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100:1 leverage will change.. speak out!!

  • #61
  • Feb 13, 2010 9:00pm Feb 13, 2010 9:00pm
I spoke to FXDD about this and they told me that only Non US citizens accounts are being transferred to FXDD Malta. United States citizens FXDD trading accounts are not being transferred. Fritz

Quoting TC East
I have an FXDD account and have head nothing about this....
  • #62
  • Feb 13, 2010 11:04pm Feb 13, 2010 11:04pm
Quoting fritz
I spoke to FXDD about this and they told me that only Non US citizens accounts are being transferred to FXDD Malta. United States citizens FXDD trading accounts are not being transferred. Fritz
what do you mean about this? does it mean, we need more capital to do forex trading when they changed with new law? it's end of trading if we don't have enough money..
it's impossible to open account overseas.
  • #63
  • Feb 14, 2010 8:12am Feb 14, 2010 8:12am
It means that if you are a US citizen then you don't need to be concerned about FXDD transferring your funds without your approval because they are not doing that. As far as needing more funds, this has nothing to do with that at the moment. Only if the law changes and if you keep your FXDD U.S. account active would you need to add more funds or keep the same amount of funds and use lower leverage. Only time will tell if the 10-1 passes, personally I think it will. And if it does change and you wish to transfer your funds to FXDD Malta then you will not need to add more funds because FXDD Malta will have 100/1 or more. cheers, Fritz

Quoting tulipevierge
what do you mean about this? does it mean, we need more capital to do forex trading when they changed with new law? it's end of trading if we don't have enough money..
it's impossible to open account overseas.
  • #64
  • Feb 14, 2010 8:18am Feb 14, 2010 8:18am
NEGATIVE TRANSFER NOTICE PURSUANT TO NFA RULE 2-40 FXDirectDealer, LLC (“FXDD New York”) is providing this notice to you pursuant to NFA Rule 2-40. FXDD intends to transfer your account to FXDD Malta Ltd, (“FXDD MALTA”) a fully licensed and regulated Category 3 Financial Services Firm registered with the Malta Financial Services Authority located in Valletta Malta (www.MFSA.com.mt ). FXDD MALTA will enjoy cross border passport privileges with all other EU countries.
FXDD New York is taking this action so that your account will be regulated under the supervision of the Malta Financial Services Authority where your funds will be held in a segregated customer account and not comingled with the capital of FXDD MALTA.
FXDD New York intends to transfer your account as of the close of trading on Friday, February 19th 2010. Your open positions will be closed as of Friday, February 19th 2010 and will be reopened in your FXDD MALTA account at the same rate. There will be no change in your account value. FXDD Malta will be the direct counterparty to all trades in your account and will service your account going forward. FXDD New York will no longer be the counterparty to your trades or be responsible for servicing your account.
FXDD MALTA’s address is: K2, First Floor, Forni complex, Valletta Waterfront, Floriana, FRN 1913, Malta. If you have questions regarding your account or FXDD Malta you may contact the Operations Manager, Mr. Mark Zammit, by emailing him at [email protected] or by calling him at (+356) 2013-3470.
YOU ARE NOT REQUIRED TO TRANSFER YOUR ACCOUNT. IF YOU DO NOT WANT YOUR ACCOUNT TRANSFERRED YOU MUST SEND AN EMAL TO: [email protected] WITH YOUR ACCOUNT NUMBER(S) IN THE SUBJECT LINE BY 5pm EST on Friday, February 19th 2010. YOUR FAILURE TO SEND THE OPT OUT EMAIL WILL RESULT IN YOUR ACCOUNT BEING TRANSFERRED.
IF YOU WANT YOUR ACCOUNT TRANSFERED YOU DO NOT HAVE TO DO ANYTHING. YOUR ACCOUNT WILL AUTOMATICALLY BE TRANSFERED. YOU CAN CONTINUE TO USE YOUR CURRENT META TRADER SOFTWARE, OR DOWNLOAD THE NEW ENHANCED MT4 PLATFORM HERE http://www.fxdd.com/software/malta/mt4malta.exe YOUR ACCOUNT NUMBER, LOG IN IDs AND PASSWORD WILL NOT CHANGE. CLICK HERE to review the terms and conditions of the FXDD MALTA customer account, risk disclosure and trading rules.
If you have questions you may contact FXDD New York by calling the customer service number you currently use when calling FXDD and you may email questions to the email address you currently use when emailing FXDD.
YOUR POSITIONS AND ACCOUNT WILL BE REASSIGNED TO A FIRM THAT IS NOT A MEMBER OF NATIONAL FUTURES ASSOCIATION (NFA), IS NOT REGULATED BY NFA, AND IS NOT REQUIRED TO COMPLY WITH NFA'S RULES
After your account is transferred it will be carried on the books and records of FXDD MALTA. FXDD MALTA operates pursuant the rules and regulations of the Malta Financial Services Authority, the Malta Investment Services Act of 1994, the Prevention of Money Laundering Act and all other applicable EU Directives for such Financial Services Firms.


