The CFTC releases details of actions it has taken against a variety of miscreants in the retail forex industry on a fairly regular basis. They have just released another one, which caught my eye because the sums of money involved are somewhat larger than usual, and also somewhat unusually:
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It's been an extremely busy week for Ray the Random Robot™, and he has undergone a number of cloning operations. First of all the MetaTrader 5 Automated Trading Championship 2010 finally got underway at midnight on Sunday, Moscow time. Ray's multi-currency MT5 clone started perfectly, but he has had some teething troubles with EUR/USD and has now slipped back to 273rd position out of 314.
More on Ray the Random Robot Successfully Starts Smart Live Spread Betting
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As we pointed out recently, the new CFTC regulations require all US spot forex brokers to use a much longer risk disclosure statement from October 18th 2010. As part of that risk disclosure:
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Ray the Random Robot™ has just entered yet another forex trading competition. This time it's the Myfxbook/FXOpen October 2010 MetaTrader 4 ECN Trading Championship. This championship doesn't actually start until October 25th, so Ray is actually ahead of the curve on this one for a change! However one the rules of the competition states that:
More on Ray the Random Robot's Results are now Live on Myfxbook
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The National Futures Association has just issued additional guidance to it's members about the CFTC's Final Forex Regulations. In its latest notice to members the NFA says that:
NFA staff has received a number of inquiries from Members seeking further guidance and clarification on certain requirements. Based on further consultation with CFTC staff on Friday, October 8th, this Notice provides additional guidance on the following areas:
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Michael Greenberg posted an article over on ForexMagnates.com earlier today stating that:
MIG Bank – due to their bank status they will be able to accept US clients despite latest CFTC rules. The situation is not very clear for all offshore brokers now but MIG Bank were the first to announce publicly that they will be accepting US clients at least until July 2011.
I've been on the phone to Switzerland most of today trying to get confirmation of this report. I've even sent a few emails to MIG also, but I have yet to receive from them any clarification or confirmation of Michael's report.
More on Swiss Banks to Accept US Clients After CFTC Deadline?
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Just in case you hadn't noticed, today is October 18th 2010. Today is the day that all those new CFTC regulations come into force, and when a forex trader opens a new account brokers must now reveal to them quarterly account profitability statistics covering the previous year. FXCM have done just that, and here are their numbers:
More on FXCM Release Extra Forex Trader Profitability Statistics
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Following the recent release of their forex trader profitability statistics, Jason Rogers of FXCM has written a guest post for us on the topic of the moment – "Why have traders been unprofitable"
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First there was Betfair. Then came Tradefair. Today there is LMAX Trader, which has just been launched amid a flurry of publicity, it's mission "to transform retail contracts for difference (CFD) and FX trading". In the press release LMAX chief executive Robin Osmond is quoted as saying:
More on LMAX Trader Launched to "Transform Retail FX Trading"
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Now that yesterday's excitement has died down a bit I had a chance this morning to chat to LMAX in greater detail about their new retail trading platform, recently christened LMAX Trader.
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