瑞富门事件(REFCO）4亿3000万美圆财务丑闻

bsw

又有希望了。

dengxianqi

RCM还有救吗？

lin

05.07.2006 22:31
GAIN Capital Group to Purchase Refco FX Customer Accounts

NEW YORK, July 5 /PRNewswire/ -- In a motion filed with the Bankruptcy Court on June 30, 2006, Refco Inc. (Nachrichten) (BULLETIN BOARD: RFXCQ) said it has proposed to enter an agreement with privately held GAIN Capital Group (GAIN), under which GAIN would acquire the Refco FXA (RFXA) retail customer account information and related assets. The proposed agreement provides RFXA customers with the potential to recover up to 100 percent of their RFXA account balances. The proposed agreement is reflected in a non-binding term sheet that is subject to documentation and Bankruptcy Court approval, among other conditions.

RFXA currently has approximately 15,000 retail foreign exchange (forex) trading accounts. Upon the closing date of the proposed transaction, approximately 40 percent of RFXA's customers could receive a full recovery of their account balances, if they open an account with GAIN and execute at least one trade. Customers with larger deposits can also receive up to 100 percent recovery provided they meet certain trading thresholds, as outlined in the term sheet.

"We chose to work with GAIN for a number of reasons. GAIN is a leader in the industry and expressed early interest in the RFXA clients. They also have both the financial and operational resources necessary to help achieve a smooth transition for customers and to offer continued support for their ongoing trading needs. Just as important, GAIN and FOREX.com have an exemplary record with the National Futures Association (NFA) and, unlike RFXA, are regulated as a futures commission merchant. Their reputation in the industry speaks for itself," said Refco's Chief Restructuring Officer David Pauker.

"The proposed agreement benefits creditors by reducing a portion of the pre-petition customer claims against RFXA," continued Mr. Pauker. These claims, which include customer deposits, total over $100 million.

"At the same time, the proposed transaction with GAIN represents a much improved recovery for RFXA customers," Mr. Pauker said.

"We are pleased to be able to offer Refco FX clients the ability to recover up to 100 percent of their RFXA account balance and at the same time continue to trade forex with a regulated firm," said GAIN's Chief Executive Officer Mark Galant. GAIN Capital Group and FOREX.com are registered with the National Futures Association (NFA) as a Futures Commission Merchant (NFA ID #0339826).

"In addition, if a RFXA customer chooses to opt into the program but does not recoup the full amount of their RFXA account balance, they still retain all their rights to the balance of their claim as a general unsecured creditor of Refco," Mr. Galant said.

Under the terms of the proposed agreement, GAIN will offer RFXA clients the option to open an account at FOREX.com, GAIN's retail division. For RFXA clients who opt to do so, GAIN has agreed to immediately fund an amount equal to the lesser of the customer's aggregate RFXA account balance or $150 per account when the client activates a new account. Clients with balances of $40 or less would be able to withdraw their funds immediately upon opening their account at FOREX.com. For customers with larger deposits, GAIN has agreed to reimburse customers up to their full RFXA account balance, payable in 25 percent increments every six months, provided they meet certain trading thresholds.
Mr. Pauker said that, at present, it is not expected that RFXA will have sufficient assets to pay its creditors in full. In addition to customer and trade liabilities, which exceed $140 million, RFXA is a guarantor of Refco's secured bank debt and unsecured bonds, which total in excess of $1 billion. RFXA has approximately $54 million of cash and securities, much of which is claimed as collateral by Refco's secured lenders. RFXA is also owed money by some Refco affiliates, but the timing and amount of those recoveries is uncertain; Refco's lenders also assert claims to those receivables.

起初只能拿回最多150美金，之后每6个月可以得到剩余资金的25%

gecko

这篇文章里有比较详细的分析为什么这个Gain和Refco的交易对外汇客户来说很可能又一个猫捉老鼠的游戏。有兴趣的耐心看完。

tom

我还没看这个大文章，不过很不理解，有空写这么多字的，干吗不在过去的8个月用我的方法直接把资金给救出去
:?:  :wink:

Some thoughts about Gain's   

Sorry for the lengthy message. As per one of refcoaccountholders' group members, I post here some analysis and discussions we have had in the legal fund group about Gain's so-called offer. The message is quite long already with my own contribution (sorry about that), so I refrained from including the many other people important contributions and the few dissenting voices. I know, it looks too much like a "one-man show". Free to hit "delete" right away if you want to...

Matteo

--------

(Message 1: Gain's deal explained)

All,

here is my first-hand interpretation of the deal, and its explanation.
I will meditate on it and see how to improve the following,
but at a first impression this is what makes more sense:

First, I will use numbers, to make it easier to follow, and simplification,
for the same reason. Here they come:

We have a total of 150 million, divided in 15,000 accounts = $10,000
per account (the first 4,000 POC filed that I processed averaged $7,000)

So, to make it simple, suppose all accounts are $10,000. I could work out
a more precise analysis, but this is not the place, plus I don't have
the data (but all filed POC should give me a good sample to work on, in a
couple of weeks). This is just to give you the idea, for now.

Refco profit:
Gains gives Refco 2.5M. Refco makes

150M (our money, kept) + 2.5M from Gains = 152.5M

and gives Gains our names ( no money). Gains has to offer something
for the list, because otherwise Refco would already be making 150M
by keeping all of our money anyway, so why bother? If you haven't realized
that yet, this offer makes it crystal clear.

Gains's gain: Gains so far invested 2.5 millions. Each customer that agrees
to the deal, and sticks to it, will generate for Gain

$20(spread per lot) x 23 (lots traded per month) x 24 (months) = $11,400 of bid/ask spreads

(not to mention interest spreads). To such a successful customer, after two
years (ok, 25% every 6 months, but let's see the offer as a whole for the
sake of simplicity) Gain will give him, as a "present", out of its own pocket , his refco
claim ($10,000). That is, Gain will have made

$11,140-$10,000=$1,140

out of this successful individual. Now, of all customers many will be unwilling or
unable to fund an account and keep up with the trading and spread cost of it. Some
will fall short of it (see DKT2337 file in the "files" section to see what it means).
Again, for simplicity, suppose that either you make it whole or you make it none, and
that 20% of the customers, that is 3,000, will make it. It's 3,000 x $1,140 = 3.3M gain for Gain.
Out of this, Gain will repay the initial 2.5M investment to Refco, administrative and legal fees,
and they will have a basis for future profits with these added customers (not to mention
the money made from interest spreads and spread from all transactions beyond the
minimum required)

Again, numbers have to be adjusted. There are $200,000 accounts as well as $1,000 accounts.
With calm, I can estimate the account distribution and come down to a more precise analysis,
but I think this qualitative explanation makes quite a lot of sense already.

(Message 2: Comments on the proposed deal):


1) Refco keeps all our money. That's not fair. On top
of that, they'll get another 2.5 from Gain. Smart move!

2) Gain's offer can be made by any bank to anybody
(refco o non-refco victim):

I (bank) give you $150. You fund the rest, if you want. If
you generate at least $12,000 (or whatever, to be agreed
upon BEFORE) for me, I give you $10,000 back.
If you generate more than $12,000, I still give you only
$10,000 back. If you generate less, you get less.

[...]

(Message 3: What is a sale):

Gain and Refco are just blatantly making fun of us. In short, the summary of the proposal is this:

What their proposal is:
Refco keeps all our money, gets another 2.5 M from Gain, and will walk away clean.
Gain purchase nothing, gives us $150 bound to doing at least one trade, and then he rewards in the following way: if we generate for them enough trading activity (with our own "new" money, at least initially) they will give us back part of it, up to what was our account with Refco. They could just save the 2.5 million, put up a sign that says "if you were a refco customer and come trade with us, you'll get part of the commission fee back up to your account value".

I don't contest the fact that the buyer should come out profitable, or that we will have to stick to some sort of commitment. I contest that since no sale is taking place, our commitment would have to be quite high in order for the "purchaser" to make a profit.

Here is a sale:

For the sake of this example I make up some numbers as before. An example
of a real sale.
Our combined account value is $150M. The buyer (XYZ) gives Refco $50M and in
exchange Refco gives the buyer all our money (which is and will be ours).
So, in practice, Refco will walk away with a loss of $150-$50M=$100, which is worse than
keeping all our money, but better than giving it all back.

XYZ, in order to come out profitable, has to make up those $50M it gave Refco (since the $150M it got in exchange is not its, is our). Now, $50M divided by
the hypothetical 15,000 $10,000 accounts I used before for the sake of simplicity makes
a bit more than $3,000 per account. (or if you prefer, I can talk in general terms, that is,
$50M divided by $150M is 33%). So each of us has will have to commit with XYZ to
generate for them (in a certain amount of time, with certain methodology) at least 33% of
his account value. For a $10,000 account that is $3,000 or so, that means 150 lots traded,
or else, 6 trades per month, for two years. Much more reasonable.

