MIG Bank Customers

Hi, i'm a MIG Bank customer, i live in Japan, recently i received a e-mail from MIG Bank thats contains this message:


Dear Valued Clients,


We require your action in relation to the regulations stipulated by the Japanese Financial Supervisory Agency. This concerns your accounts number (my account number at MIG Bank).

Indeed, MIG has taken the decision to stop offering over-the-counter foreign exchange trading (OTC FX trading) to clients domiciled in Japan, and this for regulatory reasons in Japan.

We therefore kindly request that you to close your current open position within next 30 days.

We also give notice that, unless action is taken by you, MIG BANK will have to close any open position you still have on 30.06.2011.

The total remaining balance in your account will be sent back to you in accordance with the banking details in the account opening agreement. Should you wish to use another bank account in your name for transferring the funds, please contact us immediately and communicate the new details within the next 2 days. If the total balance left on your account amounts to zero the account will be closed too. If the total balance is less than 30 USD or equivalent, this sum is not sufficient to cover third party costs and cannot therefore be returned to you. We will debit this balance and donate it to UNICEF.



Now i'm really confused and i'm looking for another broker in Japan, please anyone knows about this notice or japanese regulations?Does anyone knows a better broker in Japan?Thank you in advance.

Since you live in Japan, you should be aware that leverage in your country has been reduced to 25-1. It was reduced to 50-1 at some point with a further reduction to 25-1 from a certain date. That is the reason why many brokers have left Japan due to Japanese government regulations. This is what MIG is saying in their email to you that they no longer accept Japanese clients for 'regulatory reasons in Japan'.