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Anyone know of CME Capital?
17-01-2015, 08:00 AM.
Post: #1
Anyone know of CME Capital?
http://cmecapital.sg/about/

Happen to come across their website as I google for SG FD Rates.

They are offering ultra high rates for putting money with them. They are definitely not a bank. Can't find them in MAS listing as a financial institute.

Anyone know anything more than their website about them?

A too-good-to-be-true case?

Thanks.

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17-01-2015, 11:31 AM.
Post: #2
RE: Anyone know of CME Capital?
sure it's FD or "mini-bonds"? TongueBig Grin

If it's too good to be true, it's probably is.

BEWARE! Big Grin
=========== Signature ===========
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
4) In BULL, SELL-SELL-SELL! 

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17-01-2015, 12:57 PM. (This post was last modified: 19-01-2015, 07:55 PM by cyclone.)
Post: #3
RE: Anyone know of CME Capital?
BEWARE!

After the "financial tsunami" on Thursday 15 Jan by the SNB, casualties abound.

- Citigroup Inc, the world's biggest currencies dealer, lost more than $150 million.
- FXCM: $225 million losses, FXCM gets a bailout; Leucadia gives $300M to FXCM
- Alpari: Insolvent
- Excel Market: Insolvent
- IG: $45 million losses (but company has $200 million in cash and is looking to buy brokers in problems)
- Interactive Brokers: $120 million hole
- FXPro: Announced it remains solid capitalized
- Gain Capital: Reported they made profits on SNB day

Many more....

Admin Note :
The original post which stated that "- Dukascopy : $40 million losses" has been deleted.
As informed by Mr. Aleksandrs Vitjukovs, RM of Dukascopy Bank SA, it is incorrect.
He refers to this article : http://www.fxstreet.com/news/forex-news/...b33c2ef4bd

Quote:Hello,

There is a mistake in a post at http://www.valuebuddies.com/thread-6171-...#pid105140, stating Dukascopy lost $40 million.

It was corrected in the original article, see http://www.fxstreet.com/news/forex-news/...b33c2ef4bd

Since it's impossible to register and leave a reply, please try and correct this mistake.

--
Best regards,
Aleksandrs Vitjukovs
RM

---
Dukascopy Bank SA
ICC, Route de Pre-Bois 20
1215 Geneva 15
Switzerland

tel: +41 (0) 22 799 4888
fax: +41 (0) 22 799 4880
http://www.dukascopy.com

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17-01-2015, 01:37 PM.
Post: #4
RE: Anyone know of CME Capital?
(17-01-2015, 08:00 AM)NTL Wrote: http://cmecapital.sg/about/

Happen to come across their website as I google for SG FD Rates.

They are offering ultra high rates for putting money with them. They are definitely not a bank. Can't find them in MAS listing as a financial institute.

Anyone know anything more than their website about them?

A too-good-to-be-true case?

Thanks.
Hi NTL,

In my humble opinion which is in no way the truth, this might be a simple risk and return case.

1. ABC may be an offshore entity and may not be governed by Central Bank and Legal Jurisdiction.

2. ABC may lend to more risky borrowers at higher rates

3. ABC may take on more non-borrower related risk as well e.g. currency risk which I think is most appropriate in this case as it could be that their operations is in AU & NZ where overnight central bank rates are 2.5%

Thus, ABC could merely be acting as an intermediary and earning the spread for matching savers and lenders.

If the borrowers don't pay, whether ABC is able to fulfil its obligations to the lenders may be questionable.

I would also be interested if others could share how ABC might be able to offer such rates as I am just throwing up some random thoughts.

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17-01-2015, 01:44 PM.
Post: #5
RE: Anyone know of CME Capital?
(17-01-2015, 08:00 AM)NTL Wrote: http://cmecapital.sg/about/

Happen to come across their website as I google for SG FD Rates.

They are offering ultra high rates for putting money with them. They are definitely not a bank. Can't find them in MAS listing as a financial institute.

Anyone know anything more than their website about them?

A too-good-to-be-true case?

Thanks.
Hi NTL,

I think it may just be a case of good old high risk, high return.

1. ABC may be lending to higher risk borrowers

2. ABC may be raising funds in SG but lending in AU and NZ

3. ABC may not be incorporated in SG and regulated by Central Bank and fall outside SG legal jurisdiction.

Would be good if others can share as I find this quite interesting.

