Posted by sschulman on 11th of Jul 2012 at 02:56 pm
I got this email dated 11 am this morning. It doesn't affect me
because my account was with Canadian branch. But it may cause some
weakness in the market in general over the next day or 2. Here's
cut-paste.
"Wednesday, July 11, 2012
PFGBEST's clearing FCM continues to liquidate open positions. We
are still processing for the trade date of Tuesday, July 10, and
will send July 10 statements out as soon as processing is complete.
"
Posted by parkridge77 on 11th of Jul 2012 at 03:18 pm
Susan- so PGFBest had a Canadian branch which bascially operated
independently from the entire PGFBest stateside operations,
including accounting? Is that correct?
Sounds odd to me, but if that's the case, then maybe
information on how the Canadian clients of MF Global fared could
shed some light for you. If they were made whole, then logically
you could expect the same.
I'm not sure exactly how independant the Cdn branch was. I
don't understand the anatomy of corporations or companies or
whatever they are. Even the guys in the Canadian PFG office are
all suddenly unemployed right now.
But yes the ordinary retail clients (like me) who had an account
with the Canadian branch - our money was kept separately in a
Canadian bank - even if our money was denominated in US funds, it
was still kept in a Canadian bank. When I asked PFG every month or
so to send me a cheque, the cheque was issued by a Canadian bank -
the Canadian Imperial Bank of Commerce.
It's not so odd. There are many US brokerages with Canadian
branches. Even the new brokerage RJ Obrien, where our accounts are
being transferred to, is a US company with an office in Toronto -
and the ARE covered by the CIPF (Canadian Investor Protection
Fund).
The rep I spoke to from RJ Obrien this morning told me that
they're experienced doing this sort of thing because they did it
for the MFGlobal-Canada clients.
.....Susan
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
may affect market temporarily
Posted by sschulman on 11th of Jul 2012 at 02:56 pm
I got this email dated 11 am this morning. It doesn't affect me because my account was with Canadian branch. But it may cause some weakness in the market in general over the next day or 2. Here's cut-paste.
"Wednesday, July 11, 2012
PFGBEST's clearing FCM continues to liquidate open positions. We are still processing for the trade date of Tuesday, July 10, and will send July 10 statements out as soon as processing is complete. "
.....Susan
Susan- so PGFBest had a
Posted by parkridge77 on 11th of Jul 2012 at 03:18 pm
Susan- so PGFBest had a Canadian branch which bascially operated independently from the entire PGFBest stateside operations, including accounting? Is that correct?
Sounds odd to me, but if that's the case, then maybe information on how the Canadian clients of MF Global fared could shed some light for you. If they were made whole, then logically you could expect the same.
Title: Canadian branches Hi Parkridge77 I'm not
Posted by sschulman on 11th of Jul 2012 at 04:13 pm
Hi Parkridge77
I'm not sure exactly how independant the Cdn branch was. I don't understand the anatomy of corporations or companies or whatever they are. Even the guys in the Canadian PFG office are all suddenly unemployed right now.
But yes the ordinary retail clients (like me) who had an account with the Canadian branch - our money was kept separately in a Canadian bank - even if our money was denominated in US funds, it was still kept in a Canadian bank. When I asked PFG every month or so to send me a cheque, the cheque was issued by a Canadian bank - the Canadian Imperial Bank of Commerce.
It's not so odd. There are many US brokerages with Canadian branches. Even the new brokerage RJ Obrien, where our accounts are being transferred to, is a US company with an office in Toronto - and the ARE covered by the CIPF (Canadian Investor Protection Fund).
The rep I spoke to from RJ Obrien this morning told me that they're experienced doing this sort of thing because they did it for the MFGlobal-Canada clients.
.....Susan