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NFA Crack-Down Continues - Dec. 21st, 2007 Key Date

Discussion in 'General Forex Talk' started by Black Knight, Oct 11, 2007.

  1. Black Knight

    Black Knight Private, 1st Class

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    Here are the latest changes from congress and the NFA:

    Key date is December 21, 2007. That is right around the corner. Put out the word.
    http://www.nfa.futures.org/news/newsNotice.asp?ArticleID=1973

    NFA has received notice that the Commodity Futures Trading Commission has approved changes to NFA Financial Requirements Section 11 and the Interpretive Notice entitled "Forex Transactions." The amendments increase the minimum net capital requirement for Forex Dealer Members (FDMs) to $5,000,000. They also eliminate the concentration charge and replace it with restrictions on the types of firms with which an FDM may maintain assets and cover its exposure for purposes of CFTC Regulation 1.17. These changes will become effective on December 21, 2007.

    Check if your firm's net capital is over $5,000,000 for starters. Better still, check if it's over $20,000,000.

    You can find out the capitalization of most (US) firms here:
    http://www.cftc.gov/marketreports/financialdataforfcms/index.htm

    -=Black Knight
     
  2. AlexTrader

    AlexTrader Private

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    Thanks for the info.
    Although, it doesn't change anything. Only very small crooks would be barred from the market. Big crooks would still be in it.
     
  3. No Time

    No Time Private, 1st Class

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    Thanks for the link Black Knight!!
     
  4. Migo

    Migo Private, 1st Class

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    Yes Alex, but its a start. Just a start for many more to come. At least we are on the right path now.

    Thanks Blacknight.
     
  5. journeyman

    journeyman Private

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    Crooks


    You're right.
     
  6. fjulio

    fjulio Recruit

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    TRU DAT!!

    Thanks for the link Black Night
     
  7. MYJ

    MYJ Private

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    Black Night..

    MB TRADING FUTURES INC. N NFA 10/31/2007 3,233,155
    Are there going to be in trouble? I am worried, I cant open their website now. (MBTrading.com)
     

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