New rules for U.S. Forex?

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frang0nve
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New rules for U.S. Forex?

Postby frang0nve » Thu Aug 05, 2010 3:07 am

Hello:

Looks like your president wants to save you from yourselves...

Elimination of OTC Forex

Effective 90 days from its inception, the Dodd-Frank Act bans most retail OTC forex transactions. Section 742(c) of the Act states as follows:

...A person [which includes companies] shall not offer to, or enter into with, a person that is not an eligible contract participant, any agreement, contract, or transaction in foreign currency except pursuant to a rule or regulation of a Federal regulatory agency allowing the agreement, contract, or transaction under such terms and conditions as the Federal regulatory agency shall prescribe...

This provision will not come into effect, however, if the CFTC or another eligible federal body issues guidelines relating to the regulation of foreign currency within 90 days of its enactment. Registrants and the public are currently being encouraged by the CFTC to provide insight into how the Act should be enforced. See CFTC Rulemakings regarding OTC Derivatives located at the following website address, under Section XX - Foreign Currency (Retail Off Exchange). As this provision is potentially devastating to the forex industry, affected readers are encouraged to voice their opinions to the CFTC directly. To do so commentary should be forwarded to via email to:

Secretary@cftc.gov

Attn: David A. Stawick, Secretary

Commodity Futures Trading Commission

Three Lafayette Center

1155 21st Street, NW

Washington, DC 20581

It is essential that OTC forex participants seek professional help to discuss possible operational and regulatory contingency plans.


Excerpt taken from:

http://www.financialsense.com/contribut ... tens-forex

Cheers


Francisco

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es/pip
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Postby es/pip » Thu Aug 05, 2010 1:22 pm

the way i understand it



"except pursuant to a rule or regulation of a Federal regulatory agency allowing the agreement, contract, or transaction under such terms and conditions as the Federal regulatory agency shall prescribe"

Meaning, NFA or Cftc registered firms wont be affected.

who the hell knows though

pretty soon i wont be able to wipe my own ass without Osama's prior approval
Bend over and assume the position for another 4 years of hope and change.

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newark18
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Postby newark18 » Thu Aug 05, 2010 1:34 pm

I saw your signature and thought of this potential conversation:

Do you want to play pearl harbor? ---- ES/PIP

Sure, what is that? ---- Extremely hot blonde

Well, I take you back to my place and you blow the s**t out of me. --- ES/PIP
Failure is an opportunity to learn.

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es/pip
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Postby es/pip » Thu Aug 05, 2010 1:39 pm

newark18 wrote:I saw your signature and thought of this potential conversation:

Do you want to play pearl harbor? ---- ES/PIP

Sure, what is that? ---- Extremely hot blonde

Well, I take you back to my place and you blow the s**t out of me. --- ES/PIP


lol

i bought her breakfast :wink:
Bend over and assume the position for another 4 years of hope and change.

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trueblueTEX
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Postby trueblueTEX » Thu Aug 05, 2010 2:36 pm

So, does any body know what the hell this means?

If I don't have a trading account, yet, does that mean I won't be able to open one?

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newschool
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Postby newschool » Thu Aug 05, 2010 2:50 pm

I know that Forex is big over there.... (check image's name)

Image

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dirk
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Postby dirk » Sat Aug 07, 2010 12:09 pm

i am so' happy that i wasn't born in nazicountry like USA........

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Jalarupa
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Postby Jalarupa » Sat Aug 07, 2010 7:38 pm

Yeah this who 9/11 setup was to completely disenfranchise the American people. It stinks... They trying to do the same here... Imposing all sorts of taxes (carbon & others) on the taxpayers who are 20% of the population... 20% to fund the other 80% and the government with their expensive habits. They now even trying to pass a media censorship bill that will give the govt. control over the news etc.

Add to this the fact that our government has now made tax free havens taxable, adding to more of the tax the 20% have to fork out...

Somebody please tell me what I need to do to be able to live in peace away from this crap...?
"our deepest fear is not that we are inadequate... our deepest fear is that we are powerful beyond measure... It is our light, not our darkness that most frightens us..."

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bredin
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Postby bredin » Sat Aug 07, 2010 10:00 pm

Jalarupa wrote:Yeah this who 9/11 setup was to completely disenfranchise the American people. It stinks... They trying to do the same here... Imposing all sorts of taxes (carbon & others) on the taxpayers who are 20% of the population... 20% to fund the other 80% and the government with their expensive habits. They now even trying to pass a media censorship bill that will give the govt. control over the news etc.

Add to this the fact that our government has now made tax free havens taxable, adding to more of the tax the 20% have to fork out...

Somebody please tell me what I need to do to be able to live in peace away from this crap...?
My advice is to make so much stinking money that taxes dont matter cos you'll qualify for all the loopholes.... btw I think you'll find owning a business helps :)

G.
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