Pioneer Futures, Inc.
|Headquarters||New York, Chicago|
|Key People||Vincent Viola, Founder And Director; Neil Citrone, President|
|Products||Futures Clearing and Execution|
Pioneer Futures, Inc. was a futures commission merchant that offered clearing and execution services for introducing brokers, individual traders, and institutional investors, including CTAs and managed futures accounts.
In 2004, Pioneer was sold to Refco Group Ltd. by Viola and continued to operate as a division of the firm until Refco's bankruptcy in 2005. Pioneer was subsequently sold to Man Financial Inc as part of its purchase of Refco's futures commission merchant business. Man Financial was later spun off from Man Group in an IPO and renamed MF Global. Pioneer operated as a division of MF Global until its bankruptcy in October of 2010. However, it dropped its registration on December 31, 2007 as MF Global's registration was withdrawn.
In 1992, NYMEX took disciplinary action against exchange clearing member Pioneer Futures, Inc. The complaint alleged that Pioneer failed to timely submit reports and margin payments to NYMEX, exceeded its capital based position limits, failed to maintain the margin amounts required for some of its customers, and failed to notify the exchange regarding deficits and insufficient balances in customer accounts, in violation of exchange Rules. As part of a settlement, Pioneer was fined $90,000.
In 2007, the U.S. Commodity Futures Trading Commission settled recordkeeping charges against Pioneer Futures, Inc. The resulting CFTC order required Pioneer, a registered futures commission merchant (FCM), to pay a $25,000 civil monetary penalty, among other sanctions.
Products and Services
Pioneer offer clearing and execution services to futures clients, including local traders, institutional or individual investors, Commodity Trading Advisors and Introducing Brokers.
Pioneer offers clients access to the following exchanges in the U.S.:
- CBOE Futures Exchange (CFE)
- CME Group (CME/CBOT/COMEX/GLOBEX/NYMEX)
- Electronic Liquidity Exchange (ELX)
- ICE Futures Canada (formerly WCE)
- ICE Futures US (formerly NYBOT)
- Kansas City Board of Trade (KCBT)
- Minneapolis Grain Exchange (MGEX)
- Montreal Exchange (CDE)
- Montreal Exchange (MX)
- NYSE LIFFE US
- OneChicago (ONEC)
Pioneer offer clients access to the following European exchanges:
- ICE Futures Europe (ICE/ECX)
- Italian Derivatives Exchange Market (IDEM)
- London Metal Exchange (LME)
- NYSE Euronext
- Spanish Financial Futures & Options Exchange (MEFF)
Pioneer offers clients access to the following Asian and Pacific exchanges:
- Bursa Malaysia
- Dubai Mercantile Exchange (DME)
- Hong Kong Futures Exchange (HKFE)
- Korean Exchange (KRX)
- New Zealand Exchange (NZX)
- Osaka Securities Exchange (OSE)
- Singapore Exchange Limited (SGX)
- Sydney Futures Exchange (SFE)
- Taiwan Futures Exchange (Taifex)
- Tokyo Commodity Exchange (TOCOM)
- Tokyo Financial Exchange (TFX)
- Tokyo Stock Exchange (TSE)
- Vincent Viola, founder and director
- Neil Citrone, president
- Thomas Mitchell, head of business development
- Todd Fulton, vice president, managed futures
- Firm Overview. Pioneer Futures, Inc..
- PIONEER FUTURES INC. National Futures Association.
- Pioneer Futures, Inc.. National Futures Association.
- Vincent Viola. BusinessWeek.
- The Asylum: The Renegades Who Hijacked the World's Oil Market. Google Books.
- INFORMATION REGARDING THE CURRENT BOARD OF DIRECTORS, OTHER THAN THOSE SEEKING ELECTION. Edgar.
- In the Matter of Pioneer Futures, Inc.. U.S. Commodity Futures Trading Commission.
- Proudcts and Services. Pioneer Futures, Inc..
- :Market Access. Pioneer Futures, Inc..