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Security and Due Diligence

This category contains 3 posts

Your specific counterparty risk is pretty much a crapshoot

With the latest debacle of Peregrine Financial Group Inc. CEO, Russell R. Wasendorf, Sr., misappropriating client funds, of which at least $200 million is currently unaccounted for, one has to really ask just how do you measure specific counterparty risk? Note that Peregrine Financial Group Inc., better known as its online moniker, PFGBEST, was a … Continue reading

Corruption of Libor, pffft.. What? I need to pay $1,000 more a month?

This article by Reuters via CNBC, ‘Done… For You Big Boy’ – How Emails Nailed Barclays, blows open how partial the process is for a bank to influence the London Interbank Offered Rate. To summarise, in-house AND external traders, through direct contact with Barclay’s Libor submitters, influenced them to set rates at requested levels. From BBA Libor – The … Continue reading

CFTC and Segregated Accounts

In a recent CFTC press release dated 2012-01-05, FXOpen Investments Inc. has been fined $120,000 for basically soliciting US clients and operating as a Retail Foreign Exchange Dealer (“RFED”) between 2010-10-18 and 2011-01-26, without being registered with the CFTC. Link here. Apart from how the civil penalty is going to be enforced on a foreign … Continue reading

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