UE pronta a aceitar tarifa de 10% dos EUA mas quer exceções para certos setores

[Supermann]

Mas as alterações de margem a partir de dia "X" não deveriam ser alertadas pelo broker, no meu caso o banco BEST, com antecedência como sempre têm feito?

É que na minha plataforma aparece-me o GLD que tenho em carteira e o LOIL a valerem "0" (ficando a conta toda no vermelho) além da mensagem "Falha na assinatura do instrumento 'GLD:arcx' na conta 'XXXXX/XXXXXXXXX'. Razão: Não está autorizado a receber cotações neste instrumento" . Mesmo que tivesse de vender, venderia ao preço de mercado onde tenho mais-valias em ambos. Porquê aparecerem a valer zero e a conta total toda no vermelho? Alguém pode ajudar?

JCS

Esses instrumentos CFD's nada tem a ver com a CME. Só os futuros. As margens são diferentes são do proprio market maker. Portanto não te sei dizer o que poderá ser. É falares com o teu corretor.

[mundano]

Acho que vai muita confusão e especulação neste tópico.. Esta noticia explica melhor a situação:

http://www.nasdaq.com/aspx/stock-market ... -transfers

UPDATE: Ex-MF Global Clients Fear Margin Calls After Transfers


--Ex-customers of MF Global are gaining access to frozen accounts moved to new clearing house

--Some traders fear new margin calls after the move

--Not all money backing current market positions moved with accounts

(Updates second paragraph with new figures about the number of accounts that have been moved, additional details in seventh paragraph and trading-volume data in final paragraph.)

By Jerry A. DiColo and Dan Strumpf

Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--Some former customers of MF Global Inc. (MFGLQ) rushed Friday to sort through newly unfrozen funds--and awaited word on whether they will have to put up additional capital to back their market bets.

Friday, CME Group Inc. (CME) transferred about $1.45 billion in 15,000 customer accounts from MF Global's U.S. brokerage--roughly 30% of the 50,000 accounts to be moved--to new clearing firms. A group of 10 clearing firms received the bulk transfers throughout the day Friday and began contacting clients about the accounts.

For many of those new clients, the process was a nerve-wracking experience. Some said they were still unsure of when they would gain access to an active account, which is required to resume trading. Others who gained access rushed to sell some positions in order to meet what they expect will be margin calls due to bets that have turned against them over the past week.

For all open bets in the commodities markets, traders need to put up cash to back the position, known as posting margin. In order to keep holding those bets if the contract falls in value, traders are required to post additional cash with their clearing firm.

But confusion still reigns over much of the market and traders are unsure whether their new clearing firms will require them to post additional margins on their trades.

Most believe the situation will be settled over the next few days. Meanwhile, no reports have surfaced that clearing firms have set deadlines for increasing margins.

The bankruptcy trustee did not release enough of the funds to back all the open positions moved from MF Global accounts. The percentage of the margin backing those transferred positions has varied from one account to another, former customers say. As such, some clients may need to post additional funds simply to start trading with a new firm.

Anthony Beryl was one of the traders rushing to add additional funds to back market bets Friday out of fear of a margin call. The president of Beryl Investment Group in Palm Beach Gardens, Fla., had his MF Global account frozen Monday when the brokerage declared bankruptcy and had not been able to trade since.

Beryl said less than half of his 45 frozen MF Global accounts have been transferred to a new clearing firm, ADM Investor Services, a unit of Archer Daniels Midland Inc. (ADM).

Normally, he ensures that there is enough cash cushion in each account to cover margin requirements on all trades. But when the first batch of his accounts began moving, he found out that only a "very minimum margin" went with them.

Beryl, who has about $7 million under management, suffered because of the small amount of margin being transferred and being locked out from trading. Beryl liquidated certain profitable positions to raise cash to forstall a possible margin call.

"I've had to liquidate positions that I normally would have kept intact," he said. "I would not have liquidated them otherwise if enough margins had shifted over with their original positions."

He is liquidating the positions to avoid what he views as a worse scenario: having to approach his investors and ask them for additional cash.

A spokesman for the trustee overseeing the transfer of accounts said not all of the margin could be moved. He said some of the customers' cash is being held back because of a possible shortfall in MF Global's accounts.

Officials at CME and the Commodity Futures Trading Commission estimated that $ 600 million in customer money is missing from the failed brokerage.

