Forex Factory (https://www.forexfactory.com/)
-   Broker Discussion (https://www.forexfactory.com/forum/74-broker-discussion)
-   -   5 Million dollar new rule (https://www.forexfactory.com/thread/40976-5-million-dollar-new-rule)

Ghostpipper Jul 31, 2007 2:43pm | Post# 1

5 Million dollar new rule
 
Does anyone know if this new 5 million dollar account balance was passed by the NFA ? I thought I read last month on the NFA website that it was passed and that the 31st of July, which is today was the deadline for brokers to get this amount or they would no longer be in compliance. Also does anyone have that link to where it shows all the brokers account balances for the month?

Thanks
Ghost

Ghostpipper Jul 31, 2007 2:57pm | Post# 2

Anyone see this before it got knocked off board?

fxchant Jul 31, 2007 3:16pm | Post# 3

Anyone see this before it got knocked off board?
If it passes, it won't take effect until 2008.

Ghostpipper Jul 31, 2007 3:35pm | Post# 4

yes but I actually read somewhere that it was passed and that it was to take place july 31 2007

Ghostpipper Jul 31, 2007 4:34pm | Post# 5

no one knows anything about this?

smjones Jul 31, 2007 4:35pm | Post# 6

no one knows anything about this?
There are 2 threads right in this very forum where your thread was moved to that deal with this. Just Search NFA

http://www.forexfactory.com/showthread.php?t=35930

This is the largest.

fxchant Jul 31, 2007 11:07pm | Post# 7

yes but I actually read somewhere that it was passed and that it was to take place july 31 2007
I just told you. Whatever you read that said that it would take effect now is wrong. Even if the oversight board votes yes, there is a long way to go before this would become a hard and fast rule. Anyone that indicates differently is trying to sell you something that isn't true.

I totally see why they are doing this, to clean up the industry, but they aren't going to just pass the rule and make the change overnight. They have to make it orderly for the firms and the public, give them a target date by which they have to meet the new requirements.

January at the earliest.


© Forex Factory