Not only that, but:

- Our account would be founded in full, from the start (it's an investment for XYZ, they are putting down $50M extra money in that Refco kept), and we can trade with that, no need to fund it with more money (which some of us may unable or unwilling to do).

- In case of failure to meet the minimum requirements there will be a "penalty" of 1/3 of the original Refco account value, to make up for XYZ's loss.

Nobody ever thinks of the possibility of failing to meet the requirements. I don't think all of us are and always be profitable traders. If you put in some money (provided you have some to spare) of roughly the same amount you want to recup (which is needed to be able to generate the needed volume), and you lose it all, or a major part of it, not only you lose fresh money (it may happen, expecially if you try hard to meet some certain trading requirements), but won't get any back either from Gain/Refco.

With a "real sale" it would be quite different.

(Message 4: Comparison between Gain's proposal and other options already available without the need of Gains' coming on the table)


To those not yet convinced that Gains' offer would make any sense among humans only if made on April 1st (fool's day), I am going to present you two parallel scenarios.

We have Mary, Luc, and Carl. They all had $10,000 with refco (if you had $100K read anyway, add just one zero and it's all the same). They think Gain's is a fair deal, or anyway it's "better than nothing" and accept it.

These individuals have twins siblings, Maria, Luca, and Carlo, in the same situation. They, however, don't care about Gains' offer, and open an account with another broker, that offers 1.5 pip spread (there is at least one that I know, probably more, let's call it TRADE1.5)

Mary, John and Carl fund their initial $150 Gain's account with $5,000 of their own money, so they start off with $5,150. Their twin siblings, likewise, fund their accounts at TRADE1.5 with the same amount, so they start off with $5,000.

Mary's and Maria's case:

Mary is a very active trader and a good one. At the end of the 6 months she manages to complete the 23 x 6 = 138 "basic trades". Let's say she even gets to do 150 trades. She has made some money in the process too ($2,000), her account is now $7,150. Gain will rightly add another $2,500 (25% of her refco claim). At the end of the first 6 months she has a total of $9,150 out of the initial investment of $5,000.

Maria, her twin sister, executes the exact same trades as Mary, in precisely the exact moment. But since TRADE1.5 spreads are only 1.5, as opposed to the 3 pips of Gains', at each "rountrip" she makes (or saves, call it as you want) $15 more than Maria. Those $15 add up at each roundtrip, and by the end of the 6 months, since all trades are identical to those of Mary except for the spread, she will have

$5,000 (initial) + $2,000 + 150 x $15 = $9,250

Luc and Luca's case:

Luc is a lazy trader. All those transactions are killing him, it's not his style of trading. At the end he only executes 10x6=60 trades. He makes $1,000 trading (this part doesn't really matter, if you think about it, except that if you LOSE a lot than you won't be able to keep trading at that pace). At the end, he will have:

$5,150 (initial) + $1,000 (net profits) + 25%*2,500 (Gains' "present", see table in the offer) = $6,775

Now you should start to get the idea. Luc's twin brother, Luca, executing the exact same trades at the same time as Luc, with TRADE1.5, will have:

$5,000 (initial) + $1,000 (net profit) + 15*60= $6,900

Carl's and Carlo's cases:

Carl is an extremely active trader. He puts down 300 trades, and so does his twin brother. However, at the end of the 6 month, despite Gains' "present", Carl's account will be much lower than his brother, that is:

Carl: 5,150 + net gains + 2,500 "refco's" = 7,650 + net gains

Carlo: 5,000 + net gains (identical as Carl's) + 15*300 = 9,500 + net gains.

Should I continue the example with the next 18 months, with examples of people that cannot even fund their initial account, with other initial values instead of $10,000, or people that are losing money instead of making it? Or do you get the idea?

Conclusion

Gain's offer is a non-offer. If you like it, well, go and open an account right away with TRADE1.5, it's even a better option. Plus, you won't need to wait for a jude ruling such a non-sense.


Matteo

(Some reply):

[...]


First of all---if someone offered me your hypothetical--either Maria's or Mary's--in order to get out of this debacle---of course I would take either one.  If I'm in Mary's shoes, watching Maria mirror my trades, and Maria comes out further ahead, so be it.  I am still happy----I got my freaking money back at the end of two years.

You are comparing this hypothetical Maria to a hypothetical Mary, while forgetting that the comparison is not between the two sisters...it's between EITHER sister...and US...people sitting on either an empty unsecured claim....or a phantom legal claim.


[...]

(Message 5: explanation)

[...] you missed one fundamental point. "Maria" is not hypothtetical. There
are brokers that offer 1.5 pips; you can open an account today with
them. If you like Gain's offer, I can give you the name and websites
of these brokers. You don't need to wait for the judge to give you
also Gains' option. You just go there, sign up for an account. You
don't need to be an ex Refco customer. Anybody can open it. In that
sense I see zero value in Gains' offer. If Gain's offer was the only
choice I was left with, I would still NOT take it. I would put my
money in FOREX1.5, and start a new life. It would still be better than
Gain's.

Matteo

tonylsf

是不是可以提款了，可以提走多少？

chf

等20号法官批准， 数字TOM不是写了吗？

tom

最新的消息说　因为refcofx客户的申诉，关于GAIN收购REFCOFX客户的法庭听政被推迟到8月10日

gecko

收购协议被cancel了。呵呵。早说过这又是个game。拖时间显然对某些人有利。

ricky

July 27, 2006, 3:58PM
Refco to Close Foreign Exchange Unit


By PATRICK FITZGERALD Dow Jones Newswires
© 2006 The Associated Press

WASHINGTON — Refco Inc. will close its foreign-exchange subsidiary next week after the collapse of a last-gasp deal to sell the unit's customer accounts to online forex trader Gain Capital Group.

In a press release Wednesday, Refco said Refco F/X Associates LLC's customer accounts will be closed Monday and locked from any further trading activity.

The deal fell apart after Gain, of New York, said it required some customer information that existed only in written form. That information was in the possession of a Refco partner, Forex Capital Markets, which balked at providing it without adequate compensation.

Gain Capital had agreed to pay about $2.5 million for Refco F/X's customer database, which contained about 15,000 retail accounts.

FXCM, which since 2002 served as trading manager, said it shouldn't have to perform work on the data unless Refco paid it at least $1.8 million.

Earlier this year, FXCM failed in its own bid to buy Refco F/X's assets for $110 million. Refco's creditors complained the price wasn't high enough and called for the unit to be "wound down."

Scandal-scarred Refco imploded last October amid allegations that its chief executive at the time, Phillip Bennett, had hidden $430 million in bad debt. Bennett, who has denied wrongdoing, faces a criminal fraud trial later this year.

Refco filed for bankruptcy Oct. 17, just six weeks after its $583 million initial public offering. Once one of the largest commodities brokers in the U.S., Refco has since sold its flagship business and said it's winding down its remaining operations.

终于，REFCOFX不能交易了。

newbie

从此可以看出在美国交易商的资金是多么的不受保护。

chf

[quote:7e474e1cb6="newbie"]从此可以看出在美国交易商的资金是多么的不受保护。[/quote]

你的结论是怎么推断出来的？

beyondwy

Fxdd安全吗？

beyondwy

Fxdd安全吗？

ggmm0005

[quote:e3f736aa0b="beyondwy"]Fxdd安全吗？[/quote]

http://www.fxforum.com/p/viewtopic.php?t=11815     

tonylsf

那现在瑞富可以提款了吗？有谁知道什么消息了？

peter_196

美国参议院的一个委员会打算通过CERA （Commodity Exchange Reauthorization Act）授予CFTC这种权限（即包括将监管的权限扩大到外汇现货交易上）。CERA的提案在05年7月29日上交到参议院，目前的状态仍为 “scheduled for debate”即“将在预定时间讨论”。所以从法律上讲，CFTC在CERA通过之前是没有监管外汇现货交易的权限的。

我在CFTC的网站上没有找到关于CERA是否通过的信息，哪位知道请给个链接，多谢！

585t

Refco plans to sell customer list




   Last Updated: 27-October-2006  22:51:26   



The commodities brokerage, which collapsed amid an accounting scandal last year, said in court papers that a Danish bank has offered to buy Refco\'s lists of foreign-exchange customers for $500,000.

Saxo Bank, based in Copenhagen, also has agreed to pay Refco an annual account maintenance fee for up to two years.

\"The purchase agreement with Saxo, subject to higher or better offers, represents a last chance to salvage value\" from Refco\'s currency-trading business, the company said in papers filed with the U.S. Bankruptcy Court in Manhattan.

The business, Refco F/X Associates LLC, involves up to 15,000 customer accounts, Refco has said in previous court documents.

