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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I've had a live account with London based broker ActivTrades for quite a while now. It's one of their "Standard" MetaTrader 4 accounts. I opened it because it offers micro-lots and lots of exotic currency crosses, along with a wide range of non-forex instruments, including stock indices, gold, oil and other commodities too. That combination is a little hard to come by at other brokers. It is slightly old fashioned however, in that it still uses 4 decimal places and fixed spreads. 2 on the FTSE 100 and 3 on GBP/USD for example, most of the time at least.
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A recent addition to the ranks of UK forex brokers has finally delivered something we've been waiting to see for a long time now here at the Trading Gurus. If you are a UK resident it is now possible to spread bet using MetaTrader 4 as your trading platform. You can now therefore use an MT4 expert advisor to automate your tax free forex trading, if you are so inclined.
More on Smart Live Markets Marry MetaTrader and Spread Betting
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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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Dukascopy have finally followed in the footsteps of MIG, and after a long wait they have at last received their banking licence from FINMA, the Swiss regulator. Consequently they now proudly call themselves "Dukascopy Bank SA". According to their press release:
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Following the formal announcement yesterday of FXCM's takeover of ODL I've been chatting to both companies about what to expect from the new larger group, which must now be vying for the position of largest retail forex broker on the planet. As we pointed out previously, the enlarged FXCM is still a long way from being the largest retail broker in the world per se, but the likes of Interactive Brokers deal in an awful lot more than just spot forex.
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Last night The Daily Telegraph reported that British forex broker ODL Group Ltd. has "agreed on terms to be acquired" by FXCM Holdings LLC. It looks as though the new brand of the combined organization in Europe is going to be "ODL Powered by FXCM – Bigger, Better, Stronger"
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In the first response I have spotted made by a forex broker to their recent proposal to limit leverage to a maximum of 10 to 1, the CFTC earlier this week published a 6 page letter from Interbank FX on their website. Interbank FX welcome most of the other CFTC proposals, but say that the 10 to 1 leverage proposal:
More on Interbank FX Comment on CFTC 10 to 1 Leverage Proposals
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In response to the proposed legislation to reduce forex leverage to 10 to 1, beleaguered US brokers have banded together to form the Forex Dealers Coalition to fight a common enemy; the CFTC! The Coalition have just launched their website, which urges their readers to:
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You are probably aware by now that the latest regulatory changes proposed by the CFTC, and in particular the reduction of retail forex leverage to 10 to 1, have caused a lot of consternation in the forex industry, to say the least! I anticipate that one side effect of the new rule will be that even more money will very soon be winging it's way from the United States over the Atlantic to the United Kingdom. If you are, or hope soon to be, a profitable forex trader then you really do need to start considering whether to send your hard earned moolah in this direction too.
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