regulation
EU regulator warns about unregulated Forex brokers
- The European Securities and Markets Authority (ESMA) has made a strong announcement warning retail investors to be wary of unregulated Forex brokers. The regulator, which is based in Paris, wrote a detailed paper on the subject after investors claimed huge losses in FX and CFD (OTC products).
Tuesday, 06/12/2011 | 12:29 GMT by
Adil Siddiqui
CFTC to introduce a rule on investment of customer funds following MF Global's fiasco
- So it only takes half a billion dollars in customer funds to disappear before CFTC takes an action aimed at large FCMs. In the wake of MF Global's fiasco CFTC has finally decided to reintroduce a rule that will limit the investment of customer funds to many instruments thus 'enhancing customer protection'
Tuesday, 06/12/2011 | 10:23 GMT by
Michael Greenberg
NFA keeps choking the forex industry - aggressively raises member fees
- NFA is doing an amazingly effective job at spitting in the well it drinks from. In fact NFA behaves not as a regulator but as a controlling shareholder of its members - as it basically does whatever it wants when it comes to requirements and 'membership' fees. NFA just declared a new 'dividend' for itself by aggressively raising membership fees which for some strange reason will now be in the region of 2% of forex broker's gross (!) revenue instead of being a flat yearly fee like up until now. To the best of my knowledge NFA is the only forex dictator regulator charging percentage of volume and/or revenue instead of just charging same membership fee from everyone.
Tuesday, 29/11/2011 | 07:29 GMT by
Michael Greenberg
Indias Central Bank liberalises swap transactions.
Saturday, 26/11/2011 | 02:51 GMT by
Adil Siddiqui
Vietnam Central Bank fines FX & Gold Trading Companies
- Vietnam’s central bank has imposed stiff penalties on two companies and a university in Hanoi for violating regulations on U.S. dollar trading and illegally listing prices in the foreign currency.
Thursday, 24/11/2011 | 17:47 GMT by
Adil Siddiqui
Federal Court Orders Forex Dealer Jacob Juma Omukwe to Pay over $2.6 Million for Forex Scheme
- Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) obtained a supplemental consent order requiring defendants Jacob Juma Omukwe and his companies, JadeFX, LTD (JadeFX) and Jade Investments Group, LLC (Jade), jointly and severally to pay over $2.6 million in restitution and civil monetary penalties to settle a CFTC anti-fraud enforcement action filed in March 2011.
Wednesday, 23/11/2011 | 15:09 GMT by
Michael Greenberg
NFA files complaint against Tracy Morgan Spaeth charging him with multiple misleading forex practices
- One of the webinars that Spaeth used to solicit customers promoted a computerized forex trading system, known as Tradestar, that the webinar claimed was almost risk-free and consistently profitable. The Tradestar trading system was developed and/or owned by Trade Star Incorporated, a company controlled by a convicted felon named Robert Mihailovich (Mihailovich), who, in July 2010, was charged by the Commodity Futures Trading Commission (CFTC) with fraudulently soliciting over $30 million from customers for forex and futures investments.
Wednesday, 23/11/2011 | 08:49 GMT by
Michael Greenberg
David Lewalski of Botfly LLC sentenced to 20 years in jail for forex scam
- According to a federal criminal Complaint filed in U.S. District Court in the Middle District of Florida, David R. Lewalski, 47, formerly of Gainesville, FL, and his co-conspirators allegedly solicited money about $30 million from hundreds of investors based on false statements that Lewalski could earn the investors up to 10 percent interest per month by trading on the foreign currency (FOREX) market.
Monday, 21/11/2011 | 08:31 GMT by
Michael Greenberg
MF Global Canadian forex clients will get their money this month
Monday, 21/11/2011 | 08:21 GMT by
Michael Greenberg
All eyez on You: RBI hits out at FX related bank transfers
Thursday, 17/11/2011 | 10:13 GMT by
Adil Siddiqui
FX Options reach China
- The Chinese road map is well onits way to a freely traded Yuan as China's foreign exchange regulator announceed the trading of call and put foreign currency options in the country to help traders and investors reduce their exposure to exchange rate fluctuations.