Refco said it intends to sell the lists to Saxo, which also operates an online currency-trading service, unless it receives higher or better offers by Nov. 7. A rival offer won\'t be considered unless the purchase price is greater than $555,000, the company said.

Refco collapsed in October 2005 amid allegations that its chief executive, Phillip Bennett, had hidden $430 million in bad debt. Bennett, who was arrested and charged with fraud, resigned in early 2006. He has pleaded not guilty. The company has since sold its flagship business and is winding down its remaining operations.

Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

For more information and to contact AFX: www.afxnews.com and www.afxpress.com  

哈哈，超级笑话，REFCO外汇的客户名单也能卖钱

tonylsf

请问，哪位可以帮忙翻译以下吗？

chf

就是585T写的呀。

lin

New Indictment Further Details Alleged Refco Fraud


NEW YORK---A superseding indictment has been returned containing expanded details of the fraud for which Philip R. Bennett, the former chief executive officer of Refco, and Robert C. Trosten, its former chief financial officer, have previously been charged.

In particular, the superseding indictment details Bennett's and Trosten's involvement in allegedly hiding Refco's expenses and padding Refco's revenues in order to artificially inflate Refco's reported income leading up to the 2004 leveraged buyout (LBO) of Refco and the 2005 initial public offering (IPO) of its stock. This conduct is in addition to the previously-charged scheme in which Bennett, 57 of Gladstone, NJ, and Trosten, 37 of Sarasota, Fla., allegedly hid customer and proprietary trading losses from the LBO and IPO purchasers.

According to the superseding indictment, Refco was a large, Manhattan-based financial services company that offered securities, derivatives and commodities brokerage services to investors. In August 2004, Thomas H. Lee Partners, L.P., purchased a majority interest in Refco for approximately $1.9 billion through a leveraged buyout transaction. In connection with that transaction, Refco sold approximately $600 million of bonds to the public and borrowed approximately $800 million from a syndicate of banks. A year later, in August 2005, Refco conducted an initial public offering of its stock, raising approximately $583 million from the public. Refco's stock was then listed on the New York Stock Exchange.

On Oct. 10, 2005, Refco issued a press release announcing, in substance, that it had discovered that it was owed a debt of approximately $430 million by an entity controlled by Bennett. Following release of this information, the market price of Refco stock plummeted, and Refco's stock was subsequently delisted by the New York Stock Exchange. Refco, Inc. and many of its subsidiaries filed petitions in bankruptcy on Oct. 17, 2005.

According to the supersedingindictment, from as early as the mid-1990s, Refco, which was then privately-held and controlled in part by Bennett, sustained hundreds of millions of dollars of losses through its own and its customers' trading. In order to hide the existence of those losses, Bennett transferred many of them to appear as a debt owed to Refco by Refco Group Holdings, Inc. (RGHI), the holding company that controlled Refco and was in turn controlled by Bennett.

According to the superseding indictment, Bennett and, at certain times, Trosten, directed a series of transactions every year from 1999 through 2005 to hide the RGHI receivable from, among others, Refco's auditors, by temporarily paying down the receivable from RGHI over Refco's fiscal year-end and replacing it with a receivable from one or more other entities not related to Bennett. Thus, at every fiscal year-end and, later, at every fiscal quarter-end, Bennett directed transactions that turned the debt owed to Refco from RGHI into a debt owed to Refco by a Refco customer. Shortly after each fiscal year- or quarter-end, these transactions were unwound, returning the debt to RGHI.

The superseding Indictment details some of the sources of the massive debt owed by Bennett's holding company to Refco, including not only customer and proprietary trading losses accumulated over several years, but also operating expenses shifted out of Refco Group and into Bennett's holding company, and fake foreign exchange and U.S. Treasury security trades carried out for the sole purpose of increasing Refco's stated income in advance of the 2004 leveraged buyout and the 2005 IPO.

