Phillips Capital | First Retail Forex Exchange in US?

Moderator: There is a disclaimer at the bottom of this post that hopefully makes it clear that this is not a "commercial/sales" message. There is no offer or solicitation to purchase anything in this post. This is a post to help educate and inform Retail Forex Traders about what they can do to bring about real change in the Retail Forex Industry within the United States of America, given the current Regulatory Environment, by participating in potentially bringing about a new "Retail Forex Exchange" that positively benefits all Retail Forex Traders, by adding a level of transparency and efficient in trading not currently in existence within Retail FX. This is NOT a sales or marketing message of any kind. This is intended to educate and inform Retail Forex Traders about a personal phone call I had today, which could result in the development of more efficient trading platforms in the near future.

A Pure Retail Forex Trading Exchange in the United States

Are you serious? Is this real?

It could become a reality and sooner than you might think!

However, it will take your personal involvement and support of what could become the first Retail Forex Trading Exchange in United States history. I just got off a potentially very important phone call that I initiated on my own. Phillips Capital, is the potential source for a new Retail Forex Exchange and you need to let them know (right now) that as a Trader, you absolutely prefer to have a genuine STP/ECN Retail Forex Exchange experience, as opposed to just another "Retail Forex Broker" experience. Below are some of the key details of my phone call with Phillips Capital today, as well as how you can effect real net positive change in the landscape of Retail FX in the US, forever.


It Is Time for Real Change in Retail FX

You have all heard the news about what happened to Phillips Capital no doubt through LeapRate (https://www.leaprate.com/2016/06/sec...orex-offering/) about the SEC shutting down its "Retail Forex Brokerage" service here in the United States. Phillips Capital, had dual registration both as a BD and FDM. The SEC ruling blocks BD's from having "Retail Forex Brokerage" offerings under the "same roof" as their Broker Dealer offerings. This essentially shut down Phillips, before it could solidly get two feet out the door in Retail Forex. I have stated here on this forum that I thought Phillips Capital, with its current infrastructure already in place, would be in a prime position to spin-off a new offering as an FDM only entity, but this time doing it as a genuine Retail Forex Exchange.

Well, I just got off the phone with the Compliance Department at Phillips and spoke to a wonderfully pleasant human being at the firm who talked with me directly about what actually took place with the SEC decision and they also explained to me the reason behind their decision to not go ahead with an FDM only approach and re-enter as a "Retail Forex Broker." Of course, getting Phillips into the business as just another "Retail Forex Broker" who takes positions against their own customers was not my reason for calling them on the phone today.

My reason for calling Phillips today, was to get them to see the light on why it should return to Retail FX as an FDM, but NOT as just another Retail Forex Bucket Shop. I explained to them that there were many Retail Traders right here in the United States of America who were entirely frustrated with bucket shops in Retail Forex and who wanted a different kind of trading experience that was both fair and efficient to the Trader.

I asked Phillips Capital today to reconsider re-entering the market as a pure Retail Forex Exchange. The idea seemed "interesting" on the surface to them and I was given the name and direct phone number with the head of their Business Development Unit out of Chicago. His name is Dave Klotz and I am awaiting a call back to discuss the matter further.


Ushering In A New Retail Forex Exchange Paradigm

Folks, I could tell from the tone and tenor of Compliance that they were very unhappy with the recent SEC decision and somewhat taken off guard by that decision as well. I get the feeling that they wanted to be in the business, but that the SEC closed the door on their United States operations. I also get the strong feeling that re-entering the business as a pure Retail Forex Exchange, was something that would appeal to them, but only if they could see a path forward that would capture a sufficient number of new customers to off-set some of the start-up costs, which would be a very fair offering and not an unreasonable expectation.

Retail Traders! This could be your opportunity to make a positive impact on Retail Forex in the United States that would set a new precedent by making Retail Forex Exchanges the rule rather than the non-extant exception. But, you will need to get behind Dave Klotz and this effort, by making your voice heard within the halls and conference rooms of Phillips Capital in Chicago. This will not happen, if they do not hear from you. So, take some time out of your day to pick up the phone (don't write) and flood Phillips Capital with your requests, in fact your polite demand that they initiate a pure Retail Forex Exchange, right here in the United States of America.

In speaking with Compliance today, Phillips Capital realizes that you don't have vary many extensible choices in Retail Forex and those that you do have are "Brokers" who have fiduciary responsibilities to their "proprietary liquidity pool partners" and "larger institutional customers." A true Retail Forex Exchange would not have that baggage and thus would be able to provide you with genuine (true) Straight Through Process (STP) and an Electronic Communications Network (ECN) experience as a Retail Forex Trader, probably for the first time in United States history. Thus, you have a possible chance here to make history, if you get behind this effort.

I have initiated this effort on behalf of all Retail Forex Traders. I was once one of you. I know what it was like being involved with a Bucket Shop. I know what constant Slippage, Re-quotes, Platform Lockouts, Erroneous Price Spikes/Price Gaping and low-to-no trading platform availability just before and during News and/or Economic Reports are like. I know what it is like being locked out of your platform completely unable to enter or exit the market because a "Retail Broker" has more of a duty to cover its own exposure, rather than to serve the trading needs of its customers. I've been there and done that before. I've grown out of Retail Broker Bucket Shop Hell, but I realize that many of you have not.


The Time For Real Change Has Come

Think about the timing of all this and why it matters so much to the future of Retail Forex Trading in the United States. Phillips Capital, was standing on the doorstep of their Retail Forex Brokerage offering just before the SEC made its ruling this year. So, here you have a qualified Retail Forex service provider ready, able and willing to bring you broader access to the United States markets that has not been seen in many years being stifled before it could really get started. In that business model however, they were competing with other "Retail Forex Brokers."

I made it clear to Phillips Capital today that simply going out and spinning off another FDM only "Retail Forex Broker" would not excite anybody that I knew, because nobody really wants just another "Broker" to become the middle-man in their Retail Forex trades. I told them that it was my personal opinion that what Traders really wanted was genuine STP and the kind of real Order Matching that can only take place through a foundation of technology supporting a true ECN based Retail Forex Exchange, where the operator of that Exchange simply does not get involved in any aspect of "electronic trade negotiations" via price manipulation of any kind whatsoever.

That idea was thought to be relevant for further discussion at Phillips Capital and I was told that the appropriate next step would get Phillips Capital Business Development involved in the discussion. Folks, they want to be in this business. They don't want to be on the outside of Retail Forex looking in and they know full well that US Retail Forex Traders don't have very many viable options on the table anymore. They want to play ball, but they need to be able to recover their start-up costs which is absolutely not unreasonable a thing to desire as a company.


Get Involved In Making History

As a Retail Forex Trader, I know you deserve better and I know it better than most on this board. I was in your shoes many years ago.

You deserve a fighting chance to reach long term success as a Trader and you are having one hell of a time doing that under the current paradigm in the Retail 'Broker' Universe. So, how about it. How about making some history for all the right and ethical reasons this time? How about you get on the phone right now and let Mr. Dave Klotz, at Phillips Capital in their Business Development unit know that you will offer 100% support of the idea behind a genuine Retail Forex Exchange in the United States of America, if they take the risk to build properly, so that the Exchange is fair, efficient, optimized, available and a stable platform for Retail Forex Traders to grow.

How many times in your life do you get the real opportunity to make history in an industry? They have finally heard from another Trader telling them straight out that they would be welcomed back but only as a genuine Retail Forex Exchange and they did not say no! Essentially, they said let's talk about it further. That's an important first step, people. Big things often times begin with small steps. I can't do this on my own, but I did take the first step. YOU MUST GET INVOLVED in the process and you must do it right now. Get on the phone and call to express your interest in a true Retail Forex Exchange inside the United States of America.

When you have a potential opportunity to improve the Retail Forex trading environment for all Traders, you don't waste that opportunity. Let Phillips Capital here your voice and your cry loud and clear for a genuine Retail Forex Exchange (finally) right here in the United States and who knows, you just might get that true STP/ECN you've been told you are getting but have never actually realized or been able to hold on to.

Phillips Capital
Dave Klotz, Business Development

Be The Change You Seek

Make History

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To the ForexFactory Moderator:

It is not my intention to violate any terms of use policy here at ForexFactory.com. This post was made for educational and informational purposes only and does not represent a solicitation of any kind whatsoever that involves my benefit in any way. This post was made in the hope of improving the "Retail Trading Experience" of all Retail Forex Traders, by alerting them to the possibility of the existence of a new "Retail Forex Exchange" service that could become a reality depending upon the interest level shown by all "Retail Forex Traders."

