Forexwatchman
Sergeant
- Messages
- 198
In response to the CFTC's new proposed regulations which would limit spot forex leverage to 10:1, FXStreet.com are organizing an emergency online town hall meeting so that everyone can learn about the details of the proposed rules, how they will affect you and your broker (and forex in general), as well as what we can do as a community in order to organize a united resistance. The meeting will take place at 14:00 GMT tomorrow, Janurary 21st.
I am very proud to announce that both FXStreet.com and FXCM have now joined in taking bold, public stances by letting their opposition to the proposed rules be widely known, and by mobilizing all their users and clients to fight against this absurdity. Considering the potential risk they are taking by standing against their own regulator (a first for a company so large), I commend their actions.
Please keep in mind that this is not a US-only issue. The NFA also intends to try their hand at enforcing US regulations on offshore brokers and their clients beginning April 1st. Their argument is that brokers (and their IBs) who have so much as one US-based client need to be registered members (great way to increase funding). This is why you see companies such as FxPro dumping all their US accounts. Do you like the idea of America playing "world police"?
Please visit Francesc’s Weblog » Live Coverage: Open Discussion about the CFTC 10:1 Leverage Proposal for more information.
I am very proud to announce that both FXStreet.com and FXCM have now joined in taking bold, public stances by letting their opposition to the proposed rules be widely known, and by mobilizing all their users and clients to fight against this absurdity. Considering the potential risk they are taking by standing against their own regulator (a first for a company so large), I commend their actions.
Please keep in mind that this is not a US-only issue. The NFA also intends to try their hand at enforcing US regulations on offshore brokers and their clients beginning April 1st. Their argument is that brokers (and their IBs) who have so much as one US-based client need to be registered members (great way to increase funding). This is why you see companies such as FxPro dumping all their US accounts. Do you like the idea of America playing "world police"?
Please visit Francesc’s Weblog » Live Coverage: Open Discussion about the CFTC 10:1 Leverage Proposal for more information.