Marc Nagel, Chief Operating Officer of Dorman Trading LLC--one of the firms receiving client accounts--said the funds he began receiving early Friday morning were "only a fraction" of the required collateral needed to back up the open positions.

"We're going to do a fine analysis to find out who's under and who's over," Nagel said.

To maintain any open positions, Nagel said new clients will have to bring their accounts up to the firm's standards for posting collateral backing those trades.

"As far as we were concerned, they were new customers. We know you have to get back to work. Fill out our paperwork, and give us some money," Nagel said.

Sean McGillivray, a vice president at Great Pacific Wealth Management, was embroiled in a similar process with his $5.5 million in MF Global accounts.

His clients' positions were sent to R.J. O'Brien and were received by the clearing firm midday Friday. Initially, he feared R.J. O'Brien would cash out those positions because of insufficient margin.

"Last night it sounded like we were going to get liquidated today, but now it sounds like we have some time," he said. After talking with R.J. O'Brien, he learned that the clearing firm would be sorting through the bulk transfer over the weekend and he would likely learn more Monday.

"From what we're being told, we're not going to be able to offset positions for at least a day," McGillivray said.

Meanwhile, Beryl said he is confident that all of the account holders with MF Global will be made whole eventually. For now, he feels the situation has been handled poorly, and remains in the dark about when the remainder of his cash with MF Global will be transferred.

"The trustee. The [bankruptcy] judge. I don't think they're really getting their arms around this whole situation," he said. "It's continually changing and no one really knows what the real story is."

The impact of MF Global's demise on the market also can be measured in the muted trading volumes, reflecting that some traders still can't trade and others may be cautious after the brokerage's demise. Friday, oil trading volume was about 30% below the 200-day moving average; trading volume in gold was down 25% and volume in copper was down 11% from its 200-day moving average.

-By Jerry A. DiColo and Dan Strumpf, Dow Jones Newswires; 212-416-2155; jerry.dicolo@dowjones.com

--Leslie Josephs contributed to this article.

[JCS]

Mas as alterações de margem a partir de dia "X" não deveriam ser alertadas pelo broker, no meu caso o banco BEST, com antecedência como sempre têm feito?

É que na minha plataforma aparece-me o GLD que tenho em carteira e o LOIL a valerem "0" (ficando a conta toda no vermelho) além da mensagem "Falha na assinatura do instrumento 'GLD:arcx' na conta 'XXXXX/XXXXXXXXX'. Razão: Não está autorizado a receber cotações neste instrumento" . Mesmo que tivesse de vender, venderia ao preço de mercado onde tenho mais-valias em ambos. Porquê aparecerem a valer zero e a conta total toda no vermelho? Alguém pode ajudar?

JCS

[Supermann]

nao me referia ao teu texto JCS ... mas sim ao anúncio da CME, que à primeira vista me pareça ser para todos os produtos CME e não vejo qualquer referência de ser apenas para os clientes da MF Global.

Pelo menos foi o que eu percebi...

[JCS]

Eu próprio vou ter que fechar praticamente todas as posições que detenho

Mas porquê? Fala-se nos clientes da MF Global (só se estou a perceber mal as coisas)...

No texto diz: "Up to 50,000 former customers of bankrupt broker MF Global must find some $1 billion in additional collateral "

JCS

[Supermann]

Isto não pode ser real ... isto a ser verdade e se percebi também como deve ser o announcement isto vai ser uma liquidação de contratos até mais não.

Eu próprio vou ter que fechar praticamente todas as posições que detenho

Mas que grande dor de cabeça...

Imaginem isto a nivel de hedge fund que tenham milhares de contratos num só mercado? Ter que vender tudo, independetemente da liquidez do mercado vai gerar muito slippage.

[JCS]

MF Global Clients Face Day of Reckoning as Margins Call
Published: Thursday, 3 Nov 2011 | 10:45


Call it the mother of all margin calls: Up to 50,000 former customers of bankrupt broker MF Global must find some $1 billion in additional collateral almost overnight, or be forced out of their trades.

Come Friday, with the mass transfer of commodity trading accounts from Jon Corzine's fallen firm to six of its erstwhile rivals, margin clerks will be wrapping up a reckoning of how much additional money is needed to cover millions of positions. Clients who can't quickly meet their margin will have to liquidate, making for a tumultuous day's trade.