I contacted "Phillips Capital" of my own volition and initiated dialogue with the company absent any business relationship with ForexFactory.com. I am not now, nor have I ever been, nor do I ever intend to be in the employ of either "Phillips Capital" or "ForexFactory.com." My sole purpose was to begin a movement within the Retail Forex Trading Community that establishes a genuine (real/true) "Retail Forex Exchange" where the operator of said "Exchange" is only involved in "Order Matching" between exchange members and institutional exchange liquidity providers as the case may be during any Forex transaction within said "Exchange."

I am in no way connected with, affiliated with or related to either Phillips Capital, ForexFactory.com or any potential future "Exchange" member, or "Exchange Liquidity Provider" that may come about as a direct result of this post. I am an independently successful Forex Trader who manages his own private capital and I have no personal need for a "Retail Forex Exchange" of my own for any purpose. Again, this post was to simply educate and inform existing Retail Forex Traders on ForexFactory.com, about the potential impact they could have in the collective, in the establishment of a genuine (real/true) "Retail Forex Exchange."

If this post violates any policy here at ForexFactory.com, please accept my apologies and highlight any area of the post in violation, so that I can make the appropriate edit(s) commensurate with said policy violation(s) asap.

Thank you!

Philips Capital should team up with Interactive Brokers who was also ousted by SEC from being a retail forex broker to small investors to form a Retail Forex Exchange. But like I said in the other post, without the institutions on board, there is going to be very limited liquidity and volume on the Exchange.

True, without liquidity no trading platform can exist. Nadex, grew some 30% to 400% (if you believe the reporting) in 2014 alone. Only 40th among all Exchanges in volume of transactions, they are still growing and still attracting new accounts each day.

I would suggest that with a "Broker" you have built-in inefficiencies that hinder the growth and development of the average Retail FX Trader and the statistics in the failure rates prove that in part. The other component for the high failure rate in FX is improper and inadequate Training around the four (4) most important factors that determine the success of most trades:

Timing
Direction
Magnitude
Probability

Without an understanding of those four (4) pillars, long term trading success will be stumbled into and not learned through principle driven knowledge about how markets technically work. A true Retail Forex Exchange removes many barriers to success for the average Retail FX Trader, giving them the truly level playing field they've always said they really wanted.

When was the last time you were on a forum and had the opportunity to actually do something about the condition, state and paradigm of Retail Forex Trading.

At least their ears are open and they are willing to hear what Retail FX Traders have to say about what they want. They have not said no and they have not said yes. However, they are at least willing to listen. You also have to understand that they will have launch costs that they must account for. Any reputable business model will need to be profitable.

I have some concrete ideas on how they can be profitable, while at the very same time offer to the Retail FX Trader that which it does not and cannot get in the market place right now - a fair, transparent, efficient, fast, reliable, truthful, optimized and accessible Retail Forex Exchange that has no method, means or motive for interfering with the Order Matching Process. I hope to address some of those issues on my next call.

In the meantime, if you are a Retail Forex Trader, giving Dave Klotz a phone call in Chicago, and telling him how much you would appreciate a genuine Retail Forex Exchange that had such attributes listed above would be the appropriate thing to do - if changing the landscape of Retail Forex for the benefit of all involved appeals to you.

Teaming up with Interactive Brokers, would be a wonderful idea. More time consuming before an actual roll-out takes place, but a wonderful idea nonetheless. The more counter-party involvement the better. However, PhillipCapital, holds over $29 billion in customer/client equity at my last reading. By comparison, TradeKing holds $4.5 billion total customer assets. FXCM, $632 million in customer equity. Interactive Brokers total client equity in 2014 was $56.7 billion.

With that kind of substantial presence they can attract institutional liquidity rapidly, if it becomes known that they intend to build-out a Retail Forex Exchange. More than likely, you would essentially be dealing with some of the exact same liquidity providers that are often listed as proprietary liquidity pool partners on other Retail Forex Broker websites.

The difference? Your order would be routed straight through to those entities directly and not off-set or spread jacked by an intercepting "broker" in the middle whose "pricing engine" is screwing you at the point of execution. I would also suspect that you would see lightening quick transaction times as well, given all the "middle man" gunk being removed from the order routing process.

Get involved in the process and maybe we can have a real revolution on our hands that makes things better for all Retail Forex Traders.

As a bonus, posts like these:

"FXCM Issues Statement on CFTC Complaint"

...that pop up every single year with some Retail Forex "Brokers" would become a thing of the past, because Retail Forex "Exchanges" would have no such complaints filed against them by the CFTC, NFA and/or SEC. Why? Because, the "Registered Financial Exchange" would not commingle "Brokerage Operations" under the same roof.

