It's a shame that speculators have to do so much speculating about what regulators are regulating.
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DislikedI guess the question is do they fall under cftc jursidiction, and in looking on the nfa website and searching for citibankd and citifx etc it shows them either as exempt commodity pool operators or with no current status, so I would assume not. According to the nfa basic search page a search would turn up cftc registration as well as nfa registration.
http://www.nfa.futures.org/basicnet/...firm&firm=CITIIgnored
DislikedYes, but that is b/c they are a bank....but Obama said that under his regulatory framework, banks cannot do propietary trading. So their retail FX operation could not continue if that goes thru if they are a bank.Ignored
DislikedNot sure a bank operating a retail forex shop = prop trading but who knows what ossama and his band of merry progressives will try to do.Ignored
DislikedNot sure a bank operating a retail forex shop = prop trading but who knows what ossama and his band of merry progressives will try to do.Ignored
Fighting Fraud in Retail Forex
A Healthy, Regulated Industry with a Cop on the Beat
DislikedThe FXDC has issued another statement on fighting fraud in retail forex and the CFTC proposal's impact. Here it is:Ignored
DislikedWell the FXDC is either naive or a kissing arse pushover...the purpose of the 10 to 1 proposed rule is not to weed out fraud...[/url]Ignored
DislikedWell the FXDC is either naive or a kissing arse pushover...the purpose of the 10 to 1 proposed rule is not to weed out fraud...the purpose is to help to bring liquidity to forex futures, which the CFTC favors, and to destroy spot fx trading, which the CFTC disfavors. So if they are going to be pushovers and kiss arses, it may not be lowered to 10 to 1 now, but the CFTC will continue with other rules to eventually accomplish what they want. This coalition is a joke. Since this coalition of patsies is not going to challenge anything...I am wondering...Ignored
DislikedI doubt the shift of US customers from spot to futures would have any real noticeable impact on the crappy liquidity seen in fx futuresIgnored
DislikedWell in order to make that statement you need to know the volume of trades of US customers trading spot. So, do you have that figure?Ignored
DislikedThis was the point of the statement. The proposal to reduce leverage will have the opposite effect by pushing traders overseas to potentially unregulated brokers.Ignored
DislikedWell the FXDC is either naive or a kissing arse pushover...the purpose of the 10 to 1 proposed rule is not to weed out fraud...the purpose is to help to bring liquidity to forex futures, which the CFTC favors, and to destroy spot fx trading, which the CFTC disfavors. So if they are going to be pushovers and kiss arses, it may not be lowered to 10 to 1 now, but the CFTC will continue with other rules to eventually accomplish what they want. This coalition is a joke. Since this coalition of patsies is not going to challenge anything...I am wondering...Ignored
DislikedThank you!
It's what I have been saying all along. They demonstrated their timidity last summer with the NFA. They are such babies that they don't even identify themselves on their FXDC website!
It's good to know that they are polite, good boys and that they know how to politely do tricks for scraps.
I am certain that they will be perfect gentlemen when they finally shut their doors and lay off their employees.
They know that if this goes through , it spells the end for them but they would rather fall on their swords then to mount a real...Ignored
DislikedMy math is as follows US based spot fx represents roughly 660 billion (17%) out of a roughly 4 trillion $ market as a whole of which spot fx is a relatively small fraction, it has been estimated that spot fx is around 2-4% of the total volume. So even at a rosey 5% you are looking at maybe an additional 33 billion across a couple of dozen currency pairs, still equates to not much.Ignored
DislikedNot sure a bank operating a retail forex shop = prop trading but who knows what ossama and his band of merry progressives will try to do.Ignored