Andrew Abraham

andy-0101 My name in Andrew Abraham. I have been investing in commodities and managed futures since 1994. I adhere to the philosophy of trend following. Trend following stresses a disciplined approach to commodity/ futures trading. Successful trend following and commodity futures investing requires patience, discipline and actively managing the risk. What sets me apart from other traders is that I am not only concerned about the return on investment but how much risk I will have to tolerate to achieve my goals.

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If you are interested in contacting for speaking engagements. Please email me at Andrabr9@gmail.com or call 954 903 0638.

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Futures and commodity trading involve substantial risk. The evaluations of futures and commodities may fluctuate and as a result, clients may lose more than their original investment. In no event should the content of this website be construed as an express or an implied promise, guarantee or implication by, that you will profit, or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided on this website is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible, where projections of future conditions are attempted.

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Wall Street Journal article on Repo Accounts & MF Global

This piece is from the Wall Street Journal. It will put chills on your spine.

MF Global and CFTC Discussed Proposal on Investments

By SCOTT PATTERSON

On July 20, MF Global Holdings Inc. Chief Executive Jon Corzine and several of the firm’s staff members held a conference call with Commodity Futures Trading Commission officials, including its chairman, Gary Gensler, according to people familiar with the call.

One of the topics of the call: a CFTC proposal to restrict how futures-trading firms such as MF Global can invest cash sitting in customer trading accounts. MF Global strongly opposed the restrictions, which it said would hurt its business, according to the people.

The CFTC proposal is sure to gain greater scrutiny amid claims that MF Global’s customer accounts are short to the tune of about $600 million. While regulators are still sorting through what caused the alleged shortfall, the situation is likely to intensify public scrutiny in the coming weeks and months of how futures merchants handle customer assets.

For now, there is no indication that MF Global’s investments of customer assets contributed to the alleged shortfall. People familiar with the investigation say MF Global may have taken cash from customer accounts to meet margin calls sparked by ratings downgrades and the declining value of its big bets on European government debt.

Still, the firm’s aggressive approach to the issue speaks to its strong appetite for risk, even as European markets spiraled lower this summer.

The proposed rule, which the CFTC hasn’t voted on, would restrict the percentage of total assets in segregated accounts a firm could invest in certain securities. Firms could invest just 10% of their assets in municipal bonds and 25% of their assets in commercial paper. Currently, there are no such limitations.

The rule would eliminate a firm’s ability to invest clients’ funds in foreign government debt. MF Global’s recent troubles started after it was revealed that the firm had made large bets on European debt that had plunged in value.

In a Dec. 2, 2010, comment letter, jointly written with brokerage firm Newedge USA LLC, MF Global claimed the proposed restrictions were seeking to “fix something that is not broken.” They could “decrease significantly the income [futures clearing merchants] derive…from prudently investing in customer segregated funds.”

In the extreme, the firms claimed, the proposal could put a number of futures merchants out of business. Futures merchants can book the excess interest on the investment of clients’ funds as revenue, or they can give the interest to clients.

MF Global and Newedge fiercely opposed restrictions on investing customer funds in foreign debt. Such a move would “eliminate a liquid, secure, profitable and necessary category” for futures merchants, they argued. They claimed that restricting investments in debt to U.S. bonds would create a risky exposure to currency changes.

Since last July, MF Global officials participated in at least two calls and one in-person meeting with CFTC officials on the issue, according to records posted on the agency’s website. On July 20, Mr. Corzine and other MF Global staffers held two phone calls with two different groups of CFTC officials. Mr. Gensler participated in one call. Bart Chilton, another commissioner, participated in the other. On June 23, CFTC staff and MF Global officials met in person.

Mr. Corzine, a former chief executive of Goldman Sachs Group Inc. and New Jersey governor, declined to comment. MF Global also declined to comment.

The December letter was first reported on the website of the Sunlight Foundation Reporting Group, which describes itself as a nonprofit, nonpartisan group that seeks to make government more transparent.

The proposed amendment to the rule was sparked by the Dodd-Frank financial overhaul law, which mandated that federal agencies review their regulations regarding investments in rated securities and money-market assets to decrease the reliance on credit ratings


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