Proposed NFA Capital Requirement - page 37
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Although it is probably listed in this thread somewhere, a quick google came back with this - FXDD ($781,000) - a practically broke broker!
Link
hi
Although it is probably listed in this thread somewhere, a quick google came back with this - FXDD ($781,000) - a practically broke broker! Link
pls use interbankfx
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Forex Indicators Collection
Although it is probably listed in this thread somewhere, a quick google came back with this - FXDD ($781,000) - a practically broke broker! Link
If I recall correctly (from this thread) FXDD cannot register with the NFA unless they have at least 5,000,000.00 in capital. So they're just breathing hot air about registering if they don't have that much. I suspect they probably do...
FXDD is the US marketing arm for a very large company called Tradition Group based in Switzerland last I recall. They are in a ton of markets, including energy exchanges, oil, forex, metals, etc. FXDD isn't broke. I'm dismayed they are joining the NFA because I think the NFA is crazy.
FXDD is the US marketing arm for a very large company called Tradition Group based in Switzerland last I recall. They are in a ton of markets, including energy exchanges, oil, forex, metals, etc. FXDD isn't broke. I'm dismayed they are joining the NFA because I think the NFA is crazy.
That's interesting. Do you know what their net-worth is? Though I cannot vouch for the figure I googled, someone obviously sourced it from somewhere, and if it is even within a magnitude of what they actually are worth, it still won't be enough! The fact that they initially declared that they would not be applying for NFA membership certainly isn't the hallmark of a financially viable company...
Also, can you comment on whether the Tradition Group already have, or will be applying for a Banking licence, as per the new Swiss regs?
btw, I agree with you to an extent about the NFA, but it does at least provide potential customers with a sense of security by collating brokers' assets. The alternative is bucketshops like Fxopen and Aleccohfx - one has no permantent address and ellegedly robs its customers blind, the other, despite supposedly having assets of $61,000,000 (if memory serves) is now officially bankrupt, with unknown individuals having emptied its coffers, even though its owner (Aleccoh) was still spinning lies just a week ago...
How anybody could critisize the regulation of Forex...is beyond me. Forex is a Circus just now and its only hope is regulation.
Futures in the USA could have become as Forex has...But Thanks to the NFA. The leveraged Futures industry and its instruments are regulated and the Circus was not allowed to proliferate.
Thank you NFA
Thank you CFTC
We just cannot self-regulate ourselves, we need you and we pay taxes for you, here in the USA.
ES
P.S. However, It is my opinion that if the Forex Global players cannot unite into ONE regulated price feed...that the benefit of regulation cannot ever be, what it can be...
Breaking News: Senate Passes Farm Bill
The Farm Bill just passed the Senate in a landslide, 81-15, which is a veto proof margin. With veto proof margins in the House and Senate it is now clear that the Farm Bill is going to become law.
Senate passes $289 billion farm bill, 81-to-15 - MarketWatch
Bush is expected to veto the bill and it appears Congress is preparing to override the veto no later than Memorial Day.
In any case, this is a seminal day for the U.S. retail forex trading industry.