US Residents Can't Trade Foreign Futures?!!
US Residents Can't Trade Foreign Futures?!!
I just got off the phone with Interactive Brokers (thinking about opening an account)...
I was asking about this document (http://individuals.interactivebrokers.c ... oducts.php) on their website that lists all the foreign index futures that the CFTC has approved for trading by US residents (Dodd-Frank, I'm guessing).
I asked "What about foreign commodity or non-index financial futures? You know ... London cocoa, Bunds, Tokyo gold, etc. Can I trade those?"
The guy says, "No, these index futures on the list are the only foreign futures you can trade."
Somebody please tell me this asshat doesn't know what he's talking about and ordinary, non-CTA US residents aren't barred from trading all the good foreign futures markets. I thought the regs only affected OTC cash forex and metals.
I was asking about this document (http://individuals.interactivebrokers.c ... oducts.php) on their website that lists all the foreign index futures that the CFTC has approved for trading by US residents (Dodd-Frank, I'm guessing).
I asked "What about foreign commodity or non-index financial futures? You know ... London cocoa, Bunds, Tokyo gold, etc. Can I trade those?"
The guy says, "No, these index futures on the list are the only foreign futures you can trade."
Somebody please tell me this asshat doesn't know what he's talking about and ordinary, non-CTA US residents aren't barred from trading all the good foreign futures markets. I thought the regs only affected OTC cash forex and metals.
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- Roundtable Knight
- Posts: 119
- Joined: Fri Apr 02, 2004 1:40 pm
- Location: Newport Beach, CA
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That may be the case with IB's product offerings, but that is not the case with the FCM's that we work with.
We can provide access to just about all global markets except Russia, India, and China. Korea is on hold at the moment with a couple other obscure ones since the MF Global bankruptcy, but we are working on gaining access now.
If you have any questions about specific markets feel free to contact me directly.
We can provide access to just about all global markets except Russia, India, and China. Korea is on hold at the moment with a couple other obscure ones since the MF Global bankruptcy, but we are working on gaining access now.
If you have any questions about specific markets feel free to contact me directly.
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- Roundtable Knight
- Posts: 126
- Joined: Mon Nov 07, 2005 3:39 am
- Location: Silicon Valley, CA
- Contact:
Call back IB since what they told you or how the question was asked and answered is not correct for what you are looking for.
That list is just for stock index based products which have always needed to be approved (no action letter) well before Dodd-Frank. Other products like Bunds are available to trade. Now being IB is 100% electronic there are certain markets that US people can trade but are not offered by them. One example is LME metals.
That list is just for stock index based products which have always needed to be approved (no action letter) well before Dodd-Frank. Other products like Bunds are available to trade. Now being IB is 100% electronic there are certain markets that US people can trade but are not offered by them. One example is LME metals.
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- Roundtable Knight
- Posts: 137
- Joined: Thu Sep 23, 2004 11:19 am
- Location: California
Irrespectfull of their wider coverage which is their strong point we would never deal through IB. We use CQG through Penson paying lower fees than offered by IB and with robust backup facilities. Alternatively you could go with ADM but their fees are significantly higher then what we pay. ADM on the other hand offers more markets.
In light of recent events you could opt for a combination of the same.
In light of recent events you could opt for a combination of the same.
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- Roundtable Knight
- Posts: 115
- Joined: Tue Nov 17, 2009 1:07 am
- Location: Central Pennsylvania
- Contact:
I trade quite a few atypical markets (IE Malaysian Palm Oil, Japanese Rubber, Kerosene) and I am currently executing at 5 FCMs, of which 4 have been just fine.rhc wrote: Can you list some alternatives?
1. RJO - Excellent (slightly irritated I can't place market on open orders, but service has gone beyond expectations IE called back on an order because they thought my contract month selection was based on volume and noticed I was not trading the most active month, and a few types of similar incidents, well staffed in the USA overnight hours, other good experiences with current staff) **this was not my opinion a few years ago, but they have since fixed MY problems anyway.
2. PFG - Excellent (Similar experience of service being beyond what I would expect IE noticed a customer had a different contract month in one trade than all the others, called to make sure I realized it) **Needs to have a better "give-up" policy for CTAs
3. ADM - Excellent (Have worked with them the longest on this list, no going beyond the call of duty service here, but perfectly acceptable)
4. Vision Financial Markets - OK (Clerks have been a little curt (possibly short staffed) and or inexperienced at times, and you need a CPA to understand their statements because of bizarre way they separate foreign trades into multiple statements, but trades and fills have been fine.)
5. Advantage Futures - NO (They do not trade Asian Markets) ** Very unfriendly environment for CTAs, seem to think they are doing you a favor by letting you trade with them!
Please could you tell us, if one of these brokers – or any other - can provide access to all the following exchanges:
WCE - Winnipeg Commodity Exchange
KCBT - Kansas City Board of Trade
MGE - Minneapolis Grain Exchange
SAFEX - South African Futures Exchange
MDEX - Bursa Malaysia Derivatives Berhad
TGE - Tokyo Grain Commodity Exchange
Thanks in advance for any recommendation
WCE - Winnipeg Commodity Exchange
KCBT - Kansas City Board of Trade
MGE - Minneapolis Grain Exchange
SAFEX - South African Futures Exchange
MDEX - Bursa Malaysia Derivatives Berhad
TGE - Tokyo Grain Commodity Exchange
Thanks in advance for any recommendation
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- Roundtable Knight
- Posts: 119
- Joined: Fri Apr 02, 2004 1:40 pm
- Location: Newport Beach, CA
- Contact:
We can provide access to all of these markets. Contact me with any questions or for more information. shane@wisdomfinancialinc.com.
Here´s a link with investimonials about Interactive Brokers for anyone interested...
http://investimonials.com/brokers/revie ... =6#reviews
Another thread:
http://www.bigmiketrading.com/brokers-d ... blems.html
http://investimonials.com/brokers/revie ... =6#reviews
Another thread:
http://www.bigmiketrading.com/brokers-d ... blems.html
According to Investment News, the 10 largest clearing firms ranked by broker-dealer clients are:
• Pershing LLC
• Penson Financial Services, Inc.
• National Financial Services LLC (a subsidiary of Fidelity Investments)
• Broadcort & Merrill Lynch Professional Clearing Corp. (Bank of America Merrill Lynch)
• J.P. Morgan Clearing Corp.
• Goldman Sachs Execution and Clearing LP
• RBC Correspondent Services
• Southwest Securities Inc.
• Wedbush Securities Inc.
• Sterne Agee Clearing Inc.
• Pershing LLC
• Penson Financial Services, Inc.
• National Financial Services LLC (a subsidiary of Fidelity Investments)
• Broadcort & Merrill Lynch Professional Clearing Corp. (Bank of America Merrill Lynch)
• J.P. Morgan Clearing Corp.
• Goldman Sachs Execution and Clearing LP
• RBC Correspondent Services
• Southwest Securities Inc.
• Wedbush Securities Inc.
• Sterne Agee Clearing Inc.