---------------------------------------------------------------------------------------


<img alt="Important Info Regarding FXDD Malta">
Dear FXDD Customer,
We would like to welcome you to FXDD Malta and assist with any questions you may have with your account transfer. FXDD Malta hopes that you will enjoy trading with the same confidence that you have always placed in FXDD and assures you that you will have the same first class service and support you have become accustomed to.
Under the guidelines set forth by the NFA, your FXDD New York account will be transferred to FXDD Malta at the close of trading on Friday, February 19th, 2010. The standard trading session will resume on February 21st, 2010 at 23:00 CET. Transferred accounts will have the same balance, equity and open positions that were carried by FXDD New York.
The transition to FXDD Malta will be seamless for you and offers many advantages including:

 

  1. Higher leverage options
  2. Opportunity to employ “hedging” strategies in MT4
  3. Ability to choose ticket based trading (no FIFO)
  4. Segregated accounts – offering added safety of funds
  5. Funds can remain with JP Morgan Chase NY

  • #65
  • Feb 14, 2010 10:33am Feb 14, 2010 10:33am
Quoting Jack Herer
[font=trebuchet ms,geneva][size=2][b]NEGATIVE TRANSFER...
Jack I noticed your profile says you are in Brazil rather than the US; maybe that's the difference then as someone mentioned? I'm a US resident and again have heard nothing of this. It seems they are just transferring non-US accounts to Malta I guess, otherwise FXDD New York would be out of business.

Personally, I am surprised they would transfer anything without explicit permission to do so from a client. This "passive" permission by simply not saying "no" is bad business by FXDD in my opinion. What if someone was on vacation and never saw the email? They would get back and find that all of a sudden their account was in Malta! I guess they have do it because of some NFA rule? Not sure.

Oh well; thanks for posting the email from FXDD...
  • #66
  • Feb 14, 2010 10:42am Feb 14, 2010 10:42am
Quoting fritz
I spoke to FXDD about this and they told me that only Non US citizens accounts are being transferred to FXDD Malta. United States citizens FXDD trading accounts are not being transferred. Fritz
Does this mean they WON'T be accepting US Citizens trading in FXDD Malta?
  • #67
  • Feb 14, 2010 11:50am Feb 14, 2010 11:50am
I agree with you, this passive permission thing is odd, I have had good experiences with FXDD over the years and this is the first in poor judgement that I have seen from them. However I was told that the funds for the corporate entity FXDD Malta will be held in a New York City bank under the FXDD Malta name, in essence your funds are technically still in the United States for what it's worth funds are not being held physically in Malta. The way that US banks have been problematic recently I don't see the advantage of this because it doesn't increase safety of funds unless they feel that the courts in Malta may not be as good as the US in case of problems, still questionable in my opinion. cheers,Fritz


