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.
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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.
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The Chicago Mercantile Exchange announced earlier in the summer that following the expiry of the September 2010 contracts, e-micro currency futures contracts would change to being physically delivered:
CME FX will be migrating the E-micro Forex futures contracts from being cash settled to physically delivered. The December contract will be listed for trading on Sunday, July 25 (trade date Monday, July 26). This will enable active traders to carry larger positions in the E-micros and easily offset them with our standard size FX contracts – potentially generating more liquidity and tighter spreads in the E-micro Forex futures contracts.
Most of those September contracts expire today (USD/CAD does so tomorrow), and so from now on all e-micro currency futures contracts will involve physical delivery instead of cash settlement. CME explain the difference between cash settlement and physical delivery as follows:
More on CME E-micro Currency Futures Now Physically Delivered
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If you've been following the story about the new CFTC regulations regarding retail forex in the United States you may well have come to the conclusion that for some reason the CFTC thinks "on-exchange" trading is better than "off-exchange" (OTC) trading. Last year the Chicago Mercantile Exchange (CME for short) introduced smaller currency futures contracts designed to provide an exchange traded product that might appeal to the retail forex trader.
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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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The National Futures Association have made a couple of announcements recently that strongly suggest the number of US spot forex brokers and their associated introducing brokers are going to decline even further in the near future. Last week the NFA implied that the proposed new CFTC regulations about forex IBs are going to be implemented much as originally drafted. They pointed out that:
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The publicity battle over financial reform in the United States gets ever hotter. A variety of glossy magazines are currently sinking their teeth into Goldman Sachs following the news that the investment bank is under attack by regulators on both sides of the Atlantic. Although its articles are sprinkled with the word "alleged", Time seems to have already judged Goldman Sachs and the rest of Wall Street guilty as charged. In one article this weekend Time highlights the irony that Gary Gensler, a former Goldman Sachs partner and now chairman of the CFTC, is currently gunning for his previous paymasters. According to Time:
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