Unregistered FX IB’s out and 20million cap FX FCM in

Quote from BigGun:

No dukascopy is not reg with NFA but they are Reg with Swiss land who are also passing new laws,

http://www.forexfactory.com/showpost.php?p=1956798&postcount=700


http://www.iflr.com/?Page=10&PUBID=33&ISS=24583&SID=702998&TYPE=20

As stated numerous time in previous post, if the FX firm your with is not Regulated as a bank or futures firm 99.9% chance they will be closed down by years end, USA/Swiss started this reform and will soon force other regions to follow suite.
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No. No other regions are that dumb to do so.

Others would regulate with sense and not to monopolize.

Why would a country shut down a business that brings in money from foreign clients and creates jobs?

Who is dumb enough to shut down companies due to lack of excess capital and not due to violations?

Who would put out 12 FX brokers out of business, and lay off 1000's of people??

Who would leave 4 brokers for us to choose from that we can't stand and had many complaints?

Who would force their own people to invest out side to have more than 4 choices?

What kind of MORON would think that this is good for the USA?

It truly blows my mind
 
FXCM reacting, sending Cease and Desist Notice to all unregistered IB,, what a shame it was the IB who made firms like FXCM and now they kick them all to the curb.


May 15, 2008

To Whom It May Concern:

As per the termination letter sent to you, terminating the Referring Agreement between FXCM and xxxxxxxx, you were directed to remove all references of the FXCM name and soliciting accounts using FXCM's name. Please remove all links to FXCM.com.

Once again, please remove all references to FXCM and cease and desist using the likeness and name of FXCM.

Thank you for your immediate cooperation.

Kindest Regards,

Compliance Department
Forex Capital Markets LLC
Financial Square
32 Old Slip, 10th Floor
New York, NY 10005
United States
Tel (212) 897-7660
Fax (212) 897-7669
Email : compliance@fxcm.com

FXCM and its affiliates assume no responsibility for errors, inaccuracies or omissions in these materials. They do not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FXCM and its affiliates shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials. This email is not a solicitation to buy or sell currency. All information contained in this e-mail is strictly confidential and is only intended for use by the recipient. All e-mail sent to or from this address will be received by the FXCM corporate e-mail system and is subject to archival and review by someone other than the recipient.
 
http://www.marketwatch.com/news/sto...04F-B4A6-BFB7EDEF4CCB}&dist=hplatest#comments



WASHINGTON (MarketWatch) -- On the heels of a strong vote for passage in the House, senators on Thursday approved a $289 billion, five-year farm bill that is under a presidential veto threat. Senators voted 81-to-15, easily attaining the two-thirds majority needed to override a veto. On Wednesday, House lawmakers voted 318-to-106 to pass the bill, also securing the two-thirds majority needed for an override. The farm bill would increase funds for nutrition programs and authorize subsidies for farmers, among other moves.
 
Quote from fluttrader:

If you are an unregistered IB , just register to continue business, what is the problem with that ?
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Or


you could refer American clients to European brokers, and have our people invest in other countries.

Stupid is an understatement!!
 
Sounds to me your on the side of the or worse yet “for you” working with unqualified FX firm and have just lost your scamming vehicle.

Wrong, smart EUR countries will be right behind with stronger FX dealers regulations , Swiss land has already implemented new laws requiring all FX dealers ton be registered as banks witch by the way is much more difficult to obtain then becoming a FCM under the new guidelines here in the USA. And those that chose to hide off shore will soon learn their no longer out of reach either.

What just happened is great for the traders; FCM will become more transparent, safer and more accountable for any games they chose to play..


Don’t believe the propaganda the unqualified FX firm and IB’s are pushing now a days, it’s all rubbish.
 
Quote from BigGun:

Sounds to me your on the side of the or worse yet “for you” working with unqualified FX firm and have just lost your scamming vehicle.

Wrong, smart EUR countries will be right behind with stronger FX dealers regulations , Swiss land has already implemented new laws requiring all FX dealers ton be registered as banks witch by the way is much more difficult to obtain then becoming a FCM under the new guidelines here in the USA. And those that chose to hide off shore will soon learn their no longer out of reach either.

What just happened is great for the traders; FCM will become more transparent, safer and more accountable for any games they chose to play..


Don’t believe the propaganda the unqualified FX firm and IB’s are pushing now a days, it’s all rubbish.
More...

Do you believe that a monopoly will be good for traders? That to go from having over a dozen choices to 4 or 5 would benefit us? Do you think that if the bigger firms did not have to compete for the client, then the client would benefit? You believe closing down US firms and putting people out of work is good for our economy? Is there reason to raise it to 20 million? Or is it to eliminate most of the firms? If they did care about the clients’ funds, why don’t they set up a formula that firms will have to follow?

One that depends on the number of clients and the amount of funds these clients have deposited. That wouldn't happen, because the safety of the trader is not what they are after.

If the firm that I deal with shuts down, then I am taking my money out and investing it over seas, because I don't trust any of the remaining firms.

The true SCAMMERS are the ones that pay money managers extra if they would lose the clients funds. Look it up, and find out that it is a firm that has over 60 million in adjusted net capital and will remain open.

So BIGGUN, did you know that?

I doubt it.
 
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