Washington Watch for the Forex Industry will report relevant regulatory and political matters that affect the Referring Broker community. It will also include educational articles intended to shed light on the many new regulations that will be enforced in the months ahead.
There are not too many sources about the Forex industry itself as opposed to multitude of sources that deal with Forex trading. This blog is one of the only sources talking about the industry and I’m glad that FXCM, who have always sided with transparency, are joining the ranks as well.
August issue is focused on the Referring Brokers community providing them with much need insight into the upcoming regulatory demands.
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Last year, Congress passed the Commodity Futures Trading Commission (CFTC) Reauthorization Act of 2008 which clarified the CFTC’s authority to create rules and regulations for the retail Forex industry in the United States. The new law has far ranging implications for all retail forex referring brokers. For the first time, Referring Brokers and managers will be subject to licensing requirements by the CFTC and will have to operate in accordance with government rules and regulations.
This might force out a large number of referring brokers just like what happened to the Forex brokers once the regulation kicked in.
Moreover, Charlie Delano, FXCM’s Director of Governmental Affairs discusses the history and roles of the CFTC and NFA and the expected future developments allowing us to understanding a bit better, from the insider’s perspective, the regulatory processes.
Embedded below is the August Newsletter: