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  • #1,261
  • Oct 9, 2010 11:07am Oct 9, 2010 11:07am
Quoting Peter-FX
TheSnowman,
Yea that was a good time.
Tell me did we hide all the homeless people a few streets away from the Olympic venues like they are in Delhi and also did in Beijing? I can’t remember. I don’t think we did.

Sorry Chris, off subject.

yes, we did. Atlanta 1996.

I am curious to know how many other australian brokers or non-usa, non-usa affiliated in any way brokers are taking "adverse" action against us clients? Like Vantage fx, fxopen, etc.
Measure trends automatically with zero lag
  • #1,262
  • Oct 10, 2010 3:55pm Oct 10, 2010 3:55pm
Quoting ybfjax
yes, we did. Atlanta 1996.

I am curious to know how many other australian brokers or non-usa, non-usa affiliated in any way brokers are taking "adverse" action against us clients? Like Vantage fx, fxopen, etc.

Thanks ybfjax, for answering my question.
Sorry I can’t answer your question.
  • #1,263
  • Oct 10, 2010 7:47pm Oct 10, 2010 7:47pm
Quoting ybfjax
I am curious to know how many other australian brokers or non-usa, non-usa affiliated in any way brokers are taking "adverse" action against us clients? Like Vantage fx, fxopen, etc.
Obviously I cannot speak for other brokers as to how they read the rules, but all I can say is that I assume other Australian brokers will have to follow the same path.

Again, let me say thanks to those of you who have traded with us and have enjoyed our service. We are continually looking at ways around the restriction and should the situation change we will happily have you all back.
  • #1,264
  • Oct 10, 2010 10:29pm Oct 10, 2010 10:29pm
Quoting GoMarkets
Obviously I cannot speak for other brokers as to how they read the rules, but all I can say is that I assume other Australian brokers will have to follow the same path.
i found out that from vantagefx they will accept USA client until the 17th, and then stop accepting NEW clients, but will continue servicing existing clients until their regulators specifically say otherwise.

Ironically, i was considering vantage back when they were with gom.

fxopen seem unchanged.

Quote
Again, let me say thanks to those of you who have traded with us and have enjoyed our service. We are continually looking at ways around the restriction and should the situation change we will happily have you all back.

My question was never answered. Let me repost it here.

Quoting DaTrader
I have a live account and just received this Email:
..........Unfortunately due to the restrictions placed by US laws GO Markets will be unable to accept any new trades from US residents after the 18th October 2010 unless you are eligible to meet one of the categories below:...
Well it seems like US clients are not completely out of the ballgame.

is there any additional documentation needed to support the $1,000,000 or $10,000,000 assets? Or is this something that just needs to be stated on the application and/or updated via written or email communication to you? If written, would it need to be signed?
Measure trends automatically with zero lag
  • #1,265
  • Oct 10, 2010 11:47pm Oct 10, 2010 11:47pm
Quoting ybfjax
i found out that from vantagefx they will accept USA client until the 17th, and then stop accepting NEW clients, but will continue servicing existing clients until their regulators specifically say otherwise....
Hi ybfjax,

let me get all the necessary details from our compliance team and I will post them on here as to how you can verify your assets.

Thanks,
Chris
  • #1,266
  • Oct 10, 2010 11:56pm Oct 10, 2010 11:56pm
Also can you please inform as to when the account funding service would be available. I have recently opened a new account and would like to fund via debit credit card it but it appears that this services has been down since Friday.

Every-time i enquirer i have been told that this would be resolved within the hour, almost for the past 2 days.

Any info would be highly appreciated.

Thank you.
  • #1,267
  • Oct 11, 2010 12:07am Oct 11, 2010 12:07am
Quoting SlideLow
Also can you please inform as to when the account funding service would be available. I have recently opened a new account and would like to fund via debit credit card it but it appears that this services has been down since Friday.

Every-time i enquirer i have been told that this would be resolved within the hour, almost for the past 2 days.

Any info would be highly appreciated.

Thank you.
For your information it has not actually been down since Friday, it was working over the weekend. The NAB are currently fixing it and upgrading the security on the form. It should be back online shortly, but I am sure you can understand it is out of our hands and we are waiting on the bank to finish. Hopefully it will be back this afternoon, but in the meantime you can use one of the other funding methods such as PayPal, BPAY or bank transfer where applicable.
  • #1,268
  • Oct 11, 2010 1:07am Oct 11, 2010 1:07am
Quoting GoMarkets
For your information it has not actually been down since Friday, it was working over the weekend. The NAB are currently fixing it and upgrading the security on the form. It should be back online shortly, but I am sure you can understand it is out of our hands and we are waiting on the bank to finish. Hopefully it will be back this afternoon, but in the meantime you can use one of the other funding methods such as PayPal, BPAY or bank transfer where applicable.
I'm a US citizen who just recently opened a live account with you. Can you tell me how you are going to go about closing my account and transferring the remaining funds?
  • #1,269
  • Oct 11, 2010 1:56am Oct 11, 2010 1:56am
Quoting DaTrader
I'm a US citizen who just recently opened a live account with you. Can you tell me how you are going to go about closing my account and transferring the remaining funds?
Hi DaTrader,

We will be sending out another email in the next hour or so from our compliance team. As I am sure you can appreciate it is an unusual situation and we are trying to make it as painless as possible for you all.

Chris
  • #1,270
  • Oct 11, 2010 2:15am Oct 11, 2010 2:15am
Quoting GoMarkets
Hi DaTrader,

We will be sending out another email in the next hour or so from our compliance team. As I am sure you can appreciate it is an unusual situation and we are trying to make it as painless as possible for you all.

Chris
Thanks.
I also just wanted to mention that I agree with most people on this thread that you guys do a great job! I wish that I could stay....
  • #1,271
  • Oct 11, 2010 3:01am Oct 11, 2010 3:01am
Quoting GoMarkets
Hi DaTrader,

We will be sending out another email in the next hour or so from our compliance team. As I am sure you can appreciate it is an unusual situation and we are trying to make it as painless as possible for you all.

Chris
Here is the email sent to clients. There is supposed to be a separate email addressing instructions for high net worth individuals.

-----
Dear Client,
Following our email last week regarding the impact of the new CFTC regulations on residents of the United States of America we would like to clarify the situation and process:
We will no longer be able to accept any new applications from residents of the United States of America
US residents with open positions will be required to close all trades by October 18th. We understand that this is not always practical and are somewhat flexible on this date. If you would like to arrange some additional time to finalise your trading with GO Markets, please email [email protected] with your request and we will do our best to assist you
Funds remaining on your GO Markets account will need to withdrawn at a time convenient to you. Please be aware that we can only process withdrawals by bank to bank transfer. In order to request your funds, please complete the withdrawal form available here and send it back to [email protected] or by fax on +61396021440
All accounts held by US residents will be set as 'read-only' once trades are finalised. This means that you can continue to login to your account and view trading history and print statements where required
We apologise for the inconvenience of this as the changes in US regulations are beyond our control. Please be advised that we will continually re-evaluate opportunities to offer services to US residents depending on changes to US laws etc. We may be in a position to advise you that we are able to accept US based residents in the future. You may also consider seeking your own legal advice as to how the regulations affect you or any company you operate through. Of course this is not a decision we wanted to make and we would have liked to continue to offer our services to US clients, but it is out of our hands due to the relationship between the CFTC and ASIC and is only brought about by the restrictive regulations recently put in place.
If you have any questions please do not hesitate to contact us and we will be only too willing to help.
Regards,
GO Markets Pty Ltd
Measure trends automatically with zero lag
  • #1,272
  • Oct 11, 2010 3:15am Oct 11, 2010 3:15am
Quoting GoMarkets
Hi ybfjax,

let me get all the necessary details from our compliance team and I will post them on here as to how you can verify your assets.

Thanks,
Chris
ok, thanks chris.

A separate thought: I am curious to know if your compliance team actually contacted the ASIC by phone or probably written communication and asked them specifically if it was okay to service USA clients. I know this sounds simple, and every broker has the right to run their business as they see fit. I am curious to know what the ASIC official response is vs individual broker interpretation of what might happen in the future. I hope you don't take offense to this question.

I do appreciate everything you are doing to keep us informed in a timely manner
Measure trends automatically with zero lag
  • #1,273
  • Oct 11, 2010 5:32am Oct 11, 2010 5:32am
Quoting ybfjax
-----
Dear Client,
.... Of course this is not a decision we wanted to make and we would have liked to continue to offer our services to US clients, but it is out of our hands due to the [color=red][b]relationship between the CFTC and ASIC ...
[size=3]

GoM.
Am I right to say that because of the relationship between CFTC and ASIC that there is a possibility that ASIC may follow AFTC and create unacceptable new laws?
Who is the regulator in the UK and what are they doing about the CFTC rulings?
If they’re doing nothing, then why is ASIC saying you can’t have US customers?
Or hasn’t ASIC actually said that?
If you kept the US customers what would happen?
Would someone come after you or would someone go after your US customers?
And who?
And what would be the charge?

These are questions that need answering to make this shemozzle clearer.
Thanks in anticipation for your answer to these questions.
Peter-FX
  • #1,274
  • Oct 11, 2010 5:44am Oct 11, 2010 5:44am
Quoting Peter-FX
[size=3]

GoM.
Am I right to say that because of the relationship between CFTC and ASIC that there is a possibility that ASIC may follow AFTC and create unacceptable new laws?
Who is the regulator in the UK and what are they doing about the CFTC rulings?
If they’re doing nothing, then why is ASIC saying you can’t have US customers?
[size=3][font=Comic Sans MS]Or hasn’t ASIC...

ASIC are pretty similar to the FSA in the UK, I worked for FSA firms for years. ASIC and the FSA would have no plans to change the rules as they have no FX futures exchange unlike the US. lets not be under any illusion. The new rules are purely put in place to protect the US futures brokers and no one else.
Dont panic about non US clients , nothing will change in the UK or Australia.
  • #1,275
  • Oct 11, 2010 3:46pm Oct 11, 2010 3:46pm
Quoting jointhepips
ASIC are pretty similar to the FSA in the UK, I worked for FSA firms for years. ASIC and the FSA would have no plans to change the rules as they have no FX futures exchange unlike the US. lets not be under any illusion. The new rules are purely put in place to protect the US futures brokers and no one else.
Dont panic about non US clients , nothing will change in the UK or Australia.

Thanks jointhepips,
I agree with you, however, I think the questions need to be asked and answered.
  • #1,276
  • Oct 11, 2010 3:58pm Oct 11, 2010 3:58pm
Quoting Peter-FX
Thanks jointhepips,
I agree with you, however, I think the questions need to be asked and answered.
FYI, the FSA is going to be history soon, so we don't know what exactly is coming from our UK brothers. Assuming the world wide financial crisis (depression) continues to escalate, I could imagine retail fx going the way of the Dodo bird as capital controls are put into place to protect each country.
  • #1,277
  • Oct 11, 2010 5:12pm Oct 11, 2010 5:12pm
Quoting Peter-FX
[size=3]GoM.
Am I right to say that because of the relationship between CFTC and ASIC that there is a possibility that ASIC may follow AFTC and create unacceptable new laws?
Who is the regulator in the UK and what are they doing about the CFTC rulings?
If they’re doing nothing, then why is ASIC saying you can’t have US customers?
[size=3][font=Comic Sans MS]Or hasn’t ASIC actually...
Peter,

Thanks for your post, I think your jumping the gun a bit as i'm sure the CFTC dont even know what they are going to do 100% for non-compliance as this is all very new and certainly not been tested yet.

All I can say is that after spending $$$ on legal opinions it has as mentioned been discovered that ASIC and CFTC have a memorandum of understanding that put simply means that if we offer FX trading services to retail US residents then the CFTC may ask ASIC to step in and intervene.
Obviously this is all very grey but because we are a regulated firm and put simply want to stay that way we are bound to make sure we are 100% compliant and not jeapordising our licence in any way.

This is not a stance we wanted to take as we loved having US clients as customers but hopefully over time these rules may soften and we will continually look at changes to see if we can offer trading services in the future.

On a final note this memo of understanding only applies to US retail clients and as far as we are aware ASIC have no plans whatsoever to follow in the CFTC footsteps with leverage changes etc as OTC FX has a much smaller prescence in Australia and ASIC are not linked to any Futures exchanges that may deem OTC FX to have an unfair advantage.

Cheers
  • #1,278
  • Oct 11, 2010 6:01pm Oct 11, 2010 6:01pm
Hi Guys,

Just so you know, we have just sent out an email to our clients with details of exemptions from the CFTC rules. It is a bit long-winded and it is relatively complicated, but hopefully it is clear enough if it applies to you!

Chris
  • #1,279
  • Oct 11, 2010 9:41pm Oct 11, 2010 9:41pm
VantageFX are taking New US clients but they dont know what they are going to do with US clients after OCT18. Vantage is a mirror image of Gomarkets.
  • #1,280
  • Oct 11, 2010 10:21pm Oct 11, 2010 10:21pm
Hi,

Just thought we would expand on why we believe the CFTC rules affect ASIC OTC forex providers as a few clients have asked us and would like us to expand on the memorandum of understanding.

the CFTC and ASIC entered into a Memorandum of Understanding concerning consultation and co-operation in the administration of Futures laws ( Bilateral MOU )
At first one might argue that it doesnt affect Spot Forex at this stage but it goes on.
CFTC and ASIC are also party to the IOSCO Multilateral Memorandum of Understanding concerning the consultation and co-operation and exchange of information.

The MOU is valid regardless of whether the ASIC registered broker has affiliates or licences in the US or not and in our case we do not we are only regulated by ASIC.

Under the Bilateral MOU and the IOSCO MOU the CFTC can request that ASIC assist in the enforcement of US laws for its citizens and may request that ASIC take measures such as enforcing penalties and freezing of accounts.

The above statement from our Lawyers was enough for us to take the stance we have as we cannot and will not jeapordise US clients or GO markets.

I cannot speak for any other broker as they may have received different advice and again it is also up to the individual to do their own research and of course we will keep our eye on the situation to see if any openings in the regualtions allow us to reintroduce US clients to our services.

Cheers
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