Excellent post and professional writing...If I was a US citizen, I would've called Phillips Capital for sure...I encourage my fellow American traders to call Philips Capital...Each and every vote/voice counts...Let's try to make a positive impact in the market place. Regards

Thank you, and I am sure that all calls to Phillips Capital matters. There would be nothing wrong with a non-US Trader calling them and expressing their support for a true "Exchange" paradigm shift throughout Retail Forex world wide and how they (Phillips Capital) could lead that paradigm shift here in the United States starting with the first truly STP/ECN Retail Forex Exchange. Such non-US calls might provide them with well rounded encouragement.

This needs to happen. I've been waiting 15+ years for something like this come about. Sometimes, a hurricane takes a long time to build. There needs to be such tremendous weight placed on the shoulders of Phillips Capital, that they simply have no other choice but to build that Exchange for a brighter Retail Trading experience and a good profitable business model for their shareholders as well. This is a Win/Win without question.

No. I am not a shareholder of Phillips Capital.
No. I have no affiliation with Phillips Capital.
No. I have no past, current or future agreement for compensation of any kind from Phillips Capital.
No. I will not accept compensation of any kind from Phillips Capital, even if they offered it in private.

I want to see Truth in Retail Forex Transactions finally take place in the United States of America. That's my motive - exclusively - and the only way to obtain that is to change the current paradigm from "Broker" to "Exchange." If you can think of another way to do it, I'm all ears.

They just got blocked by the SEC as a "Retail Broker." So, striking while the iron is hot matters. They want in, but regulations won't allow them in as a "Broker" when they have dual FDM/BD registration. You Traders don't need another "Retail Broker." That's the last thing you need right now. Retail Traders in Forex need an Exchange with blazing quick trade execution and no price feed manipulation.

It is finally time and Phillips Capital might be the one to make it happen. Everybody needs to get up and get on the phone first thing in the morning - without fail. Call and tell Dave Klots, that you truly support this, if (and only if) they come through as a Retail Forex Exchange.

I used to play football many years ago back in college. We had a Tight End who would always (without fail) run into the huddle from the sidelines with these words: Spread the Wealth! That was his way of saying that everybody needs to participate in moving the ball down field. I used to love hearing him say that. So, now I'm running into the huddle and saying: Spread the Exchange Enthusiasm! Everybody get on board with moving Phillips Capital down the field and into the end zone of the Exchange, where everybody Wins!

You can always go back to a Retail Bucket Shop Broker trying to jerk you around any time you want. My wild guess is that once you taste the lightening quick trade execution of a real STP/ECN exchange, being able to place orders literally inside the spread (if that moment is available at the time), being able to see real deal liquidity up and down the DOM, no requotes, slippage only related to the speed of your internet connection not because your order go preemptively tagged, seeing real spreads in real-time, seeing zero spreads sometimes, seeing negative spreads when those conditions actually exist, being able to actually trade during news and reporting events without being locked out - folks this is what a real Exchange solution can provide.

But, none of this will happen if you don't at least try to voice your interest and concerns to Phillips Capital. Get on the phone.

Join The Retail Forex Exchange Movement!

Contact: Dave Klotz, Business Development

Phillip Capital

141 W Jackson Blvd Suite 3050, Chicago Board Of Trade Building

Chicago IL 60604

Tell them if they build it, you will seriously consider being supportive of it as a Retail Forex Trader.

This is not a sales message. This is about potentially changing the nature of how you trade Forex in the United States, for the better and forever.

Note: They were or are Phillps Capital outside of the US. Apparently, here in the U.S. they are Phillip Capital, so the "s" is dropped for the US for some reason I don't know about.

Sleep on it and then make the call. You have nothing to lose and a possible Retail Forex Exchange to gain.

I'll be back in a couple of weeks to see what you have one with this on your own. You say this is what you want- so prove it. Make the call and tell Dave Klotz, this is what you want.

Be cordial, professional and concise when you call and spread the word all over the net every chance you get. You NEED an Exchange. Even if you don't fully understand why just yet, you do NEED a Retail Forex Exchange and you finally have a real Financial Services entity willing to hear from you. When was the last time that ever happened around here?

