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Attention All US Traders

This message is for US clients ONLY: NFA is temporarily increasing margin requirements on GBP pairs to 5% effective 5:00PM EST on Monday, November 7.
 
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Jason Rogers said:
Attention All US Traders

This message is for US clients ONLY: NFA is temporarily increasing margin requirements on GBP pairs to 5% effective 5:00PM EST on Monday, November 7.
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Hi Everyone,

To provide some additional background on my previous post, this ruling was issued Friday by the NFA which regulates forex trading in the US. We were notified ourselves only that afternoon which is why I shared this information on the forum as soon as I could.

Below is the full text of the NFA notice: http://www.nfa.futures.org/news/news...ArticleID=4759

Notice I-16-25
November 04, 2016
Immediate attention required – Financial Requirements Section 12 – Increase in required minimum security deposit for forex transactions

NFA Financial Requirements Section 12 requires FDMs to collect and maintain a minimum security deposit of 2% of the notional value of transactions in 10 listed major foreign currencies and 5% of the notional value of other transactions. Importantly, Section 12 also permits NFA's Executive Committee to increase these requirements under extraordinary market conditions. Given the recent events involving the U.K. exiting the European Union (Brexit) the Executive Committee has determined to increase the minimum security deposits required to be collected and maintained by FDMs under Section 12 for currency pairs involving the British pound to a minimum of 5%. This increase is effective as of 5 p.m. (CST) on November 7, 2016 and remains in effect until further notice.

FDMs are also reminded that the Executive Committee raised the minimum security deposit required to be collected and maintained under Section 12 for currency pairs involving the Mexican peso to a minimum of 6% in January 2015. Given the recent volatility surrounding the Mexican peso, each FDM must ensure that it continues to adhere to this increased security deposit amount.

If you have any questions on these requirements, please contact Sarah Walsh, Associate Director, Compliance (sawalsh@nfa.futures.org or 312-781-1202) or Shana Dunnigan, Manager, Compliance (sdunnigan@nfa.futures.org or 312-781-1379).​
 
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Jason Rogers said:
Please note there is a holiday in the US on Thursday, November 24th for Thanksgiving. Forex trading hours remain unchanged, and you can see our holiday trading hours for CFD's here: What are the CFD Holiday Hours?
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I will be out of the office until Monday, November 28th and will respond to your posts and private messages when I return.

For immediate assistance, you can contact our 24-hour live customer support.

To my fellow traders in the US celebrating Thanksgiving, I wish you happy one!

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Attention US traders,

The NFA has sent Notice I-16-27 to US brokers requiring an increase in the margin requirements for certain currencies as well as the removal of the increased margin requirement for the Swiss franc that has been in place since 2015:

Below is the full text of the NFA notice:


Notice I-16-27
November 28, 2016

Immediate attention required – Financial Requirement Section 12 – Changes in required minimum security deposits for forex transactions

Increase in required minimum security deposits

Given the recent volatility in the currency markets, and the margin increases that CME and ICE have implemented with respect to foreign currency futures involving the Mexican peso, Japanese yen, and New Zealand dollar, the Executive Committee has determined to increase the minimum security deposits required to be collected and maintained by FDMs under NFA Financial Requirements Section 12 to the following:


    • Mexican peso – 8%
    • Japanese yen – 4%
    • New Zealand dollar – 3%

These increases become effective, for both new and existing positions, at 5 p.m. (CST) on December 5, 2016 and remain in effect until further notice.

Decrease in required minimum security deposits

Given the recent margin decreases that CME and ICE have implemented with respect to foreign currency futures involving the Swiss franc, the Executive Committee has also determined to reduce the minimum security deposit required for currency pairs involving the Swiss franc to 3% (from the current 5% requirement imposed in January 2015). The decrease becomes effective at 5 p.m. (CST) on December 5, 2016 and remains in effect until further notice.

If you have any questions on these requirements, please contact Sarah Walsh, Associate Director, Compliance (sawalsh@nfa.futures.org or 312-781-1202) or Nicole Wahls, Manager, Compliance (nwahls@nfa.futures.org or 312-781-1886).​


In order to comply with the NFA notice, FXCM US is raising margin requirements on MXN, JPY, and NZD pairs at approximately 5:00pm EST on Monday, December 5, 2016. FXCM US will also be decreasing margin requirements on CHF to 3% from the current 5% requirement imposed in January 2015.

Again, this NFA notice applies only to the US, so margin requirements for accounts with FXCM UK and FXCM Australia are not affected. We urge all clients to proceed cautiously as market moves may be large and unpredictable. Up-to-date margin requirements (per 1K lot) are displayed in the Simplified Dealing Rates window of Trading Station.

Remember that forex trading can result in losses that could exceed your deposited funds and therefore may not be suitable for everyone, so please ensure that you fully understand the high level of risk involved.
 
Mr. Rogers is the CEO, Head of Research , Quant Dev, Algo Programmer and Account Manager. Everybody should go flat while he is away.

He only takes a break when Forex markets are closed. I hope your in good health, man.
 
w3c said:
I see you every where, how could you support in many forums like this thread? Only you or a FXCM team running your account?
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xandman said:
Mr. Rogers is the CEO, Head of Research , Quant Dev, Algo Programmer and Account Manager. Everybody should go flat while he is away.

He only takes a break when Forex markets are closed. I hope your in good health, man.
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Thanks guys! It's nice to be missed. I've worked at FXCM for almost 12 years. All the Jason Rogers posts you see here are by me, unless something requires an urgent response before I'm back in the office. I was out last week for vacation, so I do take some breaks. :)
 
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