tag:blogger.com,1999:blog-27784316.post6432664959627690334..comments2023-09-06T03:23:43.027-07:00Comments on I AM A FUTURES TRADER: Chris Johnstonhttp://www.blogger.com/profile/01542415946929766288noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-27784316.post-66459010606874877862012-08-07T07:15:26.980-07:002012-08-07T07:15:26.980-07:00You need to read further, SIPC specifically exclud...You need to read further, SIPC specifically excludes commodities accounts. The reason for that is commodities firms have segregated money whereas equities firms can use your money, or co-mingle it as they state. Make no mistake about it, if a large equities firm goes down and your money is in cash anything beyond 100k will be gone. POOF!<br /><br />Commodity firms are supposed to be the safest of them all because of the segregation dictated by law. We have certainly seen now with MF and PFG that is a crock!Chris Johnstonhttps://www.blogger.com/profile/01542415946929766288noreply@blogger.comtag:blogger.com,1999:blog-27784316.post-84474488665611745692012-08-07T04:11:35.933-07:002012-08-07T04:11:35.933-07:00Hi Chris, why werent you covered by SIPC - below i...Hi Chris, why werent you covered by SIPC - below is from my broker:<br />US Securities held are by the Clearing Agent who is a member of the Securities Investor Protection Corporation (SIPC).<br />This clause 53 applies to cash and securities held in US trading Accounts only.<br />Cash and securities held in your US trading Account are protected by SIPC up to $500,000 per customer, of which, a maximum of $100,000 can be un-invested cash. Assets held by other custodial institutions or you are not covered. The Clearing Agent maintains an additional $10 million in excess of the SIPC insurance coverage through a private insurer which may apply. Further details are available on its website. Assets held by other custodial institutions or by you are not covered.<br />SIPC coverage and the additional coverage are provided to afford certain protections against loss to customers resulting from broker-dealer failure. The US trading Account protection applies when SIPC member firms fail financially and are unable to meet obligations to securities customers. It neither protects against losses from the rise and fall in the market value of investment(s) nor is it a guarantee against the bankruptcy or default of the issuer of an investment security purchased by a customer.monohttps://www.blogger.com/profile/04791081699355815533noreply@blogger.comtag:blogger.com,1999:blog-27784316.post-36871953358712887752012-08-06T06:45:50.937-07:002012-08-06T06:45:50.937-07:00Ratings services and financial statementsRatings services and financial statementsChris Johnstonhttps://www.blogger.com/profile/01542415946929766288noreply@blogger.comtag:blogger.com,1999:blog-27784316.post-90550630336444505612012-08-06T05:05:36.358-07:002012-08-06T05:05:36.358-07:00Chris
Thanks for the update and how does one deter...Chris<br />Thanks for the update and how does one determine if an FCM has large amounts of Free Cash?<br />Don in VirginiaAnonymousnoreply@blogger.com