Dear all,
I am sorry for the lack of posting but being a full time currency trader, I still have to somehow keep on trading for a living. Today for me has been a day of setting up my accounts and funding them in the most conservative way I can.
I have however studied the Accounts and would like to discuss the topics from tomorrow. Please could you email me any topics you would like to discuss so I can review them and post them ASAP.As this blog belongs to all of us.
Where do we go from here, two weeks out of the 10 weeks complete and we are still awaiting any kind of communication from Kpmg regarding claim forms..June seems like a long way away.
For those day traders who trade for a living I understand how hard it is, as for us every day is a step forward for making our wage for the end of the month.
Current curiosities:
A) We need to find out why the FSA did not notice the imbalance in the accounts when the tally is suppose to be sent to the FSA everyday by spread betting firms.
I will try and publish the end to end process that SB firms are supposed to carry out.
B) How did Lindsay Mckneile\Dominic Bacon find out that there was a missing balances of 13 million in one day? Yet FSA/ Ernst & Young or the Directors not even notice anything different.
I am also trying to answer the emails as quickly as I can please bear with me.
Kind regards
Thanks for all your support
Rav
Morning Rav,
ReplyDeleteBeen away for a couple of days hence lack of recent input on my part. Just caught up on the posts and had a read through of the company accounts.
Personally I feel that we need to establish a number of fairly important facts in order to bring structure to what we are doing here as a group.
Firstly, we need to find out with 100% certainty what the FSA's Client Money Rules set out with regard to the use, by the company, of client money as margin with its own counterparties. Is there a potential grey area here? For example, when a client has an open position, is the firm allowed to take a deposit for that position from a clients segregated account? Likewise, is the firm allowed to deduct variation margin (ie the current loss or profit on the position) even though a position remains open?
Secondly, what day to day processes do (should) the compliance department perform in order to ensure that Client Money Rules are being followed? Do the FSA externally monitor this aspect or is it supposed to be 'self regulating'?
Thirdly, is the 'client segregated account' a real bank account or is it merely a hypothetical account created for compliance purposes. If it is real then how often (intra-day / daily / weekly / monthly) are actual funds moved between the firm's own account and the segregated account?
Fourthly, has this potential fraud actually been 'officially' reported to the City Of London Police yet? If not then I feel we should proceed ourselves and officially report it - in theory the police would have to treat a report from us in just the same way as a report from the FSA. They'd be forced to respond which might give us a further clue as to the stage which any current investigation might be at.