Just incase some think I'm trying to promote one dealer over another it is worth noting I have or had accts. with IG , CMC , SONRAY , CITI, IG , Axis ,Bell , CBA [shares] , cmc shares and others .
Thought it worth discussing the differing segregated accts as shown above with Citi which is plain sick .
IG do use a trust acct which may offer more protection and they don't seem to have all the fuzzy freakin terms like MF and Citi does .
CBA otc cfds the cash is held in a segregated acct with comsec and not any other broker/dealer so one can understand why their clients won't be copping a loss from MF as MF wasn't in charge of the acct .
7.4 Client funds
All money paid to CommSec by you or a person acting on your behalf, or which is received by
CommSec on your behalf, will be held by or on behalf of CommSec in one or more segregated
accounts in accordance with the requirements of the Corporations Act 2001 (Cth).
It is important to note that holding your money in one or more segregated accounts may not
afford you absolute protection. The purpose of segregated accounts is to separate client funds
from those of CommSec or any third party holding the funds on CommSec’s behalf. Within the
segregated account, all client funds are pooled together, so an individual client balance may not
be protected if there is a default in the overall segregated account balance. In order to minimise
this risk, CommSec would normally deposit its own company funds into the segregated funds
account to cover any client balance shortfall caused by a client default.
CommSec reports, where necessary, all transactions in compliance with relevant Australian antimoney
laundering and financing of terrorism legislation, as amended from time to time.
CommSec is entitled to retain any interest it earns on client money held by CommSec in the
segregated accounts it maintains with a bank or approved deposit-taking institution. The rate of
interest is determined by the organisations at which the client funds are held
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- CFDs
- segregated accounts warning warning
Just incase some think I'm trying to promote one dealer over...
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