This is just one big advertisement for Philip Capital. IF Philip Capital REALLY want to establish a true Forex Exchange for retail traders, it would've first approached all the institutions and the white labels to get the liquidity and volume for an exchange and offer it to us retail traders like LMAX in UK did. The interest from us retail traders is there; it's NOT us who needs to make the first move. It's the institutions who needs to get on board.

And the fact that Philip Capital excludes Canadian traders, the most that it is just a local ECN instead of a true exchange. So hooray for US traders if this really happens but it's still not a true exchange for all retail traders.

Ok, I am on board....it was the lightening execution and being able to place an order inside the spread...that sold me. I have been speaking off and on with various entities discussing the viability of an order matching exchange due to existing issues within the industry.

This does not take regulation, this is about how serious the trader is about their business, simply.

Along with some other individuals (all industry floor veterans) an exchange has been a serious topic for 8 months.

I will be making my calls in the AM, tomorrow.

Thanks for this forum, order matching is similar service LMAX business model.

I kind of agree with you.

If they want to do it ( meaning seeing profits on it) they would just do it.

I'm a Trading who trades on an Institutional Platform. I'm also well enough to have not made a single trade in more than 1.5 years while working on a new Trading System superior to the one that allows me to not trade for over 1.5 years. Therefore, I don't need a job with Phillips Capital or any other company for that matter. I'm doing you a favor here whether you realize it or not and your ignorance about that fact is only matched by your penchant for assuming facts you cannot possibly know.

Either you cannot read, have not read, can read but cannot comprehend what you've read or just plain ole cannot fathom the difference between a "Broker" and an "Exchange." Either way, it is your problem to deal with. I don't need a Retail Broker or a Retail Exchange, but I have been helping Traders in Forex since before you even knew how to spell FOREX. So, before you run off the deep end of bantering about something and someone you do not know, you might want to check your Investopedia for the differential and distinction between "Broker" and "Exchange" because you read like rookie in desperate need of the kind of help I no longer give online.


Again, you really need to learn to read what's actually been written. Asked and answered multiple times above making your point entirely moot and untrue.


Once again, you need to learn to read in context. Asked and answered multiple times above. No wonder you keep struggling with this idea.

Wrong. They don't know you from Adam or Eve. They just got squashed by the SEC after trying to bring you another "Retail Broker." How many times must this be said. There is huge difference between a "Broker" and an "Exchange." You were told multiple times above that mine was not to ask them to re-enter the market as an exclusive FDM "Broker," but to re-enter Retail Forex as the first true STP/ECN Retail Forex Exchange in United States history. Maybe reading in context is not your strong suit.

There is a difference between you downloading, reading and signing a Retail Forex Brokerage Client Agreement, as apposed to you downloading, reading and signing a Retail Forex Exchange Membership Agreement. Maybe this is a little beyond where you are right now in your understanding of how this Industry works. I would suggest that you do a little more homework.

As a Retail Forex "Broker." When are you going to develop basic reading and comprehension skills.


You have no idea what you are talking about. None. You are that same person who tried to correct me when I came here and told you first that Interactive Brokers would be gone under the 7 USC 1a. You said that 7 USC 1a did not apply to IB. You were wrong then and you are wrong now.

If you are a US Retail Forex Trader, get on-board with the notion of possibly having a true STP/ECN Retail Forex Exchange for once in your retail life.

Tell your boss Philip Capital to come back with a Forex Exchange like LMAX in UK did and membership will flow in I guarantee you. No need for us to phone up Philip Capital one by one. And no need for this personal attack.

We are all carrying on this discussion like mature adults. If you can't handle it then we will have to pursue the alternatives. For you to market Philip Capital like this is already bordering on having this thread marked as "Commercial Content" as it is highly doubtful that Philip Capital would be able to set up this retail forex exchange without any profit-making in mind.

Keep that conversation going behind the scenes. It is absolutely necessary here in the United States. The "Retail Forex Broker" monopoly being set-up through the consolidation of FDMs and the exclusion of BDs should be obvious to everyone right about now. An order matching (only) STP/ECN based OTC Spot Exchange would be one way to go and that's what I hope that Phillips Capital could bring to market as they want to be involved in retail, are disappointing in the SEC decision and seem genuinely open to the idea of possibly doing something different, if the support from the Retail Trading community is there sufficient to allow launch cost recovery and provide for a profitable business model.

