Regulation

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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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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:

More on NFA Guidance on CFTC's Final Forex Regulations

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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:

More on Interbank FX Reveal Most Traders Lose Money

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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:

More on CFTC Hits Rosenthal Collins For Over $1.3 Million

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The CFTC has just released a brief statement by Commissioner Bart Chilton. We reproduce it here in full:

Landmark financial reforms were passed by the Congress and signed by the President earlier this year.  The new law will ensure more efficient and effective markets, better protect consumers and cast light upon current "dark" markets that have been out of view of regulators — markets which led, in large part, — to the economic calamity that began two years ago.

More on CFTC Goes Cap in Hand to Obama. Dodd-Frank "In Jeopardy"

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In the second in our series of interviews with senior figures from the Forex industry following the release of the final version of the new CFTC regulations, I spoke yesterday with Jason Rogers, FXCM's Brand Ambassador to online communities. I started off asking my standard $64,000 question at the moment about the effect of those new regulations on the forex industry. I asked numerous other questions too, many of which Jason was compelled to answer with "no comment" because of restrictions imposed by FXCM's forthcoming Initial Public Offering. Despite that you will be able to read about FXCM's views on a few other topics of the moment below.

More on FXCM's Lips Sealed by Impending IPO

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In the first of our series of interviews with senior figures from the Forex industry following the release of the final version of the new CFTC regulations, I spoke yesterday with Daniel Skowronski, recently installed Chief Executive Officer of Alpari (US) as well as Chief Commercial Officer of the Alpari Group. Daniel was also Managing Director of Currenex before moving to Alpari. I started off asking the question on everyone's lips these days about the effect of the new regulations on retail forex in the US, including their impact on introducing brokers. We then went on to discuss Alpari's plans to broaden the range of it's product offerings, whilst also expanding into new areas of the globe.

More on What Are Alpari's Forex Options Down Under?

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The CFTC final rules on the regulation of retail foreign exchange have now been officially published in the Federal Register. At the same time they have also authorized the NFA "to process and grant applications for initial registration, renewed registration and withdrawals of retail foreign exchange dealers (RFEDs) and their associated persons (APs)", effective from September 10th.

More on NFA Starts Registering Forex Brokers and "Solicitors"

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At long last the CFTC have revealed what changes they have in store for US retail forex traders. Their new regulations will come into effect on October 18th, and according to CFTC chairman Gary Gensler they:

More on CFTC Reduces Forex Leverage to 50 to 1 (Amongst Other Things!)

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After a variety of trials and tribulations along the way the Wall Street Reform and Consumer Protection Act, now officially renamed Dodd-Frank after its two sponsors, was finally signed into law by US President Barack Obama on July 21st.  According to The Economist magazine:

More on The Countdown Has Begun for the Retail Forex Revolution

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