U.S. Brokers Well Prepared for End of SEC Retail Forex Extension Rule
Posted: Tue May 24, 2016 1:54 pm
The U.S. Securities and Exchange Commission (SEC) last week reminded brokers and dealers that are not registered as Retail Foreign Exchange Dealers (RFEDs) that after the 31st of July they will not be permitted to provide retail foreign exchange.
In the aftermath of the financial crisis in 2008, the Dodd-Frank bill introduced new rules for retail foreign exchange brokers and clients in the U.S. At the time it became clear that the only brokerages that will be able to provide retail foreign exchange services to clients are the RFEDs registered as such with the National Futures Association (NFA).
Back in 2013 the ... (read more)