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Another blow to the spot FX business in the U.S.
Is CME Group lobbying responsible for the NFA's new anti-spot FX rule? As reported by leading MT4 bridge provider CMAP LLC, a recently implemented NFA rule change forces U.S.-regulated FCMs (Futures Commission Merchants) to maintain equity capital of at least $20 million if they offer spot FX. The NFA's previous rules stated that only FCMs / RFEDs which directly faced retail clients needed to have $20 million in capital. The rule change effectively means that even Prime Brokers, which do not face retail clients, need to post $20 million of capital to register and operate in the US. CMAP drew an interesting connection ... (full story)
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