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  1. #51
    action-reaction arco's Avatar
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    ANZ Bank's claim over a portfolio of $650 million shares seized from the collapsed Opes Prime Stockbroking could be threatened by revelations from archived websites that clients were the beneficial owner of shares in Opes Prime and that ANZ was merely the custodian.

    http://www.theaustralian.news.com.au...79-643,00.html
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  2. #52
    action-reaction arco's Avatar
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    -The following firms are no longer functioning as independent registered forex dealers.

    1. United Global Markets (Died May 2007. Cause: Undercapitalization)
    2. Forward Forex (Died June 2007. Cause: Busted for Fraud)
    3. Worldwide Forex (Died June 2007. Cause: Busted for Fraud)
    4. Cal Financial Corporation (Died March 2007. Cause: Undercapitalization)
    5. Nations LLC (Died July 2007. Cause: Undercapitalization)
    6. FX Option1 Inc (Died June 2007. Cause: Busted for Fraud)
    7. Trend Commodities (Died June 2007. Cause: Undercapitalization)
    8. Performance Capital (Died June 2007. Cause: Buyout)
    9. FiniFX (Died July 2007. Cause: Undercapitalization)
    10. CFG Forex (Died February 2007. Cause: Undercapitalization)
    11. Tradex Swiss AG (Died August 2007. Cause: Busted for Fraud)
    12. Spencer Financial (Died June 2007. Cause: Undercapitalization)
    13. One World Capital (Died November 2007. Cause: Undercapitalization)
    14. ANTC (Died August 2007. Cause: Buyout)
    15. Royal Forex (Died August 2007. Cause: Buyout)
    16. Northfinance (Died May 2008. Cause: Buyout)
    17. VelocityFX (Died December 2007. Cause: Undercapitalization)
    18. Direct Forex (Died December 2007. Cause: Buyout)
    19. E-FX (Died November 2007. Cause: Undercapitalization)
    20. Solid Gold (Died December 2007. Cause: Undercapitalization)
    21. FXLQ (Died December 2007. Cause: Busted for Fraud)
    22. SNC Investments (Died December 2007. Cause: Undercapitalization)
    23. WestCap FX (Died April 2008. Cause: Autopsy not Complete)
    24. AleccohFX (Died February 2008. Cause: Busted for Fraud)
    25. Finex (Died sometime in 2007. Cause: Busted for Fraud)

    http://www.trade2win.com/boards/fore...alking-19.html
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  3. #53
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    Has anyone been with Latitude FX? They are based in New Zealand, so I'm wondering if they're safer than an overseas broker. And their spreads are dam good.
    Disclaimer: Do not take my posts seriously. They are only opinions.

    AMR has sold all shares and is pursuing property.

  4. #54
    action-reaction arco's Avatar
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    Default Most Opes clients continue to go backwards

    • Leonie Wood
    • August 19, 2008


    FIVE months after Opes Prime Stockbroking collapsed owing share investors about $520 million, the vast majority of its clients appear to be worse off.
    Calculations handed to the Federal Court yesterday show that of 464 client portfolios analysed by Opes Prime's administrators in recent days, about 70% have dropped in value since March 27, when the company sank into administration.
    The clients' positions have deteriorated because shares they deposited with Opes Prime — in most cases, as collateral for loans to buy more shares — have continued to slide.
    The clients remain exposed to share price fluctuations even though most of the shares, valued at $1.6 billion, were seized and sold by Opes Prime's financiers, ANZ and Merrill Lynch, which exercised their rights under share-lending contracts with Opes.
    One client who was owed $24.7 million at March is entitled to claim only $2.4 million, based on share prices measured on August 16, because the shares underpinning that person's portfolio had plunged.
    Another client owed $1 million in March has been flipped into the role of debtor and now owes Opes $174,546.
    Others have swung from being net debtors to net creditors and back to debtors, while about 100 are entitled to claim more from Opes Prime than when the debacle began.
    Only a few dozen Opes Prime clients have issued the firm with a notice of default, an event that freezes the value of their debt.
    Opes Prime's administrators, John Lindholm and Adrian Brown of Ferrier Hodgson, yesterday asked Justice Ray Finkelstein to determine exactly which day they should draw a line through Opes' books to determine how much is owed.
    It is a crucial question because the value of a creditor's vote at a meeting is directly proportional to the amount he or she is owed. When creditors meet again, most likely late next month, the administrators are expected to ask for the company to be liquidated.
    Under the Corporations Act, the value of debts is determined the minute an administrator is appointed, but the Payments Systems and Netting Act of 1998, which covers the settlement of transactions in financial markets, appears to override the Corporations Act.
    The Netting Act refers creditors and debtors back to their contracts to identify certain issues such as events of default or rule-off dates. In an earlier judgement this year, Justice Finkelstein ruled that, for the purposes of interpreting Opes' contracts, the appointment of an administrator was not the same as appointing a liquidator.
    But counsel representing the administrators, ANZ and two sets of Opes creditors all argued yesterday that Opes' date of administration, March 27, should be the rule-off date — not a future date when a liquidator takes over.
    They are concerned that if the default date is when Opes goes into liquidation, there is a big risk that investors might try to manipulate share prices to boost their vote in a creditors meeting.



    http://business.theage.com.au/busine...0818-3xpj.html
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  5. #55
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    How do these spreads look? My broker upped the spreads today.

    usd/jpy 1
    eur/usd 2
    aud/gbp 3
    aud/usd 3
    eur/chf 3
    eur/gbp 3
    eur/jpy 3
    nzd/usd 3
    aud/eur 4
    gbp/usd 4
    usd/cad 4
    usd/chf 4
    aud/jpy 5
    cad/jpy 5
    nzd/eur 5
    nzd/gbp 5
    aud/chf 6
    chf/jpy 6
    nzd/jpy 6
    aud/cad 7
    nzd/cad 7
    nzd/chf 7
    gbp/jpy 8
    zar/jpy 8
    aud/nzd 9
    eur/cad 9
    gbp/chf 9
    gbp/cad 10
    usd/hkd 10
    cad/hkd 25
    chf/hkd 25
    nzd/hkd 30
    gbp/hkd 70
    nzd/zar 200
    usd/zar 250
    gbp/zar 400
    Last edited by AMR; 28-08-2008 at 03:01 PM.
    Disclaimer: Do not take my posts seriously. They are only opinions.

