Proposed NFA Capital Requirement

Quote from ssss:



Sorry ,but personla experience of the author with FSA is not good

young female and long processing time

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FSA clerical staff are probably like any other pen-pushers, but despite them the FSA is effective and will (eventually) resolve anything which needs resolving once the complaint hits the right desk.

The point is that funds are protected to a degree, no different than if a trader was trading futures.

The safety of funds is an old argument put forward by the anti-spot brigade in favor of the futures market which is short of liquidity, it doesn't hold water though. I guess you can't blame them for trying but they need to change the record......that one's worn out :)
 
FSA clerical staff are probably like any other pen-pushers, but despite them the FSA is effective and will (eventually) resolve anything which needs resolving once the complaint hits the right desk.

Very can be ,but was not in the case of the author

In USA can complaint to SEC,CFTC,NFA,different
exchange#s ,internet department of FBI and
court .

It is worked in case of the author .

"... Multiple angle's of attack and reinforce this direction ,which advanced"

Helmut von Moltke


If you have
any experienced (!) FSA investigator, you can send e-mail adress to author .Author would pleased for you .For comparsion In Germany Head of Derivative Bafin(person was from noble family with "von") answered with more 30 e-mail's to author .
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The point is that funds are protected to a degree, no different than if a trader was trading futures.

The safety of funds is an old argument put forward by the anti-spot brigade in favor of the futures market which is short of liquidity,

For small capital enough liquidity of
most important pairs on CME

As example to perform record attempt from 2000$ in 16000$ in one month

For anothers# pairs clear spot have advantage over currency fx
*****************************++


it doesn't hold water though. I guess you can't blame them for trying but they need to change the record.....
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Sorry ,author not planned any attempt in spot fx and not any in currency fx
Ground -
Author was priced in different paper game ,real quote contest's but with
currency was best result only 3-d in week
with future and with stock was results as
1 in week ,in day and Grand Price
No one person can perform all -currency is not for the author .


Best wish ...
 
Quote from ssss:



In USA can complaint to SEC,CFTC,NFA,different
exchange#s ,internet department of FBI and
court .

It is worked in case of the author .

"... Multiple angle's of attack and reinforce this direction ,which advanced"

Helmut von Moltke


If you have
any experienced (!) FSA investigator, you can send e-mail adress to author .Author would pleased for you .For comparsion In Germany Head of Derivative Bafin(person was from noble family with "von") answered with more 30 e-mail's to author .
*********************************


For small capital enough liquidity of
most important pairs on CME

As example to perform record attempt from 2000$ in 16000$ in one month

For anothers# pairs clear spot have advantage over currency fx
*****************************++

Sorry ,author not planned any attempt in spot fx and not any in currency fx
Ground -
Author was priced in different paper game ,real quote contest's but with
currency was best result only 3-d in week
with future and with stock was results as
1 in week ,in day and Grand Price
No one person can perform all -currency is not for the author .


Best wish ...
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(Try clicking the 'Quote' button when you answer a post, it makes reading you reply a bit easier and more understandable.)

Multiple agencies can delay things even more, I can't see the benefits.

You don't need the email address of an experienced 'FSA investigator', just submit your complaint and it will be dealt with by the appropriate department. They even have translators available so submitting your complaint in your native language would probably save any misunderstanding.

'from 2000$ in 16000$ in one month' on a paper trading account isn't relevant when it comes to liquidity.


*This is a very useful thread and I'm not going to clutter it up with unrelated chat, if you want to discuss it further then let's start another thread.
 
FXDD Bows to the Savior!

Six weeks ago I reported on the danger of trading with FXDD because they were the only forex firm in the United States that had neglected to get a license from the NFA.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=97890&perpage=6&pagenumber=65

Well it appears FXDD took my criticism to heart.

FXDD Announces Pending NFA Approval

NEW YORK, NY May 7, 2008 – FXDD, a global leader in online foreign exchange trading, today announced its applications for becoming a National Futures Association (NFA) member and for registration as a Futures Commission Merchant (FCM) with the CFTC are pending approval. Clients may follow FXDD progress through the registration process by logging on to the NFA’s website (www.nfa.futures.org) and searching the BASIC system under its NFA ID number 0397435.

“The pending reauthorization legislation for the CFTC will fill the gaps left by previous legislation and narrow the playing field for entities in the Forex space. The value of companies as registered entities and non-registered entities is driven by many factors; registration is certainly one of those factors,” commented James E. Green, FXDD’s chief legal counsel. “FXDD is always interested in increasing its business under the appropriate circumstances by providing professional service and promoting certainty and clarity as to the government and private agencies responsible for regulating Forex dealers.”
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All I can say is, it's about time! Count that as another victory for retail forex traders. The Savior's work goes on...
 
Multiple agencies can delay things even more, I can't see the benefits.
***********************************


No any scientific evidence Sir in your opinion .Only wish
to propagate this stil of trading ,which bring more
money for broker/market maker through multiple
operations under conditions "no edge for retail sector"


military principle are -objective's ,offensive ,concetration

Develop of weakness and concetrate effort
Destroy enemy
*****************************************

You don't need the email address of an experienced 'FSA investigator', just submit your complaint

No any dobut from experience of the author that USA and Germany authority worked in case's of the author better .

