| I didn’t like the ADM news where they had financial issues going on. So I called and liquidated my futures trading account with them. I used it for hedging grain only.
I knew they would have a speech ready for me when I called to liquidate and I told myself I would liquidate regardless of what they said.
They said a bunch of stuff and then sent the same stuff again in an email that I’ll post the main points of here:
They said ADM Investor Services (ADMIS) while a subsidiary of ADM is separately capitalized with its own capital base
Customer funds are segregated and can’t be commingled with either ADMIS or the parent company
Also stuff about balances held at clearing houses/major money center banks and the balances are reported to regulators every day and the amount of customer segregated funds are published daily and assets are regularly audited by regulators, public accountants and internal audit department.
It all sounds decent enough. Maybe my decision was rash but I have already gone through a different thing in the last year where I was unable to access a significant amount of cash and for all I know may eventually lose that cash. That other event was a private transaction but it was worth several normal years worth of income and I just didn’t want to add to it. Guess I’m gunshy. |