IBFX Plays Chicken with FIFO Deadline On July 31 the NFAâs FIFO order comes into effect. As of this moment the MT4 trading platform is not compliant with this rule and there is no guarantee that it will become compliant come the July deadline. For firms that heavily rely on MT4 this is bad news. FXDD, which uses MT4 but are not regulated and therefore under no obligation to comply with NFA rules at present, are taking advantage of their unregulated status by telling NFA to get bent. As an unregulated firm they can do what they like (then again the whole issue of FXDD being unregulated is a serious red flag in and of itself. After all, the feds could basically raid the firm at anytime and shut them down overnight.) But IBFX is (unfortunately for them) regulated solely by the NFA and their only trading platform at present is MT4. What is IBFX to do? IBFXâs CEO seems confident and in ânothing to see here styleâ stated the following in an email to customers: http://www.forexfactory.com/showpost.php?p=2837513&postcount=18 That all sounds reassuring, but what if something isnât worked out by July 31st? Meta Quotes is under no obligation to jump through hoops for IBFX and the NFA. And if Meta Quotes chooses not to (or is technically unable to) make any major changes to MT4 then IBFX is in big, big trouble as they will be stuck with a platform that is basically illegal. Would IBFX close? Would they halt trading? Would the NFA and CFTC step in? Would IBFX be granted an extension by regulators? Can they get a UK license in time? Can they roll out a new trading platform in time? Finally, how on earth did IBFX allow itself to be put in such a vulnerable position where their entire company is at the mercy of an independent third party based in Russia? These should be mandatory questions that every current and potential customer of IBFX should be asking.
yes, have you check the cftc site, it came out about 2 days ago, also you can sign up to get a email when it comes out
May Net Capital Report The CFTC has just released their latest net capital figures. This is the current state of the U.S. retail fx industry: http://www.cftc.gov/marketreports/financialdataforfcms/index.htm Advanced Markets $20,722,000 Easy Forex $20,928,000 Ikkon Royal $21,247,000 MB Trading $21,360,000 Alpari $22,312,000 Forex Club $25,427,000 CMS Forex $29,788,000 Interbank FX $35,611,000 PFG $36,465,000 FX Solutions $48,262,000 FXCM $63,999,000 GFT Forex $79,368,000 Gain Capital $98,125,000 Oanda $159,062,000
You are missing mgforex and fxdd. Fxdd is not regulated but its a a huge portion of the worlds traders and mgforex is one of the firsts. Give them some credit, unlike previous regulated brokers, they kept their noses clean and MG might just come of out of the shadows. They had Fifo and didnt allow hedging before the NFA made it law. With even ground, MG might just become the next biggest fx broker in the US. I would watch out for them......
MGForex says on the bottom of their website that they are NFA members (listed as MG Financial). They are listed as FCM since 2001. However, they show only ~5 mil net capital. How does that work anyways (thought firms offering FX must have 20mil by now).
Actually - thats wrong. An FDM is classified as a firm thats primary business is Off-Exchange FX trading, as opposed to an FCM thats primary business is on-exchange traded products. It has nothing to do with execution model of taking the opposite side of trades or not.
I started getting calls on my cellphone from this #:617-488-2200. I never answered, didn't recognize it. But I searched it and came up with Summer StreetFX in Boston. A name related to that is Craig Karlis, inactive status on the NFA, but who may have been involved with one of the Swiss fx debacles. Just a heads up...
The US is a 'kin joke - how many times is me old mucker Craig gonna set up shop? Thx for the heads up, it's a bit more fodder for my cannon.