CFTC NEW Document - Overseas Accounts OK?
Page 1 of 736 123 ... LastLast
Results 1 to 10 of 359

Thread: CFTC NEW Document - Overseas Accounts OK?

  1. #1
    The document given to me by FXCM customer service

    It says nothing about overseas accounts at ALL

    So US citizens with UK accounts are secure?

    http://http://www.cftc.gov/ucm/group...efactsheet.pdf
    https://www.forexsoutheast.asia/atta...1291282110.pdf

  2. #2
    Please wait for a site operator to respond.

    You're now chatting with'FXCM - Liana'

    FXCM - Liana: Welcome to FXCM's Live Chat Support. Please provide me a minute to assess your question.
    FXCM - Liana: Hi Darren
    FXCM - Liana: How are you now?
    Darren: stressed
    Darren: really very worried
    FXCM - Liana: I know
    FXCM - Liana: The good thing Darren
    FXCM - Liana: Is that FXCM is forward of class in terms of many matters
    FXCM - Liana: This being one of them
    FXCM - Liana: We already knew what the impacts of the laws were going to be before it had been passed
    FXCM - Liana: and have already implemented them before they were passed
    FXCM - Liana: therefore, nothing changes on our conclusion
    Darren: therefore what's going to happen to US clients using UK accounts?
    FXCM - Liana: Nothing
    Darren: ' are you saying I get to maintain my 400:! leverage?
    Darren: 1
    Darren: sorry
    FXCM - Liana: No
    FXCM - Liana: nicely
    FXCM - Liana: You have a standard account directly Darren?
    Darren: micro and standard
    FXCM - Liana: I know
    FXCM - Liana: Micro division communies with their customers via email
    FXCM - Liana: Would you prefer me to offer you their link?
    Darren: no, only tell me whats up with the standard account then
    FXCM - Liana: Unless you would like to upgrade to a standard account
    Darren: are we going to 50:1 leverage?
    Darren: I have a standard account
    FXCM - Liana: Okay thanks
    Darren: certain thing
    FXCM - Liana: Well, I'm unsure what's happening with micro
    FXCM - Liana: however your standard account, the UK default leverage is 200:1
    FXCM - Liana: and that is not going to change
    Darren: WOW. . .that is amazing news.
    Darren: I guess I will email the micro men then to see whats up
    FXCM - Liana: Well let me explain
    FXCM - Liana: I can't state it is not going to change
    FXCM - Liana: because I can't far into the future
    FXCM - Liana: but the laws have not changed the default leverage on UK based accounts
    Darren: OK
    FXCM - Liana: http://www.cftc.gov/ucm/groups/publi...efactsheet.pdf
    Darren: Is FXCM going to release a public statement such as IBFX did? It would help. . .there are a lot of individuals on Forex forum boards going nuts in a panic over this
    FXCM - Liana: This is something that you might want to read Darren
    Darren: ok..so what's FXCM a FCM or RFED?
    Darren: this is the Last record from the gov't? I don't see anything about overseas accounts or anything like this in the rules or approved suggested rules with exceptions
    FXCM - Liana: Yes
    FXCM - Liana: You're right
    FXCM - Liana: you need to keep in mind that people want to speculate too
    FXCM - Liana: So what you read about the forums
    FXCM - Liana: might not necessarily be true
    Darren: Therefore on 18 OCT there will be no changes made for my leverage onto a standard account? I understand I must contact Micro for Micro specifics. . .thanks
    FXCM - Liana: You're welcome Darren
    Darren: Thanks

  3. #3
    Hey, I can't get the connection in the initial article to work...

    The connection in the next article works fine though.

  4. #4
    Quote Originally Posted by ;
    HeyI can't get the connection in the original post to perform...

    The connection at the next post works fine however.
    So what exactly do you believe. . .there's nothing regarding anything regarding inner acct's!

  5. #5
    Looks like IBFX believes US citizens might need to move their offshore accounts back.



