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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Good Math Bad math with MF Global Bankruptcy

This article is from MFG facts and a Futures magazine article

Dan Collins of Futures Magazine published an excellent report (MF Global: Good news bad math) on the, questions raised and the “not all good news” behind two press releases put out within 30 minutes of of each other earlier this week. One from the Trustee and the other from the CME.
First the MF Global Inc., Trustee announced securing $1.3 billion of additional customer funds held at Harris Bank. These funds were identified, but only now are being returned to the estate. Positive news, but as Futures Magazine points out, the information and responses to questions received from the Trustee Spokesperson raise even more questions.
Minutes after the Trustee statement was released, as Collins reports, the CME Group announced an increase in their guarantee to the SIPC trustee to $550 million from $250 million. The intent of this increase is to accelerate the return of customer funds and increase the payout percentage from 60% to 75%.
Collins writes,
“Trustee spokesman Kent Jarrell confirmed that the additional customer segregated funds secured from Harris put the total amount of customer funds secured at more than $5 billion. However, Jarrell added that has nothing to do with the shortfall and the trustee stands by its numbers.”
Further, Futures Magazine writes,
“This makes little sense as the amount of customer funds required to be segregated at MF Global at the time of the bankruptcy has been consistently reported to be just under $5.5 billion. CME reiterated that in its release and contends that the trustee’s recently increased estimate of the shortfall is incorrect. “While the final accounting of customer segregated assets and claims will occur in the bankruptcy process, CME Group is confident that recent reports of significantly larger customer segregated shortfalls are incorrect,” the release stated.”
Futures Magazine concludes with the now open questions for those who liquidated positions on October 30th and during the liquidation-only phase, immediately after the bankruptcy announcement:
Susan Osmanski, compliance consultant for CCS Capital Management who is working with the Commodity Customer Coalition, trustee lawyers insist on leaving out those customers who liquidated positions on the 31st or later. So those customers will need to wait to make their claims. Osmanski attributes this on the trustee’s lack of understanding as any trade completed would have had to be matched and cleared by the exchange. “Just because MF Global imploded doesn’t mean the whole system is corrupted,” she says. “These customers were acting prudently and professionally and now they are being punished.”

Andrew Abraham
Abraham Investment Management


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