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I noticed FXDD was missing from this list (are they not in New York?)...How much Capital do they have...anyone? I do not think they have over 20 mil...so their reg may be a non event.
If I recall correctly (from this thread) FXDD cannot register with the NFA unless they have at least 5,000,000.00 in capital. So they're just breathing hot air about registering if they don't have that much. I suspect they probably do...
__________________ Success is more perspiration than inspiration . . .
FXDD is the US marketing arm for a very large company called Tradition Group based in Switzerland last I recall. They are in a ton of markets, including energy exchanges, oil, forex, metals, etc. FXDD isn't broke. I'm dismayed they are joining the NFA because I think the NFA is crazy.
FXDD is the US marketing arm for a very large company called Tradition Group based in Switzerland last I recall. They are in a ton of markets, including energy exchanges, oil, forex, metals, etc. FXDD isn't broke. I'm dismayed they are joining the NFA because I think the NFA is crazy.
That's interesting. Do you know what their net-worth is? Though I cannot vouch for the figure I googled, someone obviously sourced it from somewhere, and if it is even within a magnitude of what they actually are worth, it still won't be enough! The fact that they initially declared that they would not be applying for NFA membership certainly isn't the hallmark of a financially viable company...
Also, can you comment on whether the Tradition Group already have, or will be applying for a Banking licence, as per the new Swiss regs?
btw, I agree with you to an extent about the NFA, but it does at least provide potential customers with a sense of security by collating brokers' assets. The alternative is bucketshops like Fxopen and Aleccohfx - one has no permantent address and ellegedly robs its customers blind, the other, despite supposedly having assets of $61,000,000 (if memory serves) is now officially bankrupt, with unknown individuals having emptied its coffers, even though its owner (Aleccoh) was still spinning lies just a week ago...
Senate Finance ranking member Charles Grassley said today he has signed the farm bill conference report and will work to override a likely presidential veto, predicting that both chambers have enough support for an override. Grassley told Iowa reporters in his weekly teleconference that he is disappointed by the payment limitation provisions in the bill, but said they are better than current law. He also praised the bill's "long list" of other changes, including farm program and tax provisions that he wants enacted. Grassley expects the White House will not push Republicans to sustain the expected veto. If Bush does push support for the veto, cautioned Grassley, he should expect "very weak loyalty in the Congress from his own party."
It looks more and more like this bill is going to become law. I’m trying to dig up the actual language of the bill to find out the time frames the industry is going to get in order to comply with the law. I’ll have more tomorrow.
House passes election-year farm bill
By MARY CLARE JALONICK – 1 hour ago
WASHINGTON (AP) — The House passed a $290 billion farm bill Wednesday with a strong veto-proof majority, offering more subsidies for farmers, food stamps for the poor and special projects that lawmakers can bring home to voters this election year.
The 318-106 vote for the five-year bill came despite President Bush's promised veto. He says the measure is too expensive and gives too much money to wealthy farmers.
About two-thirds of the bill would pay for nutrition programs such as food stamps and emergency food aid for the needy. An additional $40 billion is for farm subsidies while almost $30 billion would go to farmers to idle their land and to other environmental programs.
Senators planned to begin debating the bill later Wednesday. A rejection of a Bush veto may be even easier in the Senate, where farm states have greater representation than they do in the House. Congress has only overridden one veto, on a water projects bill, during Bush's two terms.
This measure is not perfect, said the chairman of the House Agriculture Committee, who believes it is balanced. "We've put a bill together that I think addresses what people are concerned about in this country," said Rep. Collin Peterson, D-Minn.
Republicans, however, criticized the mostly bipartisan and popular bill because home-state projects added in an election year. The bill includes tax breaks for Kentucky racehorse owners, extra help for farmers in Hawaii and Alaska, and dollars for salmon fishermen in the Pacific Northwest.
"This bill has been under consideration for a long, long time, and yet still we have earmarks that have been 'air dropped' into the legislation," said Rep. Jeff Flake, R-Ariz.
Ahead of the House veto, Bush made his objections clear, noting that married farmers who make up to $1.5 million still could collect subsidies under the new farm bill. "I believe doing so at a time of record farm income is irresponsible and jeopardizes America's support for necessary farm programs," Bush said.
Halloween: The Day the Dead Pool Rises from the Grave
Cue up the Michael Myers Halloween Theme…
I have just finished reading the Farm Bill language and it is clear that the Congress is not giving the industry much time to adapt to the incredible changes they are forcing upon retail forex dealers and introducing brokers.
Title XIII (page 548) is the part of the bill that references the forex industry. Note the following language as it pertains to adjusted net capital requirements for forex dealers: http://agriculture.house.gov/inside/...onf/CRlang.pdf
Quote:
“(ii) The dollar amount that applies for purposes of this clause is-
“(I) $10,000,000, beginning 120 days after the date of the enactment of this clause;
“(II) $15,000,000, beginning 240 days after such date of enactment; and
“(III) $20,000,000, beginning 360 days after such date of enactment.
Assuming the bill passes by the end of June, that would give U.S. retail forex dealers until Halloween to increase their capital to $10 million. Then they would have until February 2009 to increase it to $15 million and then June of 2009 to reach the full $20 million. Halloween would also be the registration date for Introducing Brokers.
The bill also creates a separate registration category for Forex Dealers and gives the CFTC tremendous leeway in crafting rules governing this new financial services category. There is no telling what the CFTC might come up with (tough new Margin Requirements? Customer Funds Segregation? New Dealing Practice Rules?)
All in all the industry is in for a massive overhaul in the next 12 months. There are sure to be a lot of tricks and treats ahead. Stay Tuned.
How anybody could critisize the regulation of Forex...is beyond me. Forex is a Circus just now and its only hope is regulation.
Futures in the USA could have become as Forex has...But Thanks to the NFA. The leveraged Futures industry and its instruments are regulated and the Circus was not allowed to proliferate.
Thank you NFA
Thank you CFTC
We just cannot self-regulate ourselves, we need you and we pay taxes for you, here in the USA.
ES
P.S. However, It is my opinion that if the Forex Global players cannot unite into ONE regulated price feed...that the benefit of regulation cannot ever be, what it can be...
Last edited by ElectricSavant; 05-15-2008 at 05:24 PM.
Success is more perspiration than inspiration . . .
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