In particular, the superseding indictment alleges the following sources of the RGHI debt to Refco, among others:



--At least $90 million in losses sustained by a customer in trading on the Chicago Mercantile Exchange in 1997;

--At least $185 million in losses sustained by a group of customers trading in Asian markets in 1997;

--At least $40 million in losses from Refco's own trading in Russian bonds in 1998.
In addition, the superseding indictment alleges that Bennett and Trosten caused the following expense-shifting and revenue-padding transactions, among others:


-- At least approximately $17.8 million of computer expenses moved out of Refco and into Bennett's holding company between 1999 and 2002;

--At least approximately $38 million in artificial income consisting of inflated interest rates charged on the debt owed by Bennett's holding company to Refco;

-- At least approximately $13 million in profits from fictitious U.S. Treasury trades between Refco and Bennett's holding company; and

--At least approximately $10 million in profits from fictitious foreign exchange trades between Refco and Bennett's holding company.
The superseding Indictment also charges Bennett with defrauding the purchasers of $583 million of Refco's common stock in the August 2005 initial public offering, and Bennett and Trosten with conspiring to mislead Refco's auditors and defraud Refco's investors from the mid-1990s until October 2005.

The superseding indictment also alleges that Bennett caused Trosten to receive a payment of approximately $48 million in August 2004, at the time of the leveraged buyout transaction by Thomas H. Lee Partners, in order to keep him from revealing the ongoing fraud.

The superseding Indictment contains one new charge, Count 12, which charges Bennett with lying to Refco's auditors while an officer of a public company. 11-15-06  

1。90年代就开始的损失一直隐藏到2005年
2。through its own and its customers' trading
自营损失是自然了， 怎么客户的损失也自己吃下来？

lin

GAIN Capital Group Purchases Refco FX Customer List
GAIN’s Bid Deemed Highest and Best Offer; Receives Formal Court Approval

BEDMINSTER, N.J.--(BUSINESS WIRE)--Gain Capital Group, LLC. (GAIN) today announced it has entered into a definitive Purchase Agreement with Refco F/X Associates LLC (RFXA) to purchase the RFXA retail customer account information and marketing list. The Purchase Agreement was approved as submitted by the Honorable Robert D. Drain, United States Bankruptcy Court for the Southern District of New York, at a hearing on November 14, 2006.

Under the terms of the Agreement, privately-held GAIN will pay RFXA an upfront fee of $750,000 for the entire customer list of approximately 15,000 customer accounts and over 150,000 marketing contacts. In addition, GAIN has agreed to further remuneration in the form of an activation fee of $100 per account, payable on every account over 4,000 opened before the 2nd anniversary of the closing date. In addition, GAIN will pay RFXA an Annual Maintenance Fee of 1% of the average account balance of each Customer, payable on both the 1st and 2nd anniversaries of the Closing Date. The Closing Date is expected to be on or before November 16, 2006

“Under the terms of the proposed bankruptcy plan for Refco Inc, and its subsidiaries, the proceeds of the sale of the RFXA Customer List will enhance distributions to be made to creditors of RFXA." said Refco's Chief Restructuring Officer David Pauker. “We are pleased to have finalized the sale to GAIN Capital,” continued Mr. Pauker.

“In addition to operating within a solid regulatory framework, GAIN offers RFXA clients a reliable, full service trading solution and a commitment to the highest professional standards,” said GAIN's Chief Executive Officer Mark Galant. GAIN Capital Group and FOREX.com are registered with the National Futures Association (NFA) as a Futures Commission Merchant (NFA ID #0339826).

RFXA clients will be given the option to open an account at either GAIN Capital (www.gaincapital.com) or at GAIN’s retail division, FOREX.com (www.forex.com).

On June 30, 2006, RFXA and GAIN announced they had reached a preliminary agreement whereby GAIN would acquire the RFXA retail customer account information and related assets, subject to Court approval. On July 26th, 2006, the two parties announced that the proposed Agreement had been jointly terminated because the parties were unable to reach terms on a final asset purchase agreement. On October 30, 2006, RFXA announced it had entered into an Agreement with Saxobank to purchase the customer list for $500,000, subject to higher and better offers. GAIN and Saxobank participated in an auction on November 9, 2006 with GAIN ultimately submitting the highest and best offer for the RFXA customer list.

75万  美金 卖了15，000正式帐户客人资料 + 150，000 DEMO资料

lin

GAIN Capital Group Purchases Refco FX Customer List
GAIN’s Bid Deemed Highest and Best Offer; Receives Formal Court Approval

BEDMINSTER, N.J.--(BUSINESS WIRE)--Gain Capital Group, LLC. (GAIN) today announced it has entered into a definitive Purchase Agreement with Refco F/X Associates LLC (RFXA) to purchase the RFXA retail customer account information and marketing list. The Purchase Agreement was approved as submitted by the Honorable Robert D. Drain, United States Bankruptcy Court for the Southern District of New York, at a hearing on November 14, 2006.

