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FXDD Prepares To Battle NFA On Hedging!

May
15
2009
Posted by Michael Greenberg in Brokers
5 Comments

nfa-fxdd-fightI just received an email from FXDD with the following message:

“In our effort to provide the best solution for your trading regarding the NFA’s new rule on hedging, please know that we have been in contact with the NFA and have offered several solutions which we believe will accommodate almost all types of trading strategies and comply with the NFA rules. Our discussions with the NFA are ongoing and we will keep you advised. In the mean time, know that FXDD is making no immediate changes to any platforms and that you will be fully advised prior to any proposed changes.”

No immediate changes to any platforms?  Sounds like more than mere “discussions” are going on. Stay tuned…

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5 Comments on this post

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  1. FXDD Fights NFA Over Hedging - ForexForums.org wrote:

    [...] making any changes to their platform to comply with the new reg. They want to talk more. Check out Forex Magnates orForexturtle. Anybody else see a fight brewing [...]

    May 15th, 2009 at 1:59 pm
  2. NFA keeps forcing retail Forex brokers out of the US: Only 12 remain! | Forex Magnates wrote:

    [...] FXDD – is in registration process, though it might encounter few problems… [...]

    May 25th, 2009 at 3:31 pm
  3. Forex.com UK is not exactly the same Gain from US as you thought... | Forex Magnates wrote:

    [...] are probably aware by now that the new NFA hedging rule has caused a lot of consternation in the industry, to say the least!  If you’re not up to speed on this issue you can read all [...]

    May 25th, 2009 at 7:00 pm
  1. Michael Greenberg said:

    It’s about time Forex brokers picked up the glove, as so far smaller brokers obviously had no voice while bigger brokers didn’t care as long as their main sources of income (market making) were left untouched. FXDD finally realized that this is just a tip of an iceberg and that if you complied with every absurd requirement by the NFA you would be eventually kicked out of the US.

    Let’s hope FXDD isn’t the only broker sounding its voice and that there is much more happening behind the Forex industry scenes…

    May 15th, 2009 at 2:40 pm
  2. Howard Beale said:

    All this is too little – too late, I’m afraid. The brokers should have seen this coming when NFA was polling them about hedging, leverage, et al, last year. They could have raised a storm or at least been more vocal about it back then and prevented this or at least slowed it down. Regulation is going to get tighter – just wait.

    May 15th, 2009 at 2:53 pm

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