Quote Originally Posted by AMR View Post
Hi has anyone tried KVB Kunlun here in Auckland? How are their fills and order placements? I'm interested in them solely for Index CFDs and commodity CFDs as they have Metatrader 4. Prices seem slightly higher than CMC though but after working with MT4 I can't go back to marketmaker. Not to mention they also have the Yuan.
I have no personal knowledge of KVB but they were mentioned by Xerof here...............

Quote Originally Posted by Xerof View Post
The only Company I am aware of that offers a managed FX product that is based here in New Zealand is NZ Currency Concepts http://www.nzcurrencyconcepts.co.nz/

Of course there are any number of sites that allow you to 'do it yourself' but it seems that is not what you are looking for.

I haven't heard of Aaron Brett, or the Companies you mentioned, so can't assist any further. Sounds like they may have "gone to ground" or been closed down (by the Securities Commission?). I have noticed the flurry of advertisements that used to be on talkback radio stations on FX trading have disappeared.

Please be aware that before investing in any 'managed FX fund', you should ask for a prospectus and investment statement, or ask to see evidence that they are an 'authorised futures dealer' gazetted by the Securities Commission (Authorised dealers are not required to issue prospectus/investment statements)

The regulations surrounding margin trading in FX contracts on behalf of clients is currently under review by the Securities Commission, as its a relatively new product and the current legislation is somewhat unclear and inappropriate in respect of FX margin trading. I do know, (from asking) that they currently consider FX margin trades to be 'futures contracts' (basically because there is no other category to put them under), and that the Securities Markets Act 1988, the Securities Act (Authorised Future Contract) Exemption Notice 2002, and the Futures Industry (Client Funds) Regulation 1990 are relevant and must be adhered to by authorised dealers.

'Unauthorised' dealers would be required to issue prospectus' and investment statements I would imagine, but I am not aware of any out there in the market at this stage. It would be extremely difficult to get a prospectus approved IMO, as this area of the investment market is extremely high risk/high return with excellent potential to be a complete disaster if not handled properly.

There are two recent additions to the list of 'authorised futures dealers' - KVB Kunlun NZ Ltd, and Intercontinental Financial Services Corp Ltd, but I don't know what products they are offering and would imagine its probably not FX

I am currently applying for authorised futures dealer status, but, at least for the immediate future, will be operating a 'closed fund' for a small group of habitual investors personally known to me.

Anyway, hope this assists you Alpine


Xerof