    August 31, 2010
    by http://www.ibfx.com/Corporate/author...l.degraff.aspx
    As most of you are aware, the U.S. Commodity Futures Trading Commission (CFTC) announced today final regulations regarding off-exchange retail foreign currency transactions. These principles are encouraged by Interbank FX, LLC, in providing an enhanced regulatory environment that will help protect retail Currency Market investors and will also create a level playing field for all rules and regulations within the United States.
    The new rules will impact tens of thousands of U.S. customers with tens of thousands of dollars invested in foreign brokers. Starting October 18, 2010, overseas brokers will no longer have the ability to support U.S. customers. These rules ensure U.S. customers will get the protections given by U.S. regulations. Interbank FX has invested significant resources to produce our trading platform, MetaTrader 4 (MT4) US compliant for newly passed FIFO rules by the National Futures Association (NFA). We think we have one of those sole NFA/CFTC compliant MetaTrader 4 platforms out there. We allow all kinds of trading and all kinds of Expert Advisors to trade our platform.
    Interbank FX has continually supported the original Farm Bill of 2008, enabling the CFTC more authority over Currency Market traders. As a result of this, we have predicted such possible CFTC regulation changes, paving the way for our U.S. thing to be armed with efficient operations, engineering and total transaction transparency to serve our expanding client base. We've mandated Cash Managers and all US attorneys to be registered with the CFTC and members of the NFA, expecting the changes in the regulatory framework that were published today.
    In addition, we consider the CFTC has reached a fair compromise with the Forex Dealer Coalition (FXDC) regarding leverage demands --making 50:1 leverage available to all U.S. customers. This compromise on leverage, as opposed to 10:1 from the rules, allows the United States Currency Market community to remain competitive with global opponents.
    We believe these rules to be in the best interest of our customers, and incessantly strive to improve industry standards while accommodating client expectations. That is the way we do business. That is our culture. That is our technology.
    Interbank FX looks forward to continuing to give a clear and open trading environment for many of our customers.For more info on our transparency metrics, please view our report card http://www.ibfx.com/Corporate/post/2...PORT-CARD.aspx.
    To observe the official CFTC launch, click on http://www.cftc.gov/PressRoom/PressR...pr5883-10.html.
    Questions and Answers About Final Retail Foreign Exchange Rule, clickhttp://www.cftc.gov/ucm/groups/publi...nalrule_qa.pdf.
    The IBFX Family

  6. #6
    Yeah, but if you follow this hyperlink to the CTFC news release, it will not corroborate anything they are saying. So, one can just assume they got it.

    Either that or it is purely hearsay, and they are only saying it because they do not need anybody to transfer their accounts overseas. I really don't understand? ...

    Of course with all the new leverage set to 50:1, I do not believe that they have a lot to worry about. Most folks would probably just assume remain here when they have accounts at the U.S.

  7. #7
    Quote Originally Posted by ;
    Yeah, but if you follow the link to the CTFC news release, it will not corroborate anything they're saying. One can only suppose they got it from some other source.

    Either that or it is only hearsay, and they're just saying it because they don't want anybody to move their accounts abroad. I don't know? ...

    Of course with the new leverage set to 50:1, '' I don't think that they have too much to worry about. Most people would probably just assume stay here if they have accounts at the U.S.
    I've heard from several sources that IBFX is accurate. I'm told that the next thing to expect is a statement from SEC in which they don't get lower and involved leverage for B/Ds to 50:1, about sending money abroad, and we receive a coverage. It is possible that FXCM is currently on motivating people to move capital for overstepping. Now let's see if these funds come back. I just needed a friend with FXCM lose everything instantly, so see if they're pulling from the chips, spent in a fund.

  8. #8
    Quote Originally Posted by ;
    FXCM - Liana: The fantastic thing Darren
    FXCM - Liana: Why is that FXCM is ahead of course in terms of many things
    FXCM - Liana: This being one of these
    FXCM - Liana: We knew what the effects of the laws will be before it had been passed
    FXCM - Liana: and have implemented them until they had been passed
    FXCM - Liana: so, nothing changes on our end
    Darren: so what's going to happen to US clients using UK accounts?
    FXCM - Liana: Nothing
    Why is this rep so certain here...