I brought up the notion of coming back as an Exchange and they did not balk. But, I'm just one person. If they don't fully appreciate and understand the pain that Retail Forex Traders endure under Retail Forex Brokers, then conceiving of the notion to do something different might not be first and foremost in their mind. I just think it makes good business sense for a Financial Serviced Company that just had its "Retail Forex Broker" stripped and dumped by the SEC virtually overnight. They get to keep much of the infrastructure they've already invested in for the "Brokerage" while converting it over to the "Exchange." There are other issues as well such as making sure they can support MT4 and MT5 right off the bat given the large captured audience that already exists at the Retail level on that platform.


Unfortunately, relative to LMAX:


I've already talked about what "resident" means in the United States vs some other countries in a different thread. Your physical body does not have to be legal entity executing the trades even though the physical point from which those trades are executed happens to be on US soil. I'm not going to get into the details of that here, but a qualified (competent) attorney with deep knowledge of entity structuring, tax jurisdictions and legal residency requirements should be able to align certain concepts, so that connecting dots legally is possible. That's all I'll say on that matter.

Thanks for the call and participation.

You are like a child bantering about things you have no clue about. You call yourself an adult, yet at the very same time you make childlike assumptions. You contradict yourself. How the hell can there be "Commercial Content" when there is no commerce available. Phillips Capital has no "Exchange." They have no business for you to engage. You make no sense. Your contacting them would be for them to consider building an "Exchange," not for them to sell you something.

Furthermore, an "Exchange" in the United States, whether built by Phillips Capital, or any other entity, would benefit Retail Forex Traders like yourself. If that is not something you understand, then you clearly don't belong in this conversation until you go out and do the requisite homework to bring yourself up to speed.

You were dead wrong about IB and you are dead wrong about this. It does not matter who builds the "Exchange," as long as they are a reputable entity with their ethics under control. So, Phillips Capital could built it, or LMAX could spin-off a company here in the United States and build it themselves. I don't care who builds it, just as long as it is true STP/ECN and Order Matching only.

You are just taking advantage of the loophole on FF there has to be an existing business or money-making incentive for any promotional material to be considered "Commercial Content" but in fact all you are doing is promoting just one broker. Having forex traded on an exchange is one thing but actively pushing everybody to phone in this one broker is another. Like I said before, an REAL exchange for forex is not going to be built by one broker; it would have to be a concerted effort of possibly many brokers/former brokers institutions otherwise it's just a local ECN by this ONE broker at best.

And you are the one who has no idea about what an exchange is. An exchange is a meeting place where everybody freely trades an instrument with a centralized price. Since spot forex is traded WORLDWIDE because it's MONEY that people use everyday at every single minute of the day, you need to open this exchange to EVERYBODY in ALL corners of the world basically as long as this currency is used in this place, it has to have access to the exchange 24/7 otherwise all you have is still a localized ECN by one or at best few brokers. So it's not even just a bunch of brokers and institutions getting together and say "ok let's build an exchange" no it's going to be a global effort with ALL countries involved at least all the major economies involved and it's going to be LOT bigger than just United States and certainly LOT bigger than Philips Capital. Otherwise there is(was) already ECN's existing. LMAX is one and IB had one before SEC shut it down. And if Philips Capital wants to have an ECN, it can certainly have another entity under CFTC to have an ECN.

The way that you are pushing everybody to phone in Philips Capital is nothing short of just scooping up some business for Philip Capital.

The fact is that if indeed there is a witch-hunt against retail as soon as a " exchange" is formed they will design laws against it.

I'm sticking with my guns that the bucketshops are behind it.

ECNs favor the trader and Oanda and others can't stand losing customers anymore.

My money is on Futures brokers since they are the ones who's paying dues to CFTC/NFA. CFTC/NFA have in the past passed numerous regulations numerous times against retail forex to make it to be more "equivalent" to futures, decreased leverage cap TWICE to make it same as for futures, insisted on FIFO and banned hedging on retail forex simply because Futures is FIFO and there is no hedging in Futures so not surprised that they would go a step further to just ban retail forex outright. Futures brokers just cannot wait to scoop up all the retail forex business to its forex futures business once retail forex is all banned.

The bucket shops in this case have no incentive to lobby SEC or CFTC to ban retail forex. That's like committing suicide because they are part of retail forex industry so why lobby to ban its own business?

If you cannot read plain English, you don't belong on a trading forum. Period. I'm not going to discuss what's been so clearly spelled out for you again. You can spew wrong all day long, that does not make it right.