Under the terms of the Agreement, privately-held GAIN will pay RFXA an upfront fee of $750,000 for the entire customer list of approximately 15,000 customer accounts and over 150,000 marketing contacts. In addition, GAIN has agreed to further remuneration in the form of an activation fee of $100 per account, payable on every account over 4,000 opened before the 2nd anniversary of the closing date. In addition, GAIN will pay RFXA an Annual Maintenance Fee of 1% of the average account balance of each Customer, payable on both the 1st and 2nd anniversaries of the Closing Date. The Closing Date is expected to be on or before November 16, 2006

“Under the terms of the proposed bankruptcy plan for Refco Inc, and its subsidiaries, the proceeds of the sale of the RFXA Customer List will enhance distributions to be made to creditors of RFXA." said Refco's Chief Restructuring Officer David Pauker. “We are pleased to have finalized the sale to GAIN Capital,” continued Mr. Pauker.

“In addition to operating within a solid regulatory framework, GAIN offers RFXA clients a reliable, full service trading solution and a commitment to the highest professional standards,” said GAIN's Chief Executive Officer Mark Galant. GAIN Capital Group and FOREX.com are registered with the National Futures Association (NFA) as a Futures Commission Merchant (NFA ID #0339826).

RFXA clients will be given the option to open an account at either GAIN Capital (www.gaincapital.com) or at GAIN’s retail division, FOREX.com (www.forex.com).

On June 30, 2006, RFXA and GAIN announced they had reached a preliminary agreement whereby GAIN would acquire the RFXA retail customer account information and related assets, subject to Court approval. On July 26th, 2006, the two parties announced that the proposed Agreement had been jointly terminated because the parties were unable to reach terms on a final asset purchase agreement. On October 30, 2006, RFXA announced it had entered into an Agreement with Saxobank to purchase the customer list for $500,000, subject to higher and better offers. GAIN and Saxobank participated in an auction on November 9, 2006 with GAIN ultimately submitting the highest and best offer for the RFXA customer list.

75万  美金 卖了15，000正式帐户客人资料 + 150，000 DEMO资料

asdcasdc

[quote:2c5e8e257b="tom"]现在时间不对了，按照以前的REFCOFX通知，现在已经不可以交易了。即使是GAME 也只有任宰割了。[/quote]

早些时候上来问没人回哦.郁闷,现在只是任人宰割了.

asdcasdc

[quote:ebba7c4998="tom"]现在时间不对了，按照以前的REFCOFX通知，现在已经不可以交易了。即使是GAME 也只有任宰割了。[/quote]

早些时候上来问没人回哦.郁闷,现在只是任人宰割了.

fxinfo

Comments: 最近收到来Omini management group与破产法庭来信,说外汇交易客户只能是划为unsecure debtor,这样一来,只能取回40%的资金,我申明的是secure debtor.还有一次反对的机会,如果反对,在12月5号的听证会再考虑是否接受反对意见,如接受反对变更debtor类型,则可取回100%.我想知道有多大概率能反对有效.

无法判断多大概率。
中国的投资者除了任人宰割以外，自己都做了什么？

fxinfo

[quote:39b11b44b2="peter_196"]

美国参议院的一个委员会打算通过CERA （Commodity Exchange Reauthorization Act）授予CFTC这种权限（即包括将监管的权限扩大到外汇现货交易上）。CERA的提案在05年7月29日上交到参议院，目前的状态仍为 “scheduled for debate”即“将在预定时间讨论”。所以从法律上讲，CFTC在CERA通过之前是没有监管外汇现货交易的权限的。

我在CFTC的网站上没有找到关于CERA是否通过的信息，哪位知道请给个链接，多谢！[/quote]


这是NFA最新的动议 - 管制覆盖到整个FOREX，而不仅仅是期货/期权

http://www.nfa.futures.org/news/newsProposedRule.asp?ArticleID=1676

Although Congress attempted to clarify the CFTC's jurisdiction over retail foreign currency futures and options transactions, the Commission's authority is still uncertain, due in large part to the Seventh Circuit's decision in CFTC v. Zelener.15 As a result of the Zelener decision and its progeny, the CFTC's jurisdiction over certain types of speculative retail off-exchange products that walk, talk, and act like futures contracts is unclear.16

CFTC Reauthorization Legislation Regarding Retail Forex

As you are aware, Congress is attempting to resolve this issue. H.R. 4473 was passed by the U.S. House of Representatives and sent to the Senate, where it is currently pending. The House bill incorporates language recommended by the President's Working Group (PWG).

