Implications of Dodd-Frank Act on Forex and Precious Metals?

Quote from dewton:

It also seems that the big exchanges are influencing US lawmakers and are trying to eliminate their competition- which is the OTC market.
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No doubt there is some truth to that. I'll bet Dodd and Frank got big donations from the exchanges, but not much money from Oanda and the other forex shops. Hey, Oanda, you have to learn how the game is played here in the U. S. of A.! We have the best politicians money can buy.
 
I am in the process of closing my offshore Forex account as I cannot take the chance of being made an example of.

The interpretation of the Dodd-Frank Act seems to be a work-in-progress, so until I can understand the intepretation of it, I will not break the new law and trade with an offshore dealer, even if the USA does not have the funding to enforce the law.

ElectricIsBluffedEnoughByTheUSGovernmentToFollowTheirSeeminglyUnconstitutionalRulesSavant

P.S. Welcome to the USA (are you folks understanding Obama's vision yet?...how's that workin' out for ya'?
 
Quote from LeeD:

No, it will only be illegal to trade metals via a bucket shop. Tradings spot forex or metal futures or forex futures is stil completely legal.
Also it is going to be still completely legal to buy, hold and sell gold bullions or gold coins or silver coins.
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It is already illegal for US citizens to trade CFDs. Or as you put it, use a bucket shop.
 
Quote from dewton:

Would someone please explain what is the point of this Act and the intentions behind it? Why would the government restrict OTC leveraged precious metals trading?
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What's the point of the PDT rules?
It's just more government intrusion run amok.

Meanwhile we sink further into the abyss while infinitely more pressing matters are largely ignored.
 
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