NFA Indicates Support of Higher Leverage for Retail Forex
By Bart Mallon, Esq.
(www.forexregistration.com)
At the NFA regulatory conference at the beginning of this month, the topic of the first session was the current regulatory and legislative changes which are currently taking place in the industry. Perhaps not surprisingly, the panel (which included NFA’s Dan Driscoll) completely avoided any discussion of the CFTC proposed forex regulations [...]
Senator Orrin Hatch Comments on Proposed Forex Regulations
“Concerned” about “severe impact” of regulations
On March 9, 2010, Utah Senator Orrin G. Hatch submitted a comment letter to the CFTC regarding the proposed retail forex regulations. Senator Hatch takes the stance that the CFTC should not reduce the levergage requirement from 100:1 to 10:1.
“I am told this provision may result in many retail Forex [...]
NFA Talks with CFTC about Proposed Forex Leverage Reduction
President of NFA Dan Roth and CFTC Commissioner Jill Sommers Discuss Leverage Proposal
On Friday, Dan Roth, the president and CEO of the National Futures Association met with CFTC Commissioner Jill Sommers regarding the proposed forex regulations. According to the text of the CFTC comment file regarding the meeting, the discussion primarily centered around the reduction [...]
Mallon P.C. Creates NFA Self-Exam Checklists for Forex CTAs, CPOs, and IBs
Forex CTAs, CPOs, and IBs Will Benefit From Mallon P.C.’s User-Friendly Self-Examination Checklists
The information in the following press release from hedge fund law firm Mallon P.C. applies equally to forex commodity trading advisors (CTAs), commodity pool operators (CPOs), and introducing brokers (IBs).
The full text of the Mallon P.C press release is reprinted below and can [...]
Foreign Exchange Dealers Coalition (FXDC) Evaluates New CFTC Rules On New Website
FXDC Supports Registration Requirement, Strongly Opposes 10:1 Leverage Limit
On January 27, 2010, the Foreign Exchange Dealers Coalition (FXDC) launched its first website which focuses on the new CFTC forex proposals, particularly the new 10:1 leverage limit requirement. FXDC formed in 2007 as an alliance of the largest U.S. forex dealers (GFT, Oanda, IBFX, Gain Capital, [...]
Forex Industry Overwhelmingly Against Lower Leverage
Backlash Against CFTC Proposed Forex Regulations
The CFTC proposed forex regulations have sparked a backlash against the U.S. regulatory agency. The forex community has had plenty to say about the proposal which would decrease leverage from 100:1 (25:1 for non-majors) to 10:1. This leverage reduction provision has been the focus of the community even as [...]
Forex Leverage Significantly Reduced by Proposed CFTC Regulations
Controversial New Forex Rules Upset Industry
(www.forexlawblog.com)
The 193 pages of proposed rules by the CFTC do much more than simply require managers to register as forex CTAs, CPOs or IBs - they also significantly reduce the amount of leverage which is available to ALL forex traders who trade through US based FCMs and RFEDs. Obviously this [...]
NFA Changes Compliance Rule for Forex CPOs and Forex CTAs
The NFA announced that they are repropsing NFA Compliance Rules 2-41 and 2-42 to make it harder for forex pools to be “eligible contract participants” and therefore out of the NFA purview. The proposed amendments will be effective upon 10 days notice to the CFTC unless the CFTC opposes the changes. The release is reprinted [...]
Forex Disclosure Documents
While we wait for more information to come from both the CFTC and the NFA on the new forex registration rules for Forex CPOs, Forex CTAs, Forex IBs and Forex Aps, we are also providing managers with information on what the rules will likely look like.
From the statements by the NFA we believe that the [...]
NFA Discusses Future Forex Rules and Forex Registration
The press release below from the NFA discusses the coming registration requirements for those forex managers which engage in advising clients on off-exchange foreign exchange transactions. It is expected that registration will be required very shortly and managers, including forex hedge fund managers, will need to be registered as a “Forex CPO.” These managers will [...]
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