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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A Spurious Motion on Behalf of the MF Global Trustee

The court received a motion today by lawyers of Hughes Hubbard and Reed, opposing an official commodity customer and broker committee
In a strangely constructed argument, attorneys for the Trustee open with that within “Within hours of his appointment on October 31, 2011, and against a backdrop of shortfalls in segregated funds and records that are far from wholly reliable, the Trustee moved and has already affected the transfer of three million open positions associated with over 14,500 commodity customer accounts.”
But this is NOT what happened. Customer funds were immediately frozen in violation of segregation of customer funds. Neither customers nor customer brokers were given instruction by the Trustees, other than a single number where positions may be liquidated. The orders given by the Trustee to demonstrated a grievious lack of understanding of the industry in which MFGI operated. What happened is this: the following week (not in a few days) those positions that were not liquidated, were then liquidated under order of the Trustee, and new positions at a new basis were opened. (Often positions were not liquidated because there was limited possibility as all customer and broker order terminals were frozen, even for liquidation only.) Then only percentage of supporting margin and the new positions were received by new brokers. No accounts were moved. To represent that is intentionally misleading to the public. Instead we had a disruptive and costly procedure with no basis in the established workings of futures markets and account management.
In this motion the attorneys state the Trustee seeks cooperation and assistance from SIPC, the CFTC and CME group. (In other words, butt out customers!) SPIC is neither organized nor qualified to assist in return of segregated funds of futures accounts. Both the CFTC and CME have grossly failed their responsibilities to the industry and customers of the industry.
The final arguments ends with these points among others:
That there Is No Legal Basis for the Formation of a Commodity Customer or any Other Official Committee in a SIPA Proceeding. Yes, but SIPA “Act” was not written for commodity accounts. So why is this even a SIPA Proceeding?
That there has never been a creditors’ committee or a customer committee appointed in a SIPA proceeding in the statute’s forty-year history. Is that the logic of law? Just because…? There has also never been a bankruptcy of an FCM where customer funds wound up in the hands of a Trustee in the entire 150 history of organized futures trading in the US:
The rest of the argument is based on SIPA, which was not enacted by Congress on behalf of Commodity Customer protection. The motion before the court also states, “The Movants seem to believe that the Trustee’s administration of the fund of commodity customer property requires the appointment of a committee solely to protect the interest of commodity customers.” Yes, indeed, based on the bizarre administration so far. The “Movants” (customers who have made a move to the court) represent over a billion in customer segregated funds that the Trustee is treating as part of the “estate” of MF Global.
The rest of the motion is self congratulatory praise and banter. The Honorable Judge Glenn has shown himself not to tolerate sloppiness, time wasters and fools. It will be interesting to see how this motion is received by the court.

MF Global Facts


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