PFGBest Update: What’s the point?
The NFA seems to be expressing some confusion over whether or not the regulators are supposed to be on the lookout for fraud. We wish we were kidding.
So, what do we do next?
There’s no way around it: the recent scandals at MFGlobal and PFGBest have rocked confidence in the futures industry. Some of the issues of concern to investors are being addressed, and these developments are promising, but the question still remains: where do we go from here?
PFGBest Update: 7 Takeaways from the CCC Bankruptcy Breakdown
Our friend John Roe at the Commodity Customer Coalition (CCC) has a great piece out regarding the PFGBest bankruptcy and some details of how things could unfold. We look at the key points he raises, and what it could mean for PFG clients.
PFGBest Update: A Lack of Understanding
The NFA recently announced that they had retained the law firm Jenner and Block to conduct a review of their audit procedures. This is a step in the right direction, but a far cry from the full congressional investigation that is needed – especially with the additional responsibilities the NFA is soon to acquire.
PFGBest Update: NFA on hook for $870k?
Now we know where at least some of the missing PFG money went – Russ Wasendorf, Sr. claims that used customer funds to pay fines and fees to regulators. Since that money wasn’t PFG’s to give, it seems obvious what ought to be done with it.
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.
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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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