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SEC bans Broker-Dealers from retail forex transactions
LeapRate has learned that the US Securities and Futures Commission (SEC) has quietly filed a notice indicating that as of July 31, broker-dealers will no longer be able to engage in leveraged foreign exchange transactions with traders, other than what it calls “eligible contract participants”, SEC-speak for institutional traders. SECThe ban covers all broker-dealers regulated by the SEC – including those brokers-dealers which are ‘dually registered’ with the US Commodity Futures Trading Commission (CFTC) as Future Commission Merchants (FCMs). What this effectively means is that only standalone CFTC ... (full story)