Futures Brokers - Better?
Recently I was thinking about trading some futures, mini corn, wheat, etc, so I started checking some brokers.
The good point is that at least most of them will put my money into separate account, which seems fair.
Bad point: sometimes large commissions and trade size usually available to account over 10-20k at least (from MM point of view). For example: EUR mini-futures' tick size is USD6.50.
I was wondering if anyone here trades or has traded futures and through what brokers?
Since I don't have any signals subsription nor trading software besides MT4 and AccuCharts I also wonder if future brokers provide at least basic charts, where I can draw fibs, trendlines, moving averages, etc. I saw some charts - so useless, not even fibs available, which would make analysis next to impossible in my case.
So far I've found these:
http://www.saxobank.ch/en/products/f...ible_contracts
http://www.pfgbest.com/contact/
http://mbtrading.com/
All 3 offer forex as well.
Next one - I'm not sure if they're bucket shop or brokers.:confused:
http://www.orionbrokers.com/
Tricom a victim in Opes Prime saga
Clients of Opes take desperate measures
- Colin Kruger and Jacob Saulwick
THE FALLOUT from the collapse of Opes Prime continues to widen, with another embattled broker, Tricom, caught short as it tried to buy back a share portfolio from its failed rival.
Tricom claimed the deal went through late last night, but other sources disputed the transaction. It was not known what the implications were for the survival of Tricom if the deal failed.
Meanwhile, a group of Opes clients has begun legal action in the Federal Court to prevent the sale of their shares by ANZ. The group claimed they did not agree to hand over legal title of their shares to Opes's bankers.
It could be the only chance at a return for the Opes clients. A letter from Opes receivers yesterday appears to confirm that the broker's financing agreement transferred title to $1.15 billion worth of clients' shares to its banks, potentially leaving clients with next to nothing.
But as a series of counter-claims intensified last night, question marks remained over Opes's ties with Tricom, which also ran into trouble due to its aggressive margin loan financing services, and was also financed by ANZ Bank. After running into trouble earlier this year, Tricom handed over part of its securities loan book to Opes.
Tricom attempted to get the portfolio back soon after administrators and receivers were called in at Opes last week.
But the Australian Securities Exchange announced yesterday it had cancelled an "off-market special crossings" at Tricom's request. Tricom said it cancelled the transaction because it was unlikely the receiver would allow the trade to go through.
Late yesterday, Tricom claimed to have acquired the stock directly from Merrill Lynch and ANZ Bank.
Opes's receivers, Chris Campbell and Salvatore Algeri of Deloitte - appointed by ANZ - meanwhile informed Opes clients the situation regarding their accounts was "still unclear" and would take "some time to reconcile". The receivers were not in a position to advise on the likely return to creditors, they said.
The main purpose of this circular appears to be to explain to customers why they would never see their stock again.
"The net effect of these agreements appears to be as follows. Generally speaking, all securities lent to Opes are owned by the [banks] by virtue of Opes defaulting on its agreement with the banks," the statement said.
The two banks expect little will be left of the $1.15 billion share portfolio once their loans are recovered. ANZ will rank as a priority creditor for a $100 million loan made to Opes just before Easter.
Mr Algeri said he had told the two banks selling the stock they should be doing all they could to maximise the price received.
He said one of the companies in the Opes Group, Hawkswood Investments, held commercial and residential property assets, plus investments in listed companies.
But a group of Opes clients were taking a more direct route to ensure they got a return. In an affidavit lodged with the Federal Courts in Victoria yesterday, CMG Equity claims that, under the agreements between its clients and Opes subsidiary Opes Prime Securities, they did not hand over legal title to their shares.
The affidavit says the agreements with customers meant they "retain beneficial and economic ownership of the lent stock".
The affidavit cites email correspondence from Opes Prime as late as January this year saying: "All client holdings offered as collateral are held by our custodian ANZ Nominees Ltd."
http://business.smh.com.au/clients-o...401-2301.html#
ASX warns shareholders to check fine print
The Australian Securities Exchange (ASX) has advised shareholders who engage in margin lending to check the fine print of their agreement in the wake of the collapse of Tricom and Opes Prime.
"It is always sensible to be informed. Ensuring investors make informed decisions is highly desirable," ASX spokesman Matthew Gibbs told Business Spectator.
Mr Gibbs said he was unaware whether any other broker currently has an arrangement with clients similar to that used by Opes and Tricom, involving the full transfer of share ownership to the broker.
"The ASX does not supervise margin lender or stock lending activities. Margin stock lending agreements are between brokers, financiers and the client."
"These deals are not part of ASX's jurisdiction – this is a largely commercial agreement."
He added that ASX only supervises brokers "in relation to the market", in accordance with legislation governing its operations.
Although margin lending agreements may have some indirect effects on trading, this did not apply to the agreement's terms, Mr Gibbs said.
http://www.businessspectator.com.au/bs.nsf/Article/ASX-warns-shareholders-to-check-fine-print-DC8KZ?OpenDocument
Third margin broker close to edge
A THIRD stock broking and margin lending group, Chimaera, is sailing close to collapse, having entered rescue talks with its financial backers about loans worth at least $500 million.
The Melbourne-based group is understood to be working with its main banker ANZ in an effort to stave off administration.
One banking source said yesterday he believed Chimaera could have "difficulty settling some of their trades over the next few days".
ANZ last month took a $500million guarantee over assets when it provided Chimaera with additional funding.
Chimaera managing director Ian Pattison did not return calls from The Australian yesterday.
Chimaera operates a similar model to those used by collapsed groups Opes Prime and Lift Capital as well as troubled Sydney broker Tricom, in which clients pledge their share portfolios as collateral for a margin loan.
Under the model, the shares are pooled by the lender as collateral for a bigger loan from banks.
In the case of an inability by the lending house to pay the bank back, the bank takes the entire share portfolio. In the case of Opes and Lift, this has led to a swift sell-down of the shares to pay back the loan, leaving margin lending clients with limited recourse as unsecured creditors.
Opes Prime administrators Ferrier Hodgson will issue a report to the company's creditors at the end of the week.
They are targeting an April 29 meeting to tip the group into liquidation.
Administrator John Lindholm said there had been no change on the view that creditors would get "up to" 30c in the dollar return.
"The sooner we can get Opes into liquidation the better, as we have stronger powers," Mr Lindholm said.
These powers include exploring preferential deals, such as those allegedly given to a number of favoured clients including Sydney lawyer Chris Murphy.
Opes finance chief Tony Iremonger did not return calls but Mr Lindholm said he was co-operating with the administrators and receivers and was not suspected of any wrongdoing.
The ANZ continued its Opes share sell-down yesterday and is now understood to have sold about 60 per cent of its $650million share portfolio.
ANZ has said it does not expect any material losses from its dealings with Opes or any other clients in the sector but has quadrupled its bad debt provision to almost $1 billion to weather the growing financial meltdown.
ANZ chief executive Mike Smith said yesterday he was spearheading an internal review into the bank's securities lending business, and its involvement in the collapse of Opes Prime.
http://www.theaustralian.news.com.au...35-643,00.html
Volatile market catches Tolhurst
ANOTHER stockbroker has been caught breaching capital liquidity requirements, because of increased market volatility.
http://business.smh.com.au/volatile-...0505-2b4m.html