Swing Street

Swing Street

There is a rumor went around that there may be a bit more than meets the eye to the CFTC new proposals to reduce leverage for traders Forex retail 100:1 to 10:01.

The rumor involves a turf war. The two rival gangs are brokers futures and forex brokers. Futures brokers are the Old Boys Club, foreign exchange dealers are the new kids on the block arrogant. Both are registered with the NFA, the two are regulated by the CFTC, but for now there is only one winner - the forex brokers.

Forex Brokers growth "soared while merchants Futures Commission at best, stagnated. An estimated 20% of foreign exchange in Japan is now done by people like you and me, the little people, who were previously excluded from this match. A major New York based Forex broker trading accounts 150,000 claims in direct and $ 600 million in client funds.

Thus, the Old Boys Club, the Chicago futures brokers, as new start-ups forex seized more and more market share every day. Forex guys to combine effective new technologies (Internet) with aggressive marketing that they beat the competition while smoking their cigars in dark rooms woodwork.

Some brokers forex brokers forex futures up and added to the mix of public offers. But it is not enough. Although some of these measures helped stop the exodus of their existing customer base, they have stagnated in terms of growth as forex brokers were booming.

So what did they done? Here's my guess. Let's look at history.

Initially, the Futures Modernization Act (which regulated futures and operators Forex) had the best interest of the investor and trader at heart because he has some regulations if necessary in a paradise of gangsters. Except it does not stop there.

In fact, they went on the regulation and control and regulation. In fact, the CFTC has taken further regulatory action against a handful of foreign exchange dealers in a few years than they have against all boys old rascal their many years not always proud of existence and ethics! And always screws tightened regulations.

All these regulations on foreign currency cash transactions world have legislated in the U.S. 2008 Farm Bill and the powers so vested in the CFTC. Farm Bill? That's right, pork bellies, bushels of corn, and exchange - the regulatory body was a single. Find it a bit strange? I do not.

Take a look this:

• The 2002 law sought meager capital requirements of $ 250,000 for forex brokers.
• Little time was increased $ 1,000,000, then $ 5,000,000. Swimming in cash plus forex brokers posted this out of warranty from their back pockets and have been recording each month.
• Regulations will soon fix the minimum $ 20 million.

Another attack by the governor, furious pressure from Chicago was on the business practices of forex brokers ":

• Content - breach of code of marketing. Text misleading promises reckless (Many were, to be fair)
• Then came the introducing brokers (sending business to brokers forex) - I was told to adjust the content my site, notwithstanding the site has no reference to the NFA regulated forex brokers.
• Then came the attack on the entire model introducing broker business. It was simply too effective. Barriers to entry are nonexistent, new markets have been totally underdeveloped. The introducing broker model has increased business broker forex like a madman. And if the U.S. Forex brokers were prohibited from paying compensation to the introduction of IBs U.S. customers to them.
• Even that was not enough. U.S. introducers was then to become members of the NFA and after some collateral with the NFA.

Then the coup de grace:

• Brokers FX had the opportunity customer accounts on the market in real time. Not even in bank deal rooms they mark on the market in real time. But you and I suddenly had to be marked to market on a second by second.
• FX Brokers are no longer allowed by the execution of notes, all orders should be executed on a FIFO (first in first out).
• What coverage is also affected. No cover, no exceptions. Not lobby to change that, just a month or two to implement the necessary changes in technological systems.
• And finally the last of these proposals 10:1 leverage - that term leverage levels.

Picture emerging? The 2009 regulations caused many brokers fx United States to establish overseas offices and move U.S. clients offshore. Always the regulator came after them. For example, my company, Dayforex will not be compensated by a well known dealer in London for the introduction of U.S. customers that non-US company registered (their offices in London)!

Who benefits from this? The broker? You? Me? I do not think. But I think a few eyebrows in the black Chicago paneled rooms are turned to smiles again.

Dirk du Toit is a Forex Trading Mentor and author of the no.1 selling book "Bird Watching in Lion Country - Forex Trading Explained". http://www.bird-watching-in-lion-country.com You can read his blog at http://www.dirkdutoit.com

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