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#1
15th October 2005, 10:24 AM
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Refco shuts down securities arm
Regulator limits trading at Refco as broker shuts securities arm
US regulators last night took action against Refco, one of the world's largest derivatives brokers, as the repercussions of its chief executive being charged with fraud continued to reverberate across Wall Street.... World's hedge funds face crisis as Refco suspends trading · Leading global broker admits 'liquidity problem' · Billions of pounds could be tied up in frozen deals A crisis in the world's hedge fund industry was in prospect last night after one of the world's largest derivatives brokers was forced to freeze trades potentially worth billions of pounds... It will be big and it will be bad The sums at risk at Refco.. Scandal rocks New York brokerage firm · Refco chief executive owed company $430m · Accounts cannot be relied upon for accuracy I wonder how Refco-Sify will be effected in India. 
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#2
15th October 2005, 10:59 PM
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Refco shuts down securities arm
hello,
what impact would this have in india. If someone is a client of refco and is holding stocks in another firm's dp ,will this have any effect? If money is due from refco after sale of shares will the clients get the money back? Meenakshee
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#3
16th October 2005, 06:37 AM
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Refco shuts down securities arm
I had raised this question earlier as to what will happen to clients deposits, margins lying with such brokers. Apparently no one has any answers yet.
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#4
16th October 2005, 07:05 AM
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Refco shuts down securities arm
Quote:
Refco meltdown in the US triggers F&O selloff in India US futures broker Refco’s dramatic meltdown is likely to have an impact on the Indian stock market as the firm was one of the biggest issuers of participatory notes to funds and individuals seeking to invest in India. Foreign funds offload Rs1k cr in F&O market Refco fallout may hit Indian investors hard Local investors and commodity exchanges such as NCDEX and MCX may have to bear the brunt of the Refco turmoil, if some investors lose confidence and stop trading through Refco. Refco has huge exposure in local commodity bourses like MCX and NCDEX through its wholly-owned subsidiary, Refco India.
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#5
12th November 2005, 07:58 PM
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Re: Refco shuts down securities arm
sorry to be so late replying to this but what happens with refco india was thus. 1) for 4-5 days you could not trade on refco.Third day on you could buy only as much as you sold or vice versa (so as to not increase their exposure in the market as specified by sebi).2) After about the fifth day one could trade again after all checks on margins and market exposure etc had been investigated.I heard thousands of clients left refco in india at this time and they paid back all of them in full.Now things are back to normal and trading is as usual.
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#6
18th November 2005, 06:20 AM
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Re: Refco shuts down securities arm
This is not a problem with refco but this is the reality of the Indian Stock brokers that is why i tell investors alawys know your broker and his long term standing and wat reviews he got in the market..............
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