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 registered and ... (full story)