IB leveraged forex, uh what?

If this will soon apply to all leveraged products then all small retail traders will become option buyers!!

I really hope the SEC doesn't go completely stupid and make option buyers become ECP.
 
MoreLeverage said:
10M in assets means assets, not assets net of liabilities, and hence includes leveraged positions. If they meant 5-10M in net worth, perhaps exclusive of your home equity, they would have written that just like they did for the accredited investor standard.

https://www.investor.gov/news-alerts/investor-bulletins/investor-bulletin-accredited-investors
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I don't know how you're even twisting this up to mean what you think it means. It's so laughable. Are people really this stubborn online? Try it after September 1st and we'll find out.
 
This is basically only affecting IB (Oanda, FXCM etc. are no brokerdealers so they are fine for now). Maybe Peterffy should have spent some more money in Washington. I dont know of any other broker-dealer with a significant retail fx spot business. Its silly too, IB had the best market access for spot (at least for retail), and you can blow up in Futures just as easily . It doesnt really make sense at all.
 
Pippi436 said:
This is basically only affecting IB (Oanda, FXCM etc. are no brokerdealers so they are fine for now). Maybe Peterffy should have spent some more money in Washington. I dont know of any other broker-dealer with a significant retail fx spot business. Its silly too, IB had the best market access for spot (at least for retail), and you can blow up in Futures just as easily . It doesnt really make sense at all.
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IB is a sh%*tshow when it comes to knowing what the hell is going on with their business and in their industry. They're very much like many startups I've worked with that grew faster than they could hire good employees and grew beyond the capability of their management team. Not only did they appear not to see this coming, but they completely punted on the opportunity to at least sell their customer book to another company that is still in the business (http://www.financemagnates.com/fore...r-interactive-brokers-abandons-retail-market/). A bunch of rookie mistakes, sadly typical for this firm.
 
Pippi436 said:
This is basically only affecting IB (Oanda, FXCM etc. are no brokerdealers so they are fine for now). Maybe Peterffy should have spent some more money in Washington. I dont know of any other broker-dealer with a significant retail fx spot business. Its silly too, IB had the best market access for spot (at least for retail), and you can blow up in Futures just as easily . It doesnt really make sense at all.
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That is because IB is regulated by SEC and this is an SEC regulation not CFTC (oanda, FXCM). Honestly, IB and TD are probably they only fx brokers that I trust...they actually route your orders to fx pools and banks as counterparties...IB itself is not a counterparty for your fx positions.....the same cannot be said of Oanda. I cannot speak for FXCM...no experience with them.
 
The announcement only applies for US clients, not non-US one's. This has been confirmed by IB.

What with things like FACTA and now this the government of the Land of the Free forces the jackboot just a little firmer on the throat of its citizens.
 
koolaid said:
That is because IB is regulated by SEC and this is an SEC regulation not CFTC (oanda, FXCM). Honestly, IB and TD are probably they only fx brokers that I trust...they actually route your orders to fx pools and banks as counterparties...IB itself is not a counterparty for your fx positions.....the same cannot be said of Oanda. I cannot speak for FXCM...no experience with them.
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Certainly the futures trading at IB is regulated by CFTC?
 
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