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17-01-2015, 03:38 PM. (This post was last modified: 17-01-2015, 03:55 PM by specuvestor.)
Post: #6
RE: Anyone know of CME Capital?
First thing that catch my eye is CME. When someone try to associate with another established name, it's usually not a good sign.

Secondly I would be interested in how they use our money to generate the return ie what business are they in

Thirdly I will look back in history on what happen to Iceland overseas depositors, even when that was legit

Actually you can just look at the short 11 pages terms and conditions and see if you comfy with what they wrote... including the below in page 4 which doesn't sound inline with Singapore law:
"Each time you open a facility that earns interest, you’ll be asked if you wish to
provide your Tax File Number or ACRA Company / Business Number. That is because, under law, facilities earning interest are subject to government taxes"
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17-01-2015, 03:49 PM.
Post: #7
RE: Anyone know of CME Capital?
There is no fair play in this financial world.
It is win-win for them, the cash taker.
It is a win OR loose for the depositors or investor.

Only just few days' ago the SNB assure the whole World through their public speeches that the peg of Swissy to Euro would be maintained at 1.20.
Then, all of a certain, "BOMB" an audience exclaimed at the press conference after the announcement.

Day light robbery, can you sue them, the SNB?
SNB is a listed bank with minority shareholders (like the German Theo Siegert, who holds 5.5%).

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17-01-2015, 06:50 PM.
Post: #8
RE: Anyone know of CME Capital?
since going to lose the money, might as well spend it ourselves.. Big Grin
why give to others to spend?!! Tongue
=========== Signature ===========
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
4) In BULL, SELL-SELL-SELL! 

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18-01-2015, 04:54 PM.
Post: #9
RE: Anyone know of CME Capital?
Maybe this section of the Banking Act (Chap 19) is applicable? My read of the matter is that unless the company has a specific license to accept deposits, it cannot anyhow accept deposits wor.....

Restriction on deposit-taking business and soliciting deposits

4A.—(1) Subject to subsection (6), no person shall, in the course of carrying on (whether in Singapore or elsewhere) a deposit-taking business, accept in Singapore any deposit from any person in Singapore.

(2) No person shall, whether in Singapore or elsewhere, offer or invite or issue any advertisement containing any offer or invitation to the public or any section of the public in Singapore —
(a) to make any deposit, whether in Singapore or elsewhere; or
(b) to enter or offer to enter into any agreement to make any deposit, whether in Singapore or elsewhere, where such deposit is to be made with any person (not being a person specified in subsection (6)) in the course of the carrying on (whether in Singapore or elsewhere) of a deposit-taking business by that person.

(3) For the purposes of subsection (2), in determining whether an offer, invitation or advertisement is made or issued to the public or any section of the public in Singapore, regard shall be had to such considerations as the Authority may prescribe.

(4) Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction —
(a) in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or
(b) in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.

(5) A person whose business it is to publish or to arrange for the publication of advertisements shall not be guilty of an offence under subsection (4) if he proves that —
(a) he received the advertisement for publication in the ordinary course of his business;
(b) the matters contained in the advertisement were not, wholly or in part, devised or selected by him or by any person under his direction or control; and
© he did not know and had no reason for believing that the publication of the advertisement would constitute an offence.

(6) Without prejudice to section 76, subsection (1) shall not apply to —
(a) any bank in Singapore;
(b) any co-operative society registered as a credit society under the Co-operative Societies Act (Cap. 62);
© any finance company licensed under the Finance Companies Act (Cap. 108);
(d) any merchant bank approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 186);
(e) any person (other than a person referred to in paragraphs (a) to (d)) who is licensed, approved, authorised or otherwise empowered under any written law to accept deposits in Singapore in accordance with such law; and
(f) such other person or class of persons as the Authority may prescribe and subject to such conditions as may be prescribed by the Authority.


(7) The fact that a deposit has been taken in contravention of this section shall not affect any civil liability in respect of the deposit or the money deposited.

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18-01-2015, 05:56 PM.
Post: #10
RE: Anyone know of CME Capital?
Looking at the Banking Act is one way to find out if there is something fishy. Another way is to look at the rates they are offering.

If one has $50K and above, they allow a short term deposit of 3 months. Since the interest are paid at maturity, i presume you will be paid 4.53% more on top of what you have put in.

Think about it. 4,53% is a very high rate for 3 months. Even the professional money managers cant give u these returns. Almost none of the short term financial instruments can give u such a high return. All the professional money managers ought to be shot. Lol!!!! Tongue

Maybe i am too stupid to understand.......
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