    Quote Originally Posted by ;
    FXCM - Liana: Well, I am unsure what is occurring with micro
    ...
    FXCM - Liana: Well let me explain
    FXCM - Liana: I can't say that it is not going to modify
    FXCM - Liana: because I can't far into the future
    FXCM - Liana: but the laws have not altered the default leverage on UK based accounts
    . . .but not quite certain here? This doesn't qualify as a answer to me. And of course the legislation have not altered the leverage to get UK accounts because they're governed by the FSA.

  9. #9
    Quote Originally Posted by ;
    I have heard from multiple sources which IBFX is accurate. I am told the next thing to expect would be a statement from SEC in which they don't get involved along with lower leverage for B/Ds to 50:1, about sending money abroad, and then we receive a policy. It is even possible on encouraging people to move funds, for overstepping that FXCM is already. Let's see if these funds come back. I simply had a buddy using FXCM lose everything so watch out if they are pulling in chips invested in a fund.
    Yeah, but I don't recall hearing about the analysis (until just a couple of days back ), or their soliciting comments from anybody, so I am wondering if this was likely to happen? It does not sound like anybody else has heard of it until recently either.

  10. #10
    This really is what I got:

    gt;gt;gt; Darren 8/31/2010 gt;gt;gt;

    I was told by a FXCM customer service rep that the UK account I hold (standard) will not have it's leverage influenced by the new CFTC rules. Great!

    Now what about micro. . .will it still be 400:1 following 18 Oct? ANY INFO will be greatly appreciated!

    Thanks

    -Darren

    --

    Hello Darren,

    Thanks for your email. No, please be mindful that CFTC regulates US accounts not UK accounts. UK accounts are governed by the FSA.

    FXCM Micro is a branch of FXCM that provides new traders using the currency markets for as little as $25. With small (1K) commerce sizes and access to No Dealing Desk implementation, FXCM Micro provides a great way to learn how to trade currency.
    Regards,

    Helene Zhu
    FXCM Micro - Sales Client Services
    -----
    From: Darren Willis[SMTPARREN.******.COM]
    Sent: Tuesday, August 31, 2010 8:50:35 PM
    To: fxcmmicro-helene
    Subject: Re: NEW CFTC RULES and Micro Acct Effect
    Auto forwarded by a Rule
    Hello Helene, thanks to the answer back...I am a US citizen with a UK account...I am still OK?

    Thanks again!
    --
    Hello Darren,

    Thanks for your email. Yes, as long as your account is with FXCM UK, you need to abide by the FSA regulatioins.

    FXCM Micro is a branch of FXCM that provides new traders using the currency markets for as little as $25. With small (1K) commerce sizes and access to No Dealing Desk implementation, FXCM Micro provides a great way to learn how to trade currency.
    Regards,

    Helene Zhu
    FXCM Micro - Sales Client Services
    For the quickest answer 24 hours a day, place your queries on the FXCM Micro Forum.

    --
    From: Darren [SMTPARREN@YAHOO.COM]
    Sent: Tuesday, August 31, 2010 9:12:20 PM
    To: fxcmmicro-helene
    Subject: Re: the inquiry
    Auto forwarded by a Rule
    Ok (playing devil's advoe here) Can I be forced to transfer my account back into the US on 18 Oct?

    THANKS AGAIN!!

    --

    Hello Darren,

    Thanks for your email. At this point, I do not see why you'd be foced to return to the United States.

    FXCM Micro is a branch of FXCM that provides new traders using the currency markets for as little as $25. With small (1K) commerce sizes and access to No Dealing Desk implementation, FXCM Micro provides a great way to learn how to trade currency.
    Regards,

    Helene Zhu
    FXCM Micro - Sales Client Services
    For the quickest answer 24 hours a day, place your queries on the FXCM Micro Forum.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
This website uses cookies
We use cookies to store session information to facilitate remembering your login information, to allow you to save website preferences, to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners.