Forex Gone from IB, TDA, TOS, MFG, OptionsExpress July 16?

C

comintel

That's what this story says:

http://aitegroupblog.com/capital-markets/dodd-frank-fx-deadline-costly-to-sec-firms/

or at least they will have to outsource it....
Dodd-Frank has opened a door to U.S. banks to offer retail currency trading (aka FX or Forex) as of July 22, 2011, but is about to close that same door to U.S. securities firms. Although theoretically securities firms will still be able to offer FX, the Securities and Exchange Commission is not likely to pass retail FX rules by the July 15 deadline to prevent its registrants from being shut out of FX, a lucrative business with significant growth potential.
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Quote from comintel:

That's what this story says:

http://aitegroupblog.com/capital-markets/dodd-frank-fx-deadline-costly-to-sec-firms/

or at least they will have to outsource it....
More...
I'm sure these large brokers (Charles Schwab, T.D. Ameritrade, E*Trade, and Interactive Brokers) were given assurance that the music would keep playing for them. Otherwise there would be lots of fuss like notifying customers that they should close existing leveraged currency positions prior to the enactment date etc.

Perhaps, these brokers are getting registered with CFTC as forex brokers as I write this.
 
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