Is your ODL broker going bust?

POSTED BY Seeni on Jan 15 under Brokers, Forex, Rambles

Hi Folks,

At these times of uncertainty, it is good to be safe than to be sorry. Many of the brokers are losing money and with the new NFA regulation increasing net capital requirements from $10m to $20m, many of them are closing shop.

If you have monies with them, it is best to pull out until issues are straightened out or better to move to more respectable brokers.

If you would like to get a list of all brokers and how they are doing with the last CFTC review rankings, please visit my post on FCM brokers here.

I got these email from one of my broker mailing lists. Please read and act at your own discretion.

Safe Trading,
Seeni

Important Info On your ODL Forex Account: Please Read!

Dear Back Bay FX / ODL Clients,

BBFX has been informed from our contacts that ODL Securities is going to sell its Chicago office to an Undisclosed Broker due to the pending 20 million dollar net capital increase. Currently, we do not have a timeframe for when this will happen but believe it will be within a week. As one of the largest partners for ODL we are giving our clients a head start with this information before it is announced.

As always it is in our best interest to give our clients the most up to date information to better serve their FX needs. As a result of this pending change we have structured the following deals (below) with the other liquidity providers we work closely with to allow our client’s a few options for a smoother transition.

We understand that this is an inconvenience for our clients, thus we will work as hard as possible to make the transition a quick and easy one. As a boutique style broker we understand that keeping our existing relationships is the key to our current and future business. We appreciate your business and look forward to a long lasting relationship.

Please call us in the office xxxxxxxxx to discuss the current options and how this pending change will directly affect your account.

Thank you,

xxxxx xxxxx

The Back Bay FX Team

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