facilitate the orderly transfer of positions. Derivatives customers who wish to transfer their positions from MF Global to other clearing members should contact MF Global to do so. Alternatively, the derivatives customers may choose to liquidate their positions directly with MF Global. MF Global is currently meeting their financial obligations to the SGX’s derivatives clearing house.
In fact, CNBC was reporting this MF got problem a few day back, it share fall 50% within one day.
And because my friend is T3B student , they got acc with MF, they told me MF is good because it is direct market access, luckily i already have CFD with other security and was doing ok, so i did not bother to find out from MF, otherwise today also panic, dont know what will happen to my trade.
But i think your fund shd be safe. Was told by my friend that the money in the client trading acc is a fence fund, not link to the company. so should be safe. But your trade, i dont know, find out fast.
august ( Date: 01-Nov-2011 16:32) Posted:
ting ting ting..too late..shipped sailed... mfg not answering any calls,.. i cannot get into my platform...my request for account cancelation also no reply...
now only waiting MAS to say something... alittle mute now |
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ting ting ting..too late..shipped sailed... mfg not answering any calls,.. i cannot get into my platform...my request for account cancelation also no reply...
now only waiting MAS to say something... alittle mute now
Good piece of advice here...
I will do that, first thing tomorrow morning.
Cheers!
victortan ( Date: 01-Nov-2011 16:25) Posted:
Anyone here got CFD account with MF. better withdraw your money fast.
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Leveraging ??? 5 top financial inst. in US got some 200 T in derivative, you got to be real scare, if US dip into recession next year.
