CFTC NEW Document - Overseas Accounts OK? - Page 2
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Thread: CFTC NEW Document - Overseas Accounts OK?

  1. #11
    FXCM wont let US clients to trade their index products, even tho its controlled. I dont understand how Darrens debate holds merit. But I guess until their attorneys figure out it we'll have to wait and watch.

  2. #12
    Quote Originally Posted by ;
    FXCM wont let US clients to trade their index goods, even tho its regulated by FSA. I dont see Darrens argument holds merit. But I guess we'll have just to wait and watch until their lawyers figure it out.
    I'm not attempting to make an argument, just present what little information we have.

    I concur with you and hadn't thought of this. . .also spreadbetting is off limits.

    Hmmmmmmmmm

    Prepare for the worst, hope for the best I think!

  3. #13
    Quote Originally Posted by ;
    Prepare yourself for the worst, hope for the best I think!
    Never a bad doctrine and one I agree with 100%.

    The thing that worries me most is how many times possible regulations will probably be chopped and changed before finally settled.

    Don't forget we are talking about public services . They do not have much else to do other than just take forever more than reaching a final conclusion.

    The end result may well be a totally different animal, so yes, hope for the very best but make sure that you've planned for the worst.

  4. #14
    Quote Originally Posted by ;
    FXCM wont let US clients to trade their index products, even tho its controlled by FSA. I dont see Darrens debate holds merit. But I guess till their attorneys figure it out we will have only to wait and see.
    Quote Originally Posted by ;
    I am not trying to make a debate, just present what little information we have.

    I concur with you and had not thought of that. . .also spreadbetting is off limits.

    Hmmmmmmmmm

    Prepare for the worst, hope for the best I think!
    Hi shrike and pilotui,

    To explain on the topic of spreadbetting and trading stock indices.

    Spreadbetting is only available for UK residents because of local UK tax legislation which allows for any profits made via spreadbetting to be exempt of UK capital gain taxes. Trading at the spreadbet account is exactly the same as in the conventional 10k account, only difference being so that UK residents are able to benefit from the tax advantage, in how it's categorized.

    (Using the US resident paying US taxes as an example) opening a spreadbet account would not be advantageous to get a US resident as you're paying US taxes rather than UK taxes, therefore subject to US tax legislation which doesn't pay profits via forex trading from taxes. If any other country or Congress decided to adopt the tax policy that is exact same as the UK, I'm sure we'd be accomodating.

    For CFD's via FXCM UK in the kind of stock indices, gold, silver, and oil, these aren't exchange traded products. US regulations prohibit us from providing them.

    I will be posting about the FXCM Discussion thread at some stage today in response to Sonicpunk's and pilotui's question/post with additional info from FXCM.

    -Jason

  5. #15
    Quote Originally Posted by ;
    Hello shrike and,

    To describe the topic of spreadbetting and trading stock indices.

    Spreadbetting is only available for UK residents due to neighborhood UK tax law which allows for almost any profits made via spreadbetting to be exempt of UK capital gain taxes....
    Can't wait Jason!

  6. #16
    Quote Originally Posted by ;
    Yeah, but I do not recall hearing about the study (until only a couple of days back ), or their soliciting comments from anyone, so I am wondering when this was supposed to occur? It does not seem like anyone else has heard of it until recently either.
    I called my broker (FX Sol. UK.) Today and they said they see nothing in the new regulations that will force a US taxpayer using a UK account to maneuver it back. No modifications to my account in any way. Leverage nevertheless at 400:1 and hedging allowed. Why their folks are being told by IBFX differently, do not understand.

  7. #17
    Quote Originally Posted by ;
    I called my broker (FX Sol. UK.) Today and they said that they see nothing in the new regulations which will force a US citizen using a UK account to move the US it. No modifications to my account in any way. Leverage still at 400:1 and hedging allowed. Why their people are being told by IBFX otherwise don't know.
    The principles aren't in effect yet; the new rules are taking effect on Oct.. 19. IBFX might be telling them exactly what will occur after Oct.. 19.

    Just a thought.

  8. #18
    My guess is that IBFX has been among the brokers left out of the sport of overseas offices for a while. They had been left in the lurch when the FIFO and hedging occurred and dropped a little company for this. They eliminate the FIFO issue, but nevertheless possess the hedging issue.

    They just opened up their OZ office now, but they won't take Americans. We waited patiently for a year and this is what we get... haha... My loyalty to IBFX is quite short at this point.

    They are obviously needing the legislation to accommodate them so that they believe Americans will come flocking back to them. They don't realize they will get the scraps of a shrunken marketplace.

    I spoke w/ forex.com among my other brokers and they said that they will issue a release by end of week. What sounded positive that they were not worried has become a'wait for the launch'.

    When this does occur, I am just going to open accounts in my spouse's name as she's a Japanese resident/citizen.

    I have felt a fantastic disloyalty for our nation since our reaction 9/11, and I continue to see silly protectionism such as this is sickening. I hope some day that worship of dollars moves back to the worship of other and love, honesty values that are beneficial for cultures and communities. Sad to watch....

    Did Mansanto and IBFX combine. . .hahah....

    How on earth can you limit a citizens right to invest in a foreign company or service that isn't focused on doing terrible things to your Country? A very different nation then the one I grew up in...

  9. #19
    Quote Originally Posted by ;
    My guess is that IBFX has been one of the brokers left from the game of foreign offices for quite some time....
    I agree 100% over the IBFX comments. . .thats how I took their release . They are on no mans land here, and need to suck up to the CFTC.

    Oh, I also agree with everything you mentioned!

  10. #20
    Quote Originally Posted by ;
    The rules are not in effect yet; the new rules are taking effect on Oct.. 19, 2010. IBFX may be telling them exactly what will happen after Oct.. 19, 2010.

    Only a thought.
    No, they were telling me when the new rules go into effect in Oct. they would not impact my UK account. I would not need to move my account back. And that I could keep my 400:1 leverage. We'll see.

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