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Hello Carl,
Re your cousins account:
Was the broker US based or where?
It varies from country to country.
Re US insurance:
It varies between brokers.
FDIC or SIPC or both?
I got millions of hits with a google search "broker account
insurance".
What to do?
Personal choice.
What did I do? (prior 6-12 mths)
Moved out of a broker with my account in smaller Aussie account (not
first in line for Aussie bailout).... and pulled back from offshore
(Island state account with cash in major Euro banks).
Kept away from IB for a while.
This was negative for my offshore trading (Aussie market is no good
for me) so ....
I moved to spread better IG Markets ... not as risky as it sounds ...
I like the products .... my account is 'in trust' in a local major
Aussie bank when not on margin call/use.
It some ways margin is good 'insurance' because I am only at risk
when I am in cash ... when I am in a trade I 'own' the stock and only
have the margin% in their hands.
IG Markets are in some places in Europe.
They are listed on the UK exchange ... same business risk as IB or
ETrade.
Also, pure brokers shouldn't be going broke ... vols are at record
levels ... commercial banks/brokers are the ones who went broke.
I think it is OK to go back to the US but I am waiting a bit longer.
Consider:
- diversify your brokers
- trade with a local broker (adjust your game to their instruments?)
and I don't have 'life and death' assets on the line in trading.
brian_z111
--- In amibroker@xxxxxxxxxxxxxxx, "Carl Vanhaes" <carl.van@xxx> wrote:
>
> I know this might be judged as off topic, but I also know this is a
> general concern across all active traders nowadays: I am based in
> Europe and have a brokerage account at IB. I have no concern about
IB
> reliability but they are "only" a broker. And my concern is the
banks
> they use to store your and their money, in this case Citibank and
> Bank of America. When you ask they say your account is insured up
to
> 1 million USD.
> Very good but I wonder what would happen if both Citibank and BAC
> failed and went bankrupt. I had a member of my family here which
> funds purchased at his local banker agancy were supposed to be
> insured; until they called him some months ago to say that they
were
> very sorry but his investment were 100% lost due to Lehman Brothers
> bankrupcy. He sued his banker (guess what bank: Citibank!!!) but
> nothing so far...
> If you can't even rely on your own banker in this financial crisis
> then isn't it time to leave trading until this crisis is over? And,
> in the meantime, buy some precious metal and have it stored in a
> place you can see and touch ??
>
> I like to have your opinions here...
>
> Carl
>
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