Dukascopy to close US retail forex traders' positions by July 15th, looking for US partners to offer its technology


Just as I reported over a month ago due to Dodd-Frank rules even Swiss forex brokers, which in fact are now banks and thus could continue accepting US clients even after October 2010, will have to stop accepting US retail forex clients. These banks will still be able to accept eligible contract participants (read $1 million and up per CFTC’s definition). Other clients will be offered to continue trading using Dukascopy’s technology – mainly JForex platform – through still undisclosed US brokers who’ll form such a relationship with Dukascopy by July 15th. Knowing how long it takes to negotiate, integrate and establish compliance procedures in such cases you can safely assume that it won’t happen on time.

The following was posted on Dukascopy’s website and sent to clients by email:

Closing of US residents positions

Pursuant to changes in US Forex regulation, US residents who are not eligible contract participants will be invited to transfer their accounts to one of our US partners which will provide Dukascopy Bank’s trading technology and data feed to US clients.

Please note that all positions opened with Dukascopy Bank by non-eligible contract participants must be closed by July 15, 2011 at 18:00 GMT (July 14 at 18:00 GMT for non-USD accounts). Dukascopy Bank only accepts US eligible contract participants as defined in the relevant US regulation

New opportunity to trade via US Brokers / New US white label partners

Pursuant to a change in US regulation, Dukascopy Bank has decided to provide its technology in the USA via US Brokers with effect after 15th of July 2011. To satisfy its clients, Dukascopy Bank is developing partnerships with some of the most famous and reputable US Brokers, in order to allow clients to continue trading with Dukascopy Bank’s technology. By July 15, 2011, all positions opened with Dukascopy Bank by non eligible contract participants must be closed (July 14, for non-USD accounts). An easy transfer solution will allow clients to trade on our technology through one of our US partners after July 15.

US residents who are eligible contract participants (including in particular clients with more than USD 10 million financial assets) may still trade with us after mid-July.

Alain Broyon, CEO of Dukascopy Bank says: ”Due to recent changes in US Forex regulation, Dukascopy Bank was looking for new partnerships with US based brokers so as to serve its clients in conformity with US regulation. Our strategy to provide Dukascopy Bank’s technology via White Label Solutions to onshore licensed brokers is showing its success. This is great news for both Dukascopy Bank and its clients residing in the USA. We expect this cooperation to be very fruitful for all concerned parties”.

Further information will be given on July 1st 2011.

Grab your latest copy of the Forex Magnates Retail Forex Industry Report for Q1 2011.

TAGS: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Related posts:

More information on this subject is found in the latest Forex Magnates Quarterly Report

6 Comments on this post


  1. Artem said:

    All positions by July 15th? Hi-hi…

    June 16th, 2011 at 1:59 pm
  2. Michael Greenberg said:

    yes, those who are not eligible counterparties as per CFTC’s definition.

    June 17th, 2011 at 9:56 am
  3. Andriy Moraru said:

    Heh… Soon there will be only 2 brokers for retail traders in US – FXCM and Gain :). With 10 pips spread on EUR/USD :(…

    June 18th, 2011 at 5:15 am
  4. Michael Greenberg said:

    i think you are right, maybe not 2 but 5-6 of the existing ones + 3-4 of the bigger ones (thinkorswim, tradestation, etc) but the trend is pretty obvious…

    June 18th, 2011 at 8:12 am
  5. Christopher James said:

    Who are Dukascopy’s US partners?

    June 20th, 2011 at 9:45 am
  6. Michael Greenberg said:

    not yet officially disclosed though they are talking with most US brokers

    June 20th, 2011 at 11:28 am

We do not store your information and we do not disclose our sources.

Leave your name/email (not required) if you'd like to be contacted about this story (will not be disclosed):

Digital Currencies

Executive Moves

Startups & New products

LMAX Exchanges Investigates Bitcoin Trading While FXOpen Goes ‘All In’

Stating that they "believe digital currencies are here to stay", LMAX Exchange COO, Scott Moffat provided an update on his firm's interest in bitcoins and...

LTC/USD Technical Analysis – 23rd April 2014

Litecoin has been heading down since the 20th of this month, initiated by some strong bearish candlestick price action, but that might be about to...

LTC/BTC Technical Analysis – 23rd April 2014

Since the Litecoin vs Bitcoin’s highs reached in late March, we’ve seen a huge retrace, with price coming back down to as low as 0.0224....

More Digital Currencies

Michael Quirk, Ariel, Head of Global Software

Michael Quirk Joins Ariel As Head of Global Software Sales

Michael joins Ariel from X Open Hub where he was Manager of Institutional Sales for over a year. Prior to that, he spent four years...


James Reilly Joins Cantor Fitzgerald As Head Global FX Sales And Senior Managing Director

Cantor Fitzgerald, a leading financial services firm specializing in several asset-classes, has announced the appointment of James Reilly as its new Senior Managing Director and...


Liquidnet Taps Bob Garrett As Head Of Technology In New York

Liquidnet, a global institutional trading network specializing in a variety of asset-classes, has announced the appointment of Bob Garrett as Head of Technology and as...

More Executive Moves

New Product Spotlight


IG Markets the Latest Broker to Launch Web TV After Dukascopy and Saxo TV

Former Bloomberg and BBC presenters Jeremy Naylor and Sara Walker, will be the faces behind IG’s newest marketing initiative as it challenges other well known players in the field of broker-run web TV.
Read more

OANDA Launches Retail FX Tools Marketplace, Forex Magnates Reviews

OANDA opens a Marketplace featuring apps, training, and MT4 plugins developed by the broker and its partners to provide its clients with vetted tools and services. Forex Magnates reviewed the new offering.
Read more

More Startups & New Products

Forex Research

Recent Comments

Note: Copyright © 2014 Forex Magnates. All rights reserved.

All materials contained on this site are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of Forex Magnates. You may not alter or remove any trademark, copyright or other notice from copies of the content. All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you.Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at Forex Magnates are those of the individual authors and do not necessarily represent the opinion of Forex Magnates or its management. Forex Magnates has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by Forex Magnates, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. Forex Magnates will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2014 "Forex Magnates Inc. - Home of the Forex Elite" All Rights Reserved.