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IRA SMILOVITZ
Leonia, NJ
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| 06/26/2008 12:31 PM |
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I see several major problems with what you propose. First, forex trades are not really suitable for an investment club environment because you can't get the decision-making input from your members quickly enough to take advantage of market movements. The second, and probably more significant, problem is that the compliance rules of your broker/dealer may prohibit your membership in a club or impose strict rules on what you can and cannot invest in and when you can buy and sell. Finally, if your intention is to "manage" the club's investment portfolio, then you may have additional SEC/FINRA requirements.
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Richard Kambak
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| 06/26/2008 2:11 PM |
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Good points. Thanks for your reply. Rich
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Richard Kambak
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| 06/26/2008 2:18 PM |
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Do you have SEC citations? Thx. Rich
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Richard Kambak
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| 06/26/2008 2:24 PM |
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Hi JNCRAIG:
This is another response I got…
Rich
From: clubhouse@stockcentral.com [mailto:clubhouse@stockcentral.com]
Sent: Thursday, June 26, 2008 4:30 PM
To: tucanred@surewest.net
Subject: [The Clubhouse]: Re: [The Clubhouse]: Forex/Equities Invesment Club (5dd0b530-9b37-4efd-... (bd7fb8d8-0caf-443a-9b87-38dacdb30074)
I see several major problems with what you propose. First, forex trades are not really suitable for an investment club environment because you can't get the decision-making input from your members quickly enough to take advantage of market movements. The second, and probably more significant, problem is that the compliance rules of your broker/dealer may prohibit your membership in a club or impose strict rules on what you can and cannot invest in and when you can buy and sell. Finally, if your intention is to "manage" the club's investment portfolio, then you may have additional SEC/FINRA requirements.
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