Proposed NFA Capital Requirement

FXCM Buys I Trade FX

Looks like I Trade FX is throwing in the towel. With the NFA fining them $250,000 over the Olint affair and the $20 million capital requirement set to kick in I Trade FX is officially calling it quits: http://www.forexfactory.com/news.php?do=news&id=166975

New York¯May 4, 2009¯Forex Capital Markets LLC (www.fxcm.com) today announced it has reached an agreement to acquire the U.S. and international retail forex clients of i-Trade FX. Subject to regulatory approval, accounts are expected to be transferred from i-Trade FX to FXCM on May 8, 2009. Like several other forex firms, i-Trade FX has decided to cease offering service to US retail clients. Other firms that have decided to exit the U.S. retail business include ODL Securities, Hotspot FX, and CMC Markets. To offer retail forex trading services under NFA rules, Forex Dealer Members (FDMs) will be required to have a minimum of $20 Million in firm capital as of May 16, 2009.
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The U.S. industry consolidation should continue in the months to come as cap increases and a battery of new regulations continue to squeeze the market. Next up, CFTC Net Capital report for March.
 
Quote from PreCap:

Hmmm...So I guess my account manager doesn't sound like a fool to you anymore....:eek: :p
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Nope, he's still a fool, but he's one lucky fool to have such stupid clients to manage otherwise he probably wouldn't have a job!

:D
 
Quote from cabletrader:

Nope, he's still a fool, but he's one lucky fool to have such stupid clients to manage otherwise he probably wouldn't have a job!

:D
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You know I'm running Pacific Standard Time these days....So I woke up to that...

Well ....Now...

So...since we're talking about your mother's handicaps I wonder if some of that effected you when she shitted you out:confused:

and before you begin remember you're talking to sociopaths:eek:
 
NFA Delays Ban on Stops/Limits

Francesc at FX Street is hearing that the NFA’s rule banning the use of stops/limits as part of the NFA’s new FIFO edict will not be enforced until July 31st:

http://blogs.fxstreet.com/francesc/...p-and-limit-orders-fifo-delayed-to-july-31st/

Hi everyone

On April 30th I published here that the NFA will not be allowing stop and limit orders on open positions as this conflicts with their FIFO - first-in, first-out - new policy.

This had to go into effect may 17th along the announced prohibition of hedging.

At this time, the only update I’ve got so far is that due to the strong opposition of forex brokers, FIFO is being delayed to July 31st.
Francesc
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Never a dull moment in the U.S. forex market.
 
Quote from forexsavior:

NFA Delays Ban on Stops/Limits

Francesc at FX Street is hearing that the NFA’s rule banning the use of stops/limits as part of the NFA’s new FIFO edict will not be enforced until July 31st:

http://blogs.fxstreet.com/francesc/...p-and-limit-orders-fifo-delayed-to-july-31st/



Never a dull moment in the U.S. forex market.
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It is not nice to wish people to come under any harm, but if there were any individuals who deserved to suffer the most horrific fate possible, NFA would fit the bill nicely.

So let me get this straight: I am a position trader so if I put in a position at 10pm ET and go to sleep I will not have any protection(stop orders?) or If I suspect that the session's maximum point will be achieved during odd hours (3am) I won't be able to set a limit order to take profits? So that means to trade forex I will have to be glued to the screen the whole night?

I hope those idiots don't mess with leverage (but I suspect they will try)I will have to start looking at offshore brokers.
 
Quote from PreCap:

Told you so....
And now, off to London we go...
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What I don't get is why? They are obviously trying to gut the industry. Are they mad that there may be an outflow from Stocks/Options and maybe even futures to forex? One of the highlights of forex is leverage. You take out leverage and what is the point?

Stop and limit orders should be a basic right (they exist everywhere else why not on forex?)
 
Quote from IShopAtPublix:


So let me get this straight: I am a position trader so if I put in a position at 10pm ET and go to sleep I will not have any protection(stop orders?) or If I suspect that the session's maximum point will be achieved during odd hours (3am) I won't be able to set a limit order to take profits? So that means to trade forex I will have to be glued to the screen the whole night?
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lol, tooooooo funny :D
 
Quote from IShopAtPublix:

not funny at all.
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What, you were serious, you really think that's going to be the way it will work :eek:

C'mon IShopAtPublix, I thought you had more about you than the likes of PeeCap et al!
 
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