Client Services 50: This is Brandon how may I Help you?
Customer: Hi, Brandon. I got a question to you: will IBFX Australia continue servicing US customers after October 18, 2010 in light of the latest CFTC regulations?
Client Services 50: No we will not be having US clients doing business in Australia
Client Services 50: Due to the regulations in question
Customer: so all IBFX customers from the US will have to stick to the 1:50 leverage accounts, correct?
Client Services 50: That is my understanding of this, yes
Customer: Thank you for your assistance, Brandon. I really appreciate it.
Client Services 50: I wish I did have better news for you
Customer: Do you think IBFX will be able to do anything about it?
Client Services 50: I doubt it Jake, honestly we tried but we are obligated to follow these rules to the letter
Customer: what about servicing foreign companies owned by US residents? For example, if I set up a company in Canada and apply for a trading account with IBFX Australia on its name, will you open it?
Client Services 50: That is a great question
Customer: if you are not sure, just forward it to your legal department for a comment. I would appreciate their response at my email
xxxxxxxxxxxx@yahoo.com
Client Services 50: I actually have the rules here they are just hard to find
Client Services 50: To my knowledge there is only way very specific way to do that
Customer: what is it?
Client Services 50: That is what i am trying to find as quick as I can
Client Services 50: The rules have changed about 4 times in a week
Customer: Did the CFTC release four official follow-ups to their initial statement?
Customer: I have no problem hanging on, take your time
Client Services 50: 8. An entity that is formed in a country other than the USA with directors/owners/authorized persons who are residents of the USA - Yes
Customer: great. makes me wonder what the purpose of these new regulations then is. pretty much any American can easily set up and maintain a company in Canada or elsewhere as long as he/she pays their taxes.
Client Services 50: Agreed
Customer: Would you mind if I share these news with my fellow traders? That is the path they might choose to follow.
Client Services 50: Yes you can, I dont see why not
Customer: Thank you for all your help. Have a nice day!
Client Services 50: You're welcome. If you have any questions or concerns feel free to contact us anytime. We are here for you 24 hours a day, Sunday afternoon through Friday afternoon.