Quoting TC East
Jack I noticed your profile says you are in Brazil rather than the US; maybe that's the difference then as someone mentioned?...
  • #68
  • Feb 14, 2010 10:32pm Feb 14, 2010 10:32pm
Quoting 1926411
This is just like the US government against Texas Holdem.
Another stupid move from US governament.
  • #69
  • Feb 14, 2010 10:53pm Feb 14, 2010 10:53pm
Quoting fritz
I agree with you, this passive permission thing is odd, I have had good experiences with FXDD over the years and this is the first in poor judgement that I have seen from them. However I was told that the funds for the corporate entity FXDD Malta will be held in a New York City bank under the FXDD Malta name, in essence your funds are technically still in the United States for what it's worth funds are not being held physically in Malta. The way that US banks have been problematic recently I don't see the advantage of this because it doesn't increase...
Hi, here are the picture of FXDD booth in the expo in NY yesterday, they used Malta colors (red and white) , also all visitors received flyers so brokers still fighting.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: IMG_1393.jpg Size: 211 KB
Click to Enlarge Name: Action.jpg Size: 89 KB
  • #70
  • Feb 14, 2010 11:38pm Feb 14, 2010 11:38pm
Quoting GTR Power
Another stupid move from US governament.
Yes, we have become quite proficient at this with some 80 years, or so, of dedicated practice.
  • #71
  • Feb 15, 2010 12:00am Feb 15, 2010 12:00am
Its just a move to prevent them from being responsible for GFC #2 coming soon to a theatre near you! Europe will do the same thing soon, you will see.
  • #72
  • Feb 15, 2010 1:28am Feb 15, 2010 1:28am
forexlion edits predictions
  • #73
  • Feb 15, 2010 8:08am Feb 15, 2010 8:08am
This is allowed, to move account with not telling you?? I am new to Fx, but still very surprise to hear of this action being allowed. I almost open with America broker, but was warned by friend about what you talking here of, so I end up opening with a broker in Europe, hope it is safe of similar changes there.
  • #74
  • Feb 15, 2010 8:47am Feb 15, 2010 8:47am
Lol @ that FXDD expo!
  • #75
  • Feb 16, 2010 10:04am Feb 16, 2010 10:04am
Email [email protected] or this is what will happen to the forex.
Attached Image
  • #76
  • Feb 23, 2010 5:51am Feb 23, 2010 5:51am
http://www.cftc.gov/lawandregulation...10/10-001.html


Finally they are starting to post most comments. As you can see toward the bottom of the list they are posting all comments on one line each time. From January they just posted almost 3000 comments! So hopefully our voices will start to be heard.
  • #77
  • Feb 23, 2010 9:46am Feb 23, 2010 9:46am
Quoting ranger
http://www.cftc.gov/lawandregulation...10/10-001.html


Finally they are starting to post most comments. As you can see toward the bottom of the list they are posting all comments on one line each time. From January they just posted almost 3000 comments! So hopefully our voices will start to be heard.
I count 5,000! Email [email protected] and let's make it 20,000!
  • #78
  • Mar 2, 2010 11:08am Mar 2, 2010 11:08am
Over 7,000 comments have been submitted to the CFTC. But we still need more! Email [email protected] today and tell the government to keep their hands off our leverage!!!


http://cdn.forexfactory.com/attachme...8&d=1266343460
  • #79
  • Mar 2, 2010 11:29am Mar 2, 2010 11:29am
I'm a Fed and this makes me sick.

Just submitted mine:

Secretary,

As an American, I want you to keep your hands off of my leverage. You
are hurting the masses to help the few. Thousands of traders rely on
high leverage to trade Forex effectively. By removing this tool from
our toolbox, you limit the potential of everyone.

I think a better solution is to require a test be taken by each person
opening a 100:1 account that shows they are competent with the risks
they are taking. We allow Americans to drink alcohol, knowing that
there are risks for drinking too much and driving. The same should be
true with leverage.

Very Respectfully,
XXXXX XXXXXX, MS
  • #80
  • Mar 2, 2010 12:30pm Mar 2, 2010 12:30pm
Quoting sullyforex
Over 7,000 comments have been submitted to the CFTC.
7,000 comments is astounding. To show just how unprecedented these numbers are, last year the CFTC published some 17 rule proposals and the number of comments received for all 17 combined was only 220.

In 2007 and 2008, total comments for all CFTC register proposals totaled less than 250.

This year, the CFTC released a rule regarding energy speculation limits. That issue was given far more coverage by the media and yet only 22 people bothered to comment on those limits.

-Jason
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