PFGBest Update: Give Us Some Options, Already
We’re starting to feel like the perpetual bearers of bad news. The narrative in the post-PFGBest futures world has focused on how to protect clients moving forward. All options are being considered- industry wide insurance, new penalties for misdeeds, and so forth. One of the options we looked into was the idea of having a separate, SIPC or FDIC account set up to hold client funds, with margin being swept to and from the clearing firm on a daily basis. But as was discussed at the CFTC roundtable, that’s not even an option.
PFGBest Update: No More Stalling
In the discussion of what reforms are necessary to protect futures industry participants moving forward, we have advocated for passing regulations which unequivocally place segregated account clients in front of all creditors in a bankruptcy. A recent decision in the Sentinel case makes this reform more necessary than ever.
Giving Alternatives a Bad Name, Part 2
A while back we criticized the media’s coverage of alternative investments – the fact that wine, antique coins, and race horses are frequently on lists of “alternative” investments. In our opinion, exotic alternatives are more likely to get retail investors fleeced than anything else. Collecting art or antique cars isn’t necessarily a bad thing… it’s just not something you should be betting your retirement on. The latest push? Diamonds.
PFGBest Update: Courage of Conviction
We haven’t pulled any punches in our criticism of the NFA following the PFGBest scandal. We do our best to make the arguments on behalf on the industry, but we’re just one voice. An email we received today may shine light on why many firms are remaining quiet.
4 Concerns for Today’s CTFC Roundtable
The CFTC roundtable on regulatory reform has revealed a plan to implement SIPC-style coverage for futures investors, but that’s not all we’d like to see. Here are the top concerns we hope to see addressed.
Disclaimers
Managed futures, commodity trading, forex trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. You should not rely on any of the information as a substitute for the exercise of your own skill and judgment in making such a decision on the appropriateness of such investments.
The entries on this blog are intended to further subscribers understanding, education, and – at times – enjoyment of the world of alternative investments. Unless distinctly noted otherwise, the data and graphs included herein are intended to be mere examples and exhibits of the topic discussed, are for educational and illustrative purposes only, and do not represent trading in actual accounts. Opinions expressed are that of the author.
The mention of specific asset class performance (i.e. +3.2%, -4.6%) is based on the noted source index (i.e. Newedge CTA Index, S&P 500 Index, etc.), and investors should take care to understand that any index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices such as survivorship, self reporting, and instant history.
The performance data for various Commodity Trading Advisor (“CTA”) and Commodity Pools are compiled from various sources, including Barclay Hedge, RCM’s own estimates of performance based on account managed by advisors on its books, and reports directly from the advisors. These performance figures should not be relied on independent of the individual advisor’s disclosure document, which has important information regarding the method of calculation used, whether or not the performance includes proprietary results, and other important footnotes on the advisor’s track record.
The mention of general asset class performance (i.e. managed futures did well, stocks were down, bonds were up) is based on RCM’s direct experience in those asset classes, estimates of performance of dozens of CTAs followed by RCM, and averaging of various indices designed to track said asset classes.
The mention of market based performance (i.e. Corn was up 5% today) reflects all available information as of the time and date of the publication.
The owner of this blog, RCM Alternatives, may receive various forms of compensation from certain investment managers highlighted and/or mentioned within the blog, including but not limited to retaining: a portion of trade commissions, a portion of the fees charged to investors by the investment managers, a portion of the fees for operating a fund for the investment managers via affiliate Attain Portfolio Advisors, or via direct payment for marketing services.
Managed Futures Disclaimer:
Past Performance is Not Necessarily Indicative of Future Results. The regulations of the CFTC require that prospective clients of a managed futures program (CTA) receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA.
See the full terms of use and risk disclaimer here.
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