The House legislation continues to permit off-exchange retail forex futures and options transactions with certain otherwise regulated counterparties, including FCMs and their affiliates, and it also continues to give the CFTC anti-fraud authority over transactions where the counterparty is an FCM only, an affiliate of an FCM only, or an unregistered person. Therefore, if a court classifies a retail forex transaction as an off-exchange futures contract or option, the counterparty limitations will apply.

The legislation does not limit the entities who can act as counterparties to Zelener-type retail forex transactions, however, although it does extend the CFTC's anti-fraud jurisdiction to these transactions if an FCM only, an affiliate of an FCM only, or an unregulated person is the counterparty. In general, the legislation applies to speculative, leveraged retail forex transactions but not to hedging activities or transactions entered into for delivery.

The House bill (and the PWG language) also includes a savings clause stating that this provision does not limit the CFTC's jurisdiction over any contract of sale of a commodity for future delivery. NFA anticipates that, except for the energy provisions, the final Senate legislation will be similar to the House bill and will include the same forex-only solution to the Zelener issue. At this time, however, floor action has not yet been scheduled in the Senate.

All signs currently point to Congress adopting the amendments recommended by the PWG. At this time, however, it is unknown as to when Congress will complete the CFTC reauthorization legislation.

NFA's Jurisdiction Over Members Selling Zelener-Type Forex Products

Since the timetable for reauthorization is unclear, NFA considered several approaches to assert jurisdiction over Zelener-type transactions and determined to amend its forex rules to replace the references to futures and options with the PWG's language regarding leveraged forex transactions. This will clarify now that Zelener-type forex transactions are within NFA's jurisdiction, and it will not rely on reauthorization to do so.

In particular, the amendments adopt a new section (b) to Bylaw 1507 to define "forex" using the PWG language and to find retail forex to be a proper subject of NFA regulation and oversight; incorporate that definition into NFA's other forex requirements by reference; and eliminate language made superfluous by the new definition. The proposed amendments also revise the introductory language to the Interpretive Notice to make it consistent with the revised definition.

There are no legal impediments to this approach, even if taken before Congress passes the reauthorization legislation (or even in the unlikely event that Congress never passes the forex provisions). The CFTC's authority and NFA's authority come from two different sources, and NFA's authority is actually broader than the CFTC's when it comes to regulating its Members' activities.17

11月13日提交CFTC，我感觉只是走个法律形式， 估计年底前可以批准下来，详细的在这里

http://www.nfa.futures.org/news/newsProposedRule.asp?ArticleID=1675

vieok

[quote:b4d12abf23="fxinfo"][/quote]
提示已经购买,为什么看不到/?

tom

Last modified: December 18. 2006 9:14AM

Refco bankruptcy repayment plan approved by judge

(Bloomberg) ?Refco Inc., the futures trader that went bankrupt after its top executive was accused of fraud, won approval of its bankruptcy plan and can begin distributing $4.1 billion to cover claims.US Bankruptcy Judge Robert Drain in New York authorised the plan last week. His ruling keeps Refco on schedule to conclude its bankruptcy proceeding and begin paying creditors. The company ultimately will go out of business.
Refco filed the 15th-biggest bankruptcy in US history on October 17, 2005, a week after disclosing that former chief executive officer Phillip Bennett had concealed $430 million in company debt. Bennett pleaded not guilty to federal fraud charges in November and is awaiting trial.
Under the plan, Refco will distribute about $4.1 billion, 24 percent of the $16.8 billion creditors were owed when it filed for bankruptcy, plus a portion of proceeds from lawsuits on behalf of the company and its affiliates against third parties, according to court documents.
Holders of Refco抯 $397 million 9 percent bonds maturing in 2012 will receive 83.42 cents on the dollar under the plan. Secured creditors, owed $642 million, will be fully repaid with interest, for a total of about $717 million.
Unsecured creditors will share $554 million, according to court documents.
Customers of bankrupt affiliate Refco Capital Markets Ltd. will share $1.9 billion on $2.7 billion in claims.
Unsecured creditors of the unit will be paid about $371.8 million on $991.5 million in claims.

371.8 / 991.5   =     37.5%  RCM 的UNSECURED CREDITORS  包含零售外汇客人按照 这个比例得到资金
纽约法官Robert Drain 上周批准了这个赔偿计划

tonylsf

那具体要怎样做才能得到赔偿呢？请各位有经验的指教一下，谢谢！