<ul><li>Daily Market analysis </li></ul><ul><li>Daily Strategy analysis (Live Fxalerts) </li></ul><ul><li>New CFTC Rules affect US based traders </li></ul><ul><li>Marcello Ducille’s Underground System Demonstration </li></ul><ul><li>Question & Answer Session </li></ul>
The CFTC (Commodity Futures Trading Commission) not long ago announced new rules that will affect over the counter Forex trading which will take effect on October 18 th . With the new rules, FXCM will not be able to offer accounts to US traders with their foreign subsidiaries .. What this means for Forex traders is… US based Forex traders who trade with foreign brokers will all soon have to look for a new broker.
As for the claim that traders would/will move their accounts offshore, this will become largely moot, since all brokerages, regardless of nationality, will be required to register with the CFTC and subject to its rules/oversight. Of course, those traders that are so inclined will still find a way to circumvent the rules by shifting funds “illegally” to unregistered brokers, but they do so at their own risk and will have no recourse in the event of fraud. As Forbes noted, “It seems these new rules will put a stop to Americans trading retail Forex offshore to evade CFTC rules. That trend picked up the pace in recent years and it may need to be reversed quickly.”.
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