**********************************************


and it will be dealt with by the appropriate department. They even have translators

Was no any demand in USA and Germany .
***************************************


would probably save any misunderstanding.


Secure(copy) communication with broker ,account balanse and each operation and resend real time to multiple experienced investigators from different agencies .

From military point of view it is the best way.


P.S. 'from 2000$ in 16000$ in one month' on a paper trading account isn't relevant when it comes to liquidity.


Depend what you trade ec ,jy,bp on CME ,suspect liquidity is enough


http://equivalentsrdc.cme.com:443/index.html


Your respectfully
 
Quote from cabletrader:

We're not hedge funds or CTA's though, we're just private traders. These firms offer a reasonable deal as far as I can see, there's nothing fundamentally wrong with retail bucketshops as long as they stay solvent.
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Almost right..."as long as they don't play games" :)

Oanda is one of those exceptions.
 
Quote from jaytrader100:

lol... look at those tiny numbers!!!!!!!!!!!


Seriously you people are crazy to have money with those companies.... think about it.. how much money does a large trader run? Hedge funds.. 2-8 billion..... cta's 1 million to 500 million? Fund of funds.. billions .. I would say that almost no one who has any real large accoutns would ever put it at risk in those dinky retail FX firms... a 100,000 dollar accouotn is pretty large for most fo those firms.. LOL..
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That's why most of my money is with a futures broker to trade currencies.

Remember RefcoFX ? now FXLQ...
 
All Eyes on Washington

The big news this week is the farm bill which is close to passing the House and Senate. Inside that farm bill are provisions that would require U.S. forex dealers to have a minimum adjusted net capital of $20 million in addition to requirements that all introducing brokers be registered with the CFTC.

The big question is if Bush vetoes the bill will the Congress have enough votes to override his veto? According to this story the override vote will be a very close one:
http://deltafarmpress.com/topstory/farm-legislation-0513/

Chambliss, a Republican, has promised to try to override a White House veto. With other Republicans also taking such a stand, does President Bush have the votes to sustain a veto? It will be “very close” said Ed Schaefer, USDA secretary, during a May 9 press conference. Schaefer then played the populist and tied subsidy levels to U.S. families having trouble paying rising food prices. If politicians listen to such families “then we’re going to sustain the veto.”
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Of course, the forex provisions are a sideshow in this fight, which has become a fight primarily over farm subsidies. The $20 million capital requirement has been agreed upon by the powers that be. So now the question is not if, but when. A veto override means this capital requirement will be enforced by the end of the year for sure.

Developing…
 
Veto Override Likely

According to Republican Senator Charles Grassley the Congress will have the votes to override a Bush veto of the farm bill.
http://www.nationaljournal.com/congressdaily/cdp_20080513_6699.php

Senate Finance ranking member Charles Grassley said today he has signed the farm bill conference report and will work to override a likely presidential veto, predicting that both chambers have enough support for an override. Grassley told Iowa reporters in his weekly teleconference that he is disappointed by the payment limitation provisions in the bill, but said they are better than current law. He also praised the bill's "long list" of other changes, including farm program and tax provisions that he wants enacted. Grassley expects the White House will not push Republicans to sustain the expected veto. If Bush does push support for the veto, cautioned Grassley, he should expect "very weak loyalty in the Congress from his own party."
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It looks more and more like this bill is going to become law. I’m trying to dig up the actual language of the bill to find out the time frames the industry is going to get in order to comply with the law. I’ll have more tomorrow.
 
House Passes Farm Bill

House passes election-year farm bill
By MARY CLARE JALONICK – 1 hour ago

WASHINGTON (AP) — The House passed a $290 billion farm bill Wednesday with a strong veto-proof majority, offering more subsidies for farmers, food stamps for the poor and special projects that lawmakers can bring home to voters this election year.

The 318-106 vote for the five-year bill came despite President Bush's promised veto. He says the measure is too expensive and gives too much money to wealthy farmers.

About two-thirds of the bill would pay for nutrition programs such as food stamps and emergency food aid for the needy. An additional $40 billion is for farm subsidies while almost $30 billion would go to farmers to idle their land and to other environmental programs.

Senators planned to begin debating the bill later Wednesday. A rejection of a Bush veto may be even easier in the Senate, where farm states have greater representation than they do in the House. Congress has only overridden one veto, on a water projects bill, during Bush's two terms.

This measure is not perfect, said the chairman of the House Agriculture Committee, who believes it is balanced. "We've put a bill together that I think addresses what people are concerned about in this country," said Rep. Collin Peterson, D-Minn.

Republicans, however, criticized the mostly bipartisan and popular bill because home-state projects added in an election year. The bill includes tax breaks for Kentucky racehorse owners, extra help for farmers in Hawaii and Alaska, and dollars for salmon fishermen in the Pacific Northwest.

"This bill has been under consideration for a long, long time, and yet still we have earmarks that have been 'air dropped' into the legislation," said Rep. Jeff Flake, R-Ariz.

Ahead of the House veto, Bush made his objections clear, noting that married farmers who make up to $1.5 million still could collect subsidies under the new farm bill. "I believe doing so at a time of record farm income is irresponsible and jeopardizes America's support for necessary farm programs," Bush said.
 
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