MIG Bank, a Swiss bank that will no longer be allowed to accept US clients after July 15th, has offered an alternative to their US clients. They have partnered with Penson Futures as their White Label partner in the US. This partnership stands out as MIG did not form an alliance with any of the existing US retail forex brokers unlike Dukascopy. Penson Futures, until recently, only offered forex clearing services for a few retail brokers such as ThinkorSwim (acquired by AmeriTrade). Clients can now open forex accounts directly with Penson Futures. Our research on the NFA Basic site shows that Penson Futures has a RFED status pending effective 5/18/2011 and a Forex Firm approved status effective 7/7/2011. Firms with pending status are allowed to accept clients as we saw in the past with FXDD accepting clients for almost a year while the NFA was reviewing their FCM application. Interestingly, this is not the first time Penson Futures has looked into entering the retail forex market directly. Back in September 2010, they withdrew their RFED application after only a month into the NFA review process.
As you may be aware, due to the new Dodd-Frank Act which implements changes that, among other things, affect the Foreign Exchange Industry, we hereby inform you that MIG BANK will no longer provide online FX trading services for retail US residents effective at the end of trading on the 15th July 2011. US citizens living abroad may continue their FX trading activity with MIG BANK.
As a result we kindly ask all US-resident Clients to close any open positions and cancel all pending orders by 18:00 CET (Swiss time) on the 15th July 2011. Any open positions remaining will be closed starting CET 18:00 Swiss time and all pending orders will be cancelled.
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We at MIG BANK believe that many of our current clients wish to continue trading with same quality of execution and spread, using our advanced technology and high level of transparency. For this reason we are proud to announce that MIG BANK entered into a strategic relationship with PENSON FUTURES, as our White Label Partner in the United States of America.
Penson Futures is a Penson Worldwide company (NASDAQ: PNSN), a leading independent execution, clearing, settlement, and technology firm servicing the global financial services industry. Penson Futures is registered with the Commodity Futures Trading Commission and is a member of the National Futures Association.
Penson Futures is a full service Futures Commission Merchant (FCM) and Forex Dealer Member (FDM) providing futures execution and clearing services to the world’s major exchanges supporting a variety of clients including non-clearing FCMs, Introducing Brokers, Professional Traders, Institutions, Commercial Hedgers, AP Users, and Individual Investors. You can find further information about Penson Futures by visiting www.pensonfutures.com.
Clients who wish to resume their trading, receiving the same MIG BANK’s spreads, fast execution, and transparency may move their account(s) and balances to Penson Futures by instructing MIG BANK to do so and accepting Penson’s terms and conditions as the client’s new counterparty.