Tag Archives: CFTC
One World Capital was apparently a forex ponzi – owners John Walsh and Charles Martin get 12-17 years in prison
3
2012
This one was pretty much below the radar although One World Capital was probably the biggest US forex brokerage that turned out to be a scam. NFA’s capital requirements which gradually rose from almost nothing to $20+ million since 2008 …
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CFTC – MF Global’s collapse didn’t happen because of a lack of regulation, NFA ponders segregation rules
31
2012
In an interesting speech given by Commissioner Scott D. O’Malia at the Center on Financial Services Law, of New York Law School quite a few interesting things were said and although O’Malia didn’t think the CFTC is to blame for MF Global’s …
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US Treasury Department reconsiders exempting Forex from OTC Derivatives Regulations
30
2012
En route to an official visit to Israel, Neal Wolin, the US Deputy Secretary of the Treasury Department commented that the treasury dept is currently debating whether or not to exempt FX products from new U.S. derivatives regulation that would force …
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CFTC just released a short statement where it taps itself on the shoulder being proud that all FCMs that were tested (14 of the largest ones) came through ok during some tests it made. This in a way reminds me …
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US retail forex capital held by FCMs, RFEDs and FCMRFDs – per CFTC’s definitions – grew by most $3 million in November. These deposits describe the amount of retail forex funds held by American brokers – this may include funds not only from American clients.
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Instatrade Corporation, aka Insta Forex, and Ztradefx LLC were two of the 14 firms sued by the CFTC early last year. Ever since most firms didn’t bother to settle with the CFTC but some did. Last week we saw that FXOpen settled the case with the CFTC paying $140,000 fine.
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FXCM moved fast to establish a Canadian offering to be able to attract former MF Global’s Canadian clients. FXCM which offered its Trading Station II platform through MF Global Canada now partnered with Friedberg Direct forming the FXCM Canada joint …
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This was one of the biggest news last year – CFTC sued 14 forex firms (and then 11 more) for various infringements of its laws including accepting US clients. Some firms (offshore ones) decided to ignore this all together and keep accepting American clients, some stopped accepting them but didn’t settle and some managed to settle the case.
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CFTC just published its decision in a case of Robert West vs. Gain Capital and Glenn Stevens ordering Gain to pay West $10,000 for lost profits. The whole case is a fascinating read of how a regulated forex broker handles a complete novice in the forex market and how this can sometime backfire
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CFTC just released a statement about the final location of the missing MF Global customer funds – basically they say they are making good progress at tracking them but still cannot confirm that all funds are accounted for.
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