ActForex complies with the NFA's FIFO requirements
New York, NY, July 08, 2009 --(PR.com)-- ActForex, Inc, the leading provider of independent retail Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term trading platforms, today announced that its Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term is compliant with the impending National Futures Association (NFA) regulation known as Rule 2-43(b) that will affect all US based Forex Dealer Members (FDMs) after July 31, 2009. This rule requires every FDM to offset positions in a customer account on a first-in, first-out basis. The rule also prohibits a trading practice commonly referred to as "hedging."
“The most effective way to deal with regulation is to stay one step ahead of it,” says ActForex CEO, Ilya Sorokin. “Our platform has had the solution to Rule 2-43(b) before there even was a rule and transitioning is as easy as a mouse click for our clients. In fact, our ‘back-office’ functionality has remarkable depth and flexibility with hundreds of client adjustable parameters, which has been instrumental to our continued growth.”
Director of Business Analysis, Alex Bromberg agrees, “In high technology, everyone has to walk a fine line when deciding what resources need to be allocated to features and functionality. But ultimately it all has to go beyond just bells and whistles. Putting resources into upcoming regulations well before the effective date makes it easy for our clients to be instantly compliant and they don’t have to worry about their business being affected by their trading platform because of ever-changing regulations.”
The NFA is a self-regulatory organization for the US futures industry that is accountable to the Commodity Futures Trading Commission (CFTC), a federal regulatory agency with jurisdiction over futures trading. Originally Rule 2-43(b) was scheduled to become effective on May 15, 2009 but because many technology providers were unable to be compliant by then, the NFA extended the date to be effective after July 31.
ActForex, Inc is a leading-edge Managed Service Provider that has been providing Forex trading technology solutions for a multitude of FCMs, Forex Brokers, Broker/Dealers, Introducing Brokers and Money Mangers worldwide since 2000.
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Contact Information
ActForex, Inc
David Boyer
212 425-7111
david.boyer@actforex.com
www.actforex.com
New York, NY, July 08, 2009 --(PR.com)-- ActForex, Inc, the leading provider of independent retail Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term trading platforms, today announced that its Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term is compliant with the impending National Futures Association (NFA) regulation known as Rule 2-43(b) that will affect all US based Forex Dealer Members (FDMs) after July 31, 2009. This rule requires every FDM to offset positions in a customer account on a first-in, first-out basis. The rule also prohibits a trading practice commonly referred to as "hedging."
“The most effective way to deal with regulation is to stay one step ahead of it,” says ActForex CEO, Ilya Sorokin. “Our platform has had the solution to Rule 2-43(b) before there even was a rule and transitioning is as easy as a mouse click for our clients. In fact, our ‘back-office’ functionality has remarkable depth and flexibility with hundreds of client adjustable parameters, which has been instrumental to our continued growth.”
Director of Business Analysis, Alex Bromberg agrees, “In high technology, everyone has to walk a fine line when deciding what resources need to be allocated to features and functionality. But ultimately it all has to go beyond just bells and whistles. Putting resources into upcoming regulations well before the effective date makes it easy for our clients to be instantly compliant and they don’t have to worry about their business being affected by their trading platform because of ever-changing regulations.”
The NFA is a self-regulatory organization for the US futures industry that is accountable to the Commodity Futures Trading Commission (CFTC), a federal regulatory agency with jurisdiction over futures trading. Originally Rule 2-43(b) was scheduled to become effective on May 15, 2009 but because many technology providers were unable to be compliant by then, the NFA extended the date to be effective after July 31.
ActForex, Inc is a leading-edge Managed Service Provider that has been providing Forex trading technology solutions for a multitude of FCMs, Forex Brokers, Broker/Dealers, Introducing Brokers and Money Mangers worldwide since 2000.
###
Contact Information
ActForex, Inc
David Boyer
212 425-7111
david.boyer@actforex.com
www.actforex.com