A court order to move the trades late on Wednesday brought only marginal relief to clients who have been essentially frozen out of their funds and positions since Friday. While accounts will now be transferred more quickly, only 60 percent of the collateral will be moved to the new brokers.

That figure may yet fluctuate as brokers scramble on Thursday to work out the details, but the net result is still likely to mean that customers will be forced to post a hefty sum within a day or two. Many of MF Global's mainly small-scale clients may fail, triggering a mass liquidation of both short and long positions that may roil markets.

"I've got somewhere in the region of 8,000 positions. We can't afford to double margin those sorts of positions," said Tom Wacker, a proprietary gold futures trader in New York. "If we can't get our positions transferred they're going to be liquidated and we're going to lose a lot of money."

Eventually, in days or weeks, the remainder of the money should be returned. The $600 million that regulators say MF Global may have misappropriated from customers could remain outstanding, but that is less than a tenth of its funds.

In the meantime, however, brokers are unlikely to extend loans to new, unfamiliar customers to make up the margin gap — and in some cases may simply refuse to take them at all.

"We are going to require full margin on our accounts," says Sean O'Connor, chief executive of INTL FCStone [INTL 23.97 -0.92 (-3.7%) ], the second-smallest of the six futures commission merchants (FCMs)selected to take the accounts.

Frantic Traders

FC Stone processes "hundreds" of account transfers a month, but the speed and scale of this week's activity makes it an enormous challenge, he said. Transfers only began in earnest late on Wednesday, as overworked MF Global brokers were unable to keep pace with requests earlier in the week.

"The CME has said the way they would like to handle this is the accounts are moved or they liquidate it within five days, so this will be resolved by Monday," O'Connor told Reuters.

That means crunch time on Friday as the six firms — ABN Amro Chicago Clearing, ADM Investor Services, Dorman Trading, FCStone, R.J. O'Brien and Rosenthal Collins Group — calculate the margin required for traders to keep their trades open.

Some traders grew increasingly frantic, fearful of being forced out of positions if a broker won't take them on.

Stephen Harbeck, president of Securities Investor Protection Corp, a group that recovers assets from failed brokerage firms, told Reuters that they were having trouble finding brokers willing to take on the accounts.


"Risk managers out there are going to be as cautious as possible. Obviously with no money coming out of MF, positions are going to have to be liquidated just because there will be accounts that are carrying debit balances over," said Rob Kurzatkowski futures analyst with OptionsXpress in Chicago.

"I think we're going to see extremely volatile trading."

When Margins Call...

Margin works like this: an exchange requires that its members (clearing brokers like MF Global) place money on deposit when they take trades from customers. The clients post those funds to MF Global, which places them in a special segregated account that can be reviewed by the exchange.

When MF Global filed for bankruptcy on Monday, almost all that collateral was essentially frozen. Some customers were able to liquidate positions or transfer, but they were not able to get any funds out of the broker. And the remaining employees have been overwhelmed by customer demands.



"Like a lot of others, I'm depending on the media for what's going on," one MF Global broker told Reuters.

Wednesday's court proceeding would release some 60 percent of those funds and move the accounts to new brokers; with total funds are estimated at $2.5 billion, around $1 billion would remain at MF Global, according to the order. It was not clear which of the brokers would get the lion's share, although one industry source said R.J. O'Brien had led the effort, and as the largest of the bunch would likely get a large portion.

The overall amount of additional funds required isn't particularly large in the grand scale of things.

When exchanges raise minimum margins for a specific commodity, which they do routinely when prices are volatile, the market adjustment can be more significant. In September, a 21 percent hike in CME gold margins was equivalent to a call for $2 billion to top up escrow accounts to maintain all open positions, long and short.

While MF Global's funds represent only 4.3 percent of all segregated FCM accounts, the impact of the margin call could be much larger. Not only did the firm service a large share of smaller retail and day-traders who will be hard-pressed to come up with the additional capital, they also serviced some of the most active players: it was the No. 1 most active broker on the New York metals and energy markets, and No. 2 in Chicago.

The silver lining may be that commodity prices, as a whole, are broadly unchanged from where they were on Friday, when most of MF Global's positions were last fully margined. If prices had instead fallen, for instance, any clients holding long positions would have had a disproportionate need for collateral relative to short positions, fueling more selling than buying.

