CFTC NEW Document - Overseas Accounts OK? - Page 3
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Thread: CFTC NEW Document - Overseas Accounts OK?

  1. #21
    IBFX Australia is currently Open**

    **US Investors can open an account and exchange with IBFX Australia for at least one year according to current CFTC regulations.


    IBFX Australia started today, September 1, 2010.

    What exactly does this mean to youpersonally?

    · Greater Leverage Options.

    O Leverage alternatives of 100:1, 200:1, and 400:1 will probably be available through IBFX Australia.

    · No Hedging Restrictions.

    O IBFX Australia has no restrictions on hedging. Please know a simultaneous long and short position on the Exact Same currency pair in your account may be detrimental. ) For the portion of the position that is hedged, you are eliminating the prospect of profit or loss whilst potentially increasing the cost of the transaction for you.)

    · You are able to deposit at the Australian Dollar.

    Conclusion With IBFX Australia you now have the option of opening up a US dollar or a Aussie dollar denominated account. (USD dollar denominated accounts can only deposit funds in US dollars and Aussie dollar denominated accounts can only deposit funds from dollars.)

    · No First In First Out (FIFO) Restrictions.

    Conclusion Australia Doesn't possess the Exact Same FIFO principles as the United States. FIFO will not come into effect with your IBFX Australia account.


    If you wish to open an account with IBFX Australia, you have to submit an online IBFX Australia Appliion at http://www.ibfx.com.au. (However, after applying for and being accepted for an IBFX Australia account, you may transfer funds from your IBFX US account for your IBFX Australia account. Of course you can also finance your IBFX Australia using credit/debit cards or bankwire. )

    Please contact me for further assistance and information about IBFX Australia. I am at the workplace 4:00pm to 2:00am Eastern Time Monday through Thursday. You can contact me by telephone at 801-930-6914 or toll Option 1 and ask for Allison.


    Important Note: You can enter my guide expansion (5914) instantly after pressing the asterisk (*) twice from the main menu and your call will be directly transferred to me personally. J

    to validate the receipt of the email, please reply with your acknowledgement and some other questions I will answer for you.

    I look forward to hearing from you so that I can help you in opening a live trading account with InterbankFX Australia.

    Have a great day!

  2. #22
    This means the restrictions on October 19th will not be going into effect? Sounds great. I could just open an account with IBFX Australia (mostly for hedging) and move the funds in my other IBFX accounts. Will see ...

  3. #23
    FYI, GreenTrader includes a conference call sch'd for tomorrow at 4:15PM EST: http://www.greencompany.com/EduionCe...Meetings.shtml

    GreenTrader will have a rep from Investment Law Group on the call to explore the new rules. They published an article talking about the subject: http://www.investmentlawgroup.com/in...=227Itemid=127

    appears like the information we previously received from FXCM, FXSol and dbFX was accurate; company together will not be affected.

    Caveat emptor: If you are doing business with an offshore broker, you make sure they're rock solid because you'll most probably be trading without any CFTC protection.

  4. #24
    Quote Originally Posted by ;
    FYI, GreenTrader includes a seminar call sch'd for tomorrow at 4:15PM EST: http://www.greencompany.com/EduionCe...Meetings.shtml

    GreenTrader is going to have a rep from Investment Law Group on the call to discuss the new rules. They published an article talking about the subject: http://www.investmentlawgroup.com/in...=227Itemid=127

    Looks like the information we've previously received from FXCM, FXSol and dbFX was accurate; business with them will not be impacted.

    Caveat emptor:...
    That is awesome!! We ought to invite Greentrader here to have a permanent here so they can update us anything that is going to affect the trading area. These guys are great. They fought this time and the Financial Transaction Tax, they fought difficult.

  5. #25
    Hello to the thread and neighborhood,

    I talked with the CFTC about this issue and will be participating on Green's conference call this afternoon. Please read the above mentioned article that may be accessed in http://www.investmentlawgroup.com/cf...orex_rules.htm

    The CFTC lawyer I spoke with took the place that overseas intermediaries will not be able to serve as counterparties to U.S. retail investors in OTC Foreign Exchange trades. We'll explore this further on the call but that could possibly be the CFTC's place given that it comports with the reading of the CEA after Dodd-Frank's changes.

    I will search for more questions on this thread that I might be able to help tackle.

  6. #26
    Quote Originally Posted by ;
    Hello to the ribbon and neighborhood,

    I talked with all the CFTC about this issue and will be participating on Green's conference call this day....
    What Type of nation does this to there folks

  7. #27
    Quote Originally Posted by ;
    The record given to me by FXCM customer support

    It states nothing regarding overseas accounts at ALL

    So US taxpayers with UK accounts are safe?

    Http://http://www.cftc.gov/ucm/group...efactsheet.pdf
    Hello Pilotui,

    The CFTC record in itself is not where the overseas account info is. It is found. GreenTrader weblog seems to take a stab at this but it seems that will need to register with the CFTC.

    http://www.greencompany.com/blog/index.php?postid=92

  8. #28
    Quote Originally Posted by ;
    Hi Pilotui,

    The CFTC document in itself is not where the overseas account data is. It is found. GreenTrader weblog appears to have a good stab at this but it appears that need to register with the CFTC.

    Http://www.greencompany.com/blog/index.php?postid=92
    ok so lets say any fx broker ouside of the u.s.a. register with the CFTC, will this broker be able to offer there US customers higher leverage, hedging and do not need to worry about the FIFO principle, or do they must follow CFTC legislation when it comes to there US customers witch means lower leverage, no hedging and have to perform FIFO rule. Please give some sort of feed back to us

  9. #29
    Post Telecon Notes: Bottom line, we have to wait around for CFTC's clarifiion in their interpretation of Dodd-Frank effect on unregistered brokers.


    A few rays of hope from my standpoint: CFTC'c could create regiion for some brokers a non-issue by providing exemptions for US friendly countries. If you examine the newest CFTC published http://www.cftc.gov/MarketReports/Fi...FCMs/index.htmon FCM's, it might imply your broker is already in compliance.
    A couple of possible scenarios:CFTC can loosen their position. Foreign brokers can cut off US customers at the knees rather than deal with the headache. Depending the sum of $ multi-country brokers stand to lose, we can observe a legal challenge. Democrats get tossed to the road on election that was next and Dodd-Frank becomes revised or pitched with the Dems.

  10. #30
    Quote Originally Posted by ;
    Post Telecon Notes:...
    Slack,
    I didn't have a chance to listen to the telecon. Was anything mentioned about UK brokers that are regulated by FSA? Thanks

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