    AMR has sold all shares and is pursuing property.

  6. #56
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    thats quite good for the USDJPY @1 pip but the others are average to poor. EurGbp and EurChf are a bit high at 3. Eur$ is ok at 2 but Oanda is only 1 during main mkt times. Oanda's spreads fluctuate tho and will be larger than those you quoted in off peak times.
    For clarity, nothing I say is advice....

  7. #57
    action-reaction arco's Avatar
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    Default Saxo & CMC

    Lot of news in retail forex the past few weeks. In the U.S. both CMC and Bacera are closing their doors. And in Europe mega forex broker Saxo Bank has run into some serious trouble.

    Saxo is one of the largest firms in the currency trading world. Over the summer they spent millions of dollars sponsoring the eventual winner of the Tour De France. It now appears in hindsight that this money was woefully squandered. News reports out of Denmark are saying that Saxo has had to make hundreds of employees redundant amidst the global financial meltdown. Saxo has not come forward with details but it appears the situation is quite serious:
    Saxo Bank foran stor fyringsrunde

    To make matters worse they have had to suspend a senior manager who was the prior head of Swiss broker Synthesis Bank.

    The Copenhagen Post
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  8. #58
    action-reaction arco's Avatar
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    Some info from Forex Scholar....................

    Last week Bacera officially closed their U.S. office and are no longer servicing U.S. customers. It was always a long shot that they would be able to meet the increased capital requirement to $20 million so this closure comes as no surprise.

    But they still plan on doing business outside the NFA’s purview and are accepting customers from outside the United States. Bacera has several offices in China and most of their customers are Chinese. Will this become a trend with firms that can’t meet the upcoming adjusted net capital increase?

    Here are the remaining firms that are still reporting Adjusted Net Capital below $10 million. If these firms are unable to increase their adjusted net capital to $10 million by the end of the month they too will have to close up shop in the U.S. Most of them should be able to do so as some, like HotSpot, have huge parent companies with ample financial reserves. But others like MG and Forex Club are in a very tough position.

    Financial Data for FCMs

    MG Financial $5,545,000
    Forex Club $6,709,000
    Advanced Markets $6,874,000
    Hotspot $7,573,000
    Ikon $8,088,000
    Friedberg Mercantile $8,176,000
    ACM $8,395,000
    Easy Forex $9,630,000

    http://www.cftc.gov/stellent/groups/...cmdata0708.pdf
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  9. #59
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    Default Tricom lives.........for now

    As an interesting diversion, the greatest mystery in modern-day Australian banking remains unsolved. That is the relationship between stockbroker Tricom, Babcock & Brown and ANZ.

    You have to hand it to Tricom chief Lance Rosenberg, whose survival efforts make Lazarus look like a quitter. But why is it that - and ANZ still had nothing to say on this matter yesterday, having claimed to have cleaned up its stock lending mess last month - Tricom is still alive?

    Tricom had assisted B&B in numerous ways during the halcyon days, including providing B&B executives and staff margin loans against their various B&B stable holdings.

    It also provided substantial assistance to B&B in its takeover of Alinta by offering clients margin loans (believed to be non-recourse) on their Alinta stock provided they accepted the B&B terms.

    These terms are part of the reason that Tricom margin lending ended up with so much of the B&B satellites in the margin lending account

    While B&B flirts with death, ANZ has apparently funded former executive and head of B&B Capital, Rob Topfer, into a recapitalisation of Tricom. The irony is that B&B had closed down its corporate finance business as part of its recent restructuring but now appears to have set up Tricom as a corporate finance shop, thanks to Topfer and ANZ.

    It seems B&B, Babcock Communities and Babcock Capital may pay Tricom to unwind the Babcock deals for which Topfer was originally responsible. Why didn't they just keep him on?

    Will there be a fee rebate for savaged shareholders of B&B, BCM and BBC for unwinding these deals?

    Nice work by Rosenberg and Topfer. There is still $80 million in the Tricom margin lending book that needs to be unwound.

    But the big question remains, what is ANZ hiding? Does it relate to the failure to deliver Allco stock in January when Tricom blew up? The claw-back of stock from the dying Opes Prime perhaps? A deal arising from the shift of part of Tricom's loan book to Opes in February?

    Who knows, apart from Rosenberg and ANZ? Still, Lehman might be gone but Tricom still lives!

    http://business.smh.com.au/business/...0917-4ijg.html
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  10. #60
    action-reaction arco's Avatar
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    Default Due out at age 75

    Former Refco CEO gets 16-year prison term


    Reuters — Phillip Bennett, the former chief executive of Refco Inc., was sentenced to 16 years in prison on Thursday for fleecing investors of more than $2.4 billion in a fraud that destroyed the world's largest independent commodities broker.
    The sentence marks the latest chapter in the decline and fall of Phillip Bennett, 59, who built Refco into a global commodities trading empire only to see it unravel in 2005 after the company disclosed an accounting deception.


    http://www.chicagobusiness.com/cgi-b...30078&seenIt=1
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