$140,000 Please -Trading Point gets slap on wrist

5 Comments on this post

Trackbacks

1. Jim said:
   As a U.S. Citizen, thanks for nothing, US Gov. Leave us the “F” alone. If we want to risk our capital overeseas, let us. Its our money. You’ve eliminated all the competition, and as a result all we have are over priced US brokerages to choose from now. Big spreads, or commissions.

   I suspect its more about keeping the dollars here in the US than protecting the traders. Good virtue rarely motivates our regulators over greed.

   Wish I had dual citizenship.

   May 2nd, 2012 at 8:18 pm
2. Michael Greenberg said:
   nah it’s about pushing the money back to futures

   May 2nd, 2012 at 9:17 pm
3. Chris A. Zacharia said:
   Trading Point of Financial Instruments Ltd is a European Union-regulated company, licensed by CySEC, and operating its services in strict compliance with the Markets in Financial Instruments Directive (MiFID)2004/39/EC. MiFID is a European Union law that provides harmonized regulation for investment firms across the 30 member states of the European Economic Area. The main objective of the Directive is to increase competition and consumer protection in investment services.

   The MIFID consumer protection regulation is by no means inferior to any non-EU regulation equivalent to it. Moreover, the EU directive respects the rights of any responsible trader, allowing them to trade under the conditions they choose, as long as the substantial risks of financial loss are clearly made known to them.
   In line with the recent news of Trading Point’s final settlement with the CFTC and with regard to the 8th of September 2011 lawsuit for failure to register according to the new legislation, Trading Point of Financial Instruments Ltd would like to make the following statement:

   The complaint of the CFTC was officially forwarded to Trading Point of Financial Instruments Ltd in the middle of September 2011. In order to settle the matter as quickly as possible, the company management and legal advisory team immediately initiated communications with the legal department of the CFTC.
   Furthermore, in response to the press release by CFTC of the 8th of September 2011, Trading Point of Financial Instruments Ltd published several press releases informing the public of the issue. For further reference, please see these press releases at:

   Official Response – Trading Point of Financial Instruments
   http://www.babypips.com/blogs/espipionage/cftc-sues-11-unregistered-forex-entities.htm
   http://www.forexcrunch.com/cftc-sues-11-more-forex-companies/
   http://www.forexpeacearmy.com/forex-forum/forex-articles/16987-cftc-sues-11-more-forex-companies.html

   At a later stage, and strictly in accordance with the CFTC directives, Trading Point ceased to accept any new US residents as clients during the time of ongoing negotiations. At the time, the company management took the decision to further provide services to existing US clients who registered with the company before that stage, and also to ensure the same high level of services to them as they were previously used to. This was again done with the awareness of the CFTC as the issues regarding the future of the US client accounts were at that point uncertain.
   Trading Point ranks among those very few EU-regulated forex broker companies that decided to settle the matter without disrupting the smooth operations and services provided to its clients.

   Hereby, we would like to inform all our clients that we reached a final agreement with CFTC and that the matter in question is now officially closed. The Illinois Court Order ordered the closing of all US accounts within a very short notice and the settlement of all remaining US accounts. It is Trading Point’s intention to register under the 2008 Farm Bill, the Dodd-Frank Act, and the CFTC regulations and thus the speedy settlement of the lawsuit.

   Trading Point prides itself in its reputation for having the clients’ best interests as its main priority. We have served all our clients with the same outstanding professional courtesy and truly unrivalled trading experience. The company respects and does its best to act in line with the laws and regulations of every country.

   May 3rd, 2012 at 12:30 am
4. Bruno said:
   fkijg pigs…

   good thing there is a talk of republicans repealing the dodd frank…

   I don’t mind working with US brokers but NO HEDGE, 1:50 MAx leverage is a big blow for small traders….I was using TP for their Nano Cents account…I was learning how to trade without risking too much money…None of the us brokers has nano cents account other than oanda…They only have that system in web based platform and not on mt4…I hate your web platform…

   I will be waiting for the republicans to change this law…this is total bullset….

   May 3rd, 2012 at 9:26 pm
5. Jon said:
   I hear FinFx still accepts usa residents.

   Jim
   it’s easier to establish non-USA residency in a friendlier country. Then open your accounts as normal. Not difficult to do, and you’d be surprised how cheap it is to travel. Mexico and other southern countries or the carribean is not far away. Explore the possibilities.

   May 15th, 2012 at 7:39 am