Not the First Time

The current process is similar to what occurred in 2005 to Refco, which had collapsed in a massive fraud scandal. Funds from segregated accounts were distributed out at 50 percent initially, followed quickly by two sets of 25 percent. In the end, all funds were returned to brokerage customers.

It was nearly nearly six years ago to the day that MF Global's former parent Man Financial paid $282 million to buy most of Refco, its fallen rival. Overnight, Man grew by more than half, becoming the fourth largest in the industry.

But its growth then stalled. As of this August, MF Global held $7.3 billion in its segregated accounts — compared to $7.2 billion in December 2005, a month after its deal, according to Commodity Futures Trading Commission data.

Even so, MF Global was nearly three times the size of the next-largest independent broker, and divvying up even a portion of those accounts could be a welcome windfall for brokers who have suffered doubly over the past decade — first through a wrenching shift to electronic trading and now years of depleted interest income due to near-zero rates.

However, shareholders in FCStone were not impressed. Its shares rose just 1 percent, pacing the overall market.

"Remember this isn't the first time we've had a transfer of funds from a failed broker," said Dennis Gartman, a veteran trader and commentator who also serves on the board of the Kansas City Board of Trade (KCBT).

"This is the first time we've had one this massive in size, this public in nature, and this egregious in terms of the man who was behind the losses. But what will happen is that they transfer with a portion of the collateral, and the rest will follow. They want to keep some capital on hand just in case."

Gartman said the KCBT wasn't anticipating particularly volatile trading on Friday, with MF Global's short and long positions in its mainstay wheat contract roughly balanced.

Copyright 2011 Thomson Reuters.

[Figueiraa1]

Alguém me explica por miúdos o que se passa com esta notícia?
O que diz a carta de tão importante assim para quem não esteja ligado à economia?

Obrigado.

Se percebi bem, significa que a partir de segunde feira não vai ser permitida alavancagem.

Que eu saiba nunca existiu nada igual desde que os mercados existem, seria o caos.

Abraço,

Figueira

[ninja1200]

Alguém me explica por miúdos o que se passa com esta notícia?
O que diz a carta de tão importante assim para quem não esteja ligado à economia?

Obrigado.

[artista1939]

Porreiro, pah!

[atomez]

Bem... isto parece mesmo o filme Margin Call

A ser assim os mercados vão colapsar em absoluto na 2ª feira.

[Josytoc]

Daqui parece concluir-se que quando as condições apertam os credores tornam-se bem mais cautelosos.
Não será isso?

[crust]

Boa Noite

Um puzzle para o fim de semana.

Vamos ter provavelmente uma nova "Lehman" para a semana, o CMEgoup.

Uma pequena nota em Fevereiro de 2010, a CME anunciou a compra de 90% dos indices do Dow Jones incluindo o Dow Jones Industrial Average.



http://www.cmegroup.com/tools-information/lookups/advisories/clearing/files/Chadv11-399.pdf





http://www.zerohedge.com/news/cme-goes- ... everything
Extracto:
"The most important news announcement of the day was not anything to came out of Cannes (as nothing did), nor from Greece (the merry go round farce there continues unabated). No, it was a brief paragraph distributed by the CME long after everyone had gone home, and was already on their 3rd drink. It is critical, because not only is this announcement a direct consequence of what happened with MF Global several days ago, but because also it confirms one of our biggest concerns: systemic liquidity is non-existanet. We confirmed interbank liquidity in Europe was at an all time low earlier today, and can only assume the same is true for US banks. But what is very disturbing is that this is just as true at the exchange level, where it appears the aftermath of the MF collapse is just now being felt. What exactly was the announcement. Unless we are completely reading it incorrectly, it is nothing short of a margin call for tens if not hundreds of billions worth of product. Because as of close of business on November 4, today, the CME just made the maintenance margin, traditionally about 26% lower than the initial margin for specs, equal. For everything. Which means that by close of business Monday, millions of options and futures holders will be forced to deposit billions in additional capital to the CME just so they are not found to be margin deficient, and thus receive a margin call. Naturally, since it is very unlikely that this incremental amount of liquidity can be easily procured in one business day, we anticipate the issuance of hundreds of thousands of margin calls Monday, followed by forced liquidations of margin accounts across America... and the world. Just like when Lehman blew up, it took 5 days for Money Markets to break. Is this unprecedented elimination in the distinction between initial and maintenance margin the post-MF equivalent of the first domino to fall this time around?"

Bom fim de semana.