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FCMReform
Anyone burnt by PFGBEST's closure?
in
Galvenais
Aug 31, 2012 at 21:17
We've been told by the NFA that the instant "view only" bank account access that FCM's must now grant to the NFA is not applicable to Forex Dealers. In short, NFA is not requiring forex dealers provide the same instant bank account access that Futures Commission Merchants provide. This is the clearest sign yet that regulators are not planning to extend any additional customer funds protections to the retail forex community.The stated reason is that since retail forex funds are not legally required to be "segregated" they are not in the same category as the seg funds...
Anyone burnt by PFGBEST's closure?
in
Galvenais
Aug 29, 2012 at 20:15
[b]CFTC Nearing Decision on FCM Reforms?[/b]The CFTC has recently closed the comment period that was associated with the Public Roundtable on PFG:http://comments.cftc.gov/PublicComments/CommentList.aspx?id=1250This could mean that CFTC is nearing a decision and is about to announce their planned reforms. Comments and suggestions can still be sent to the CFTC however by emailing
[email protected]
. FXCM is recommending that all FCM’s and forex dealers publicly publish their financials once a quarter and employ a top ten accounting firm. We encourage retail forex traders to share these ...
Anyone burnt by PFGBEST's closure?
in
Galvenais
Aug 29, 2012 at 20:13
Thanks for the note Raiden. Appreciate it.
Anyone burnt by PFGBEST's closure?
in
Galvenais
Aug 27, 2012 at 18:55
Reading through the comments at the CFTC a number of good points have been brought up regarding the need for additional protections. Alex Winters made the following comment to the CFTC: http://comments.cftc.gov/PublicComments/ViewComment.aspx?id=58421&SearchText= [Quote]Forex traders should be considered in these rulings. PFG and MF Global hurt both Forex and Futures traders during their collapse. I submit that any protections offered to futures traders also be extended to forex also. While insurance would be the best protection the emerging forex industry shares the same (and more) in...
Anyone burnt by PFGBEST's closure?
in
Galvenais
Aug 21, 2012 at 06:18
[B]Post-PFG Reforms Gaining Momentum[/B]Two new developments in the last few days indicate that regulators are trying to get out in front of the safety of funds crisis that has gripped the futures/forex industry. However, these reforms may not extend to the retail forex market.On Friday the National Futures Association approved a new rule requiring all Futures Commission Merchants to grant real-time, online access to FCM bank accounts. This rule is in response to Russ Wasendorf’s bank statement forgeries which had fooled regulators for 20 years. The language specifically references FC...
Anyone burnt by PFGBEST's closure?
in
Galvenais
Aug 16, 2012 at 18:31
Just read a very interesting comment letter to the CFTC by James Gellert of Rapid Ratings:http://comments.cftc.gov/PublicComments/ViewComment.aspx?id=58346&SearchText=Mr. Gellert makes the following comment about the benefits of FCM’s being required to disclose their audited financials:Mr. Gellert’s point about the difficulty of forging financial documents using the kind of standards that publicly traded companies use is well taken. Had PFG been forced to use such standards Wasendorf’s scam would have likely been caught long before July of 2012. Furthermore, ratings a...
Anyone burnt by PFGBEST's closure?
in
Galvenais
Aug 14, 2012 at 19:02
Last Thursday the CFTC held a public hearing to determine what steps should be taken to repair the damage done by the bankruptcies of PFG and MF Global. I’d like to share with everyone some of the highlights of the hearing:Better Accounting Standards: There was much discussion of auditing standards for both Regulators of FCM’s and the CPA’s who audit FCM’s. There was general agreement these standards need to be raised. FXCM believes FCM’s should be required to use a top accounting firm to avoid the kind of accounting issues that plagued PFG. Additional Disclosure ...
Anyone burnt by PFGBEST's closure?
in
Galvenais
Aug 07, 2012 at 20:36
This week the CFTC will be holding a public roundtable to address the concerns of traders in response to the bankruptcies of PFG and MF Global. FXCM would like to announce its own proposals ahead of Thursday's meeting and encourages the public to so as well.[b][u]Proposals to Bring Full Market Transparency and Accountability to the Futures/Forex Industry [/u] [/b] 1) Require All FCM’s to Publicly Publish Their Financials Once a Quarter:Currently, the CFTC publishes monthly “Net Capital” reports that disclose to the public how much money a Futures Commission Merchant has s...
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