Refco and FTDs

From The Royal Gazette, Refco failed to execute trades

Two former Refco Inc. employees said there were times the company failed to execute trades on behalf of customers because it had used the securities in client accounts to support other transactions.

“Fails to Deliver” (FTDs) are a problem and it seems Refco was right in the middle of it.

“On occasion Refco was short and could not make the delivery,” Vera Kovar, who worked on VR (Global Partners)’s transactions, said in her deposition. “If a counter-party didn’t deliver the security to us we could not deliver it because we didn’t have it.”

I have posted about FTDs here and here.

Fails to deliver Refco Mover Mike

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