Friday, 11/11/2011 | 21:13 GMT by
Adil Siddiqui
CFTC Charges Nicholas Trimble and His Two Companies with Million Dollar Forex Scheme
- Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) filed a civil injunctive complaint charging defendants Nicholas Trimble and his companies, Capstone FX Quantitative Analysis, Inc. (Capstone) and Beekeepers Fund Capital Management, LLC (Beekeepers), all of Denver, Colo., with fraudulently soliciting at least $1.1 million from customers to trade foreign currency (forex) through pooled and managed trading accounts using a proprietary forex trading system.
Wednesday, 09/11/2011 | 17:03 GMT by
Michael Greenberg
ForexFolio, A New Introducing Broker, Makes Its Global Debut; Provides turnkey solutions for the Forex Market in 7 languages
- I'm very excited to see my good friend and colleague Jeff Baskin launching his new IB service and website. Jeff is a well known and respected figure in the forex market and is trying to deliver more honesty and transparency into this market. I'm sure Jeff's existing and future clients will be more than happy with his service.
Wednesday, 09/11/2011 | 15:57 GMT by
Michael Greenberg
Central Bank of Philippines shielding speculation in the Peso
- The central bank said on Friday it has increased banks' capital provisions for non-deliverable forward (NDFs) positions, a move aimed at tackling speculation that heightens volatility in the foreign exchange market.
Friday, 04/11/2011 | 07:23 GMT by
Adil Siddiqui
Who you gonna call....? eff exx - A new Tax on FX to save the world
- Financial markets are getting tough criticism from here, there and everywhere. The new Dodd Frank rulings, Tobin Tax and now a new proposal by the UN's development agency to tax foreign exchange as it can help reduce global poverty.
Thursday, 03/11/2011 | 06:41 GMT by
Adil Siddiqui
Federal Court Orders Charlotte, NC, Couple and Their Companies to Pay $24 Million for Defrauding Customers in Forex Ponzi Scheme
- Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced it obtained a federal court supplemental consent order requiring defendants Sidney S. Hanson, Charlotte M. Hanson, and their companies, Queen Shoals, LLC, Queen Shoals II, LLC, and Select Fund, LLC, to pay $24 million in restitution and civil monetary penalties for defrauding customers and misappropriating millions of dollars in a foreign currency (forex) Ponzi scheme (see CFTC Press Release 5689-09, August 7, 2009).
Wednesday, 02/11/2011 | 12:34 GMT by
Michael Greenberg
FX Fund Manager faces CFTC fine
- The CFTC has obtained a federal court order requiring Rodney Whitney, Nicholas T. Cox, and Integra Capital Management to pay over $6.9 million in restitution, disgorgement, and civil monetary penalties. The unregistered Commodity Pool Operator (“CPO”) and its two APs were found by a U.S. District Judge to have defrauded investors through a commodity pool Ponzi scheme involving commodity futures and over-the-counter foreign exchange (“forex”) transactions.
Wednesday, 02/11/2011 | 06:29 GMT by
Adil Siddiqui
Strengthening FX regulations in Russia
- Russia, the world’s eleventh largest economy and part of the famous Bric’s pact has been discussing regulations in derivates trading in a recent money market forum in Moscow. Russia has developed its free market economy post Soviet divide; it now boasts liquid stock and derivatives exchanges for both retail and institutional investors.
Tuesday, 01/11/2011 | 13:20 GMT by
Adil Siddiqui
NFA finalizes several new rules - requires more reporting, governs US forex M&A deals
- NFA has just published set of new rules it has been working on lately. The result is a daily, monthly and quarterly reporting requirement from brokers regarding client positions. NFA also reminds its members of certain key responsibilities and finally published set of rules governing situations of forex M&As - what happens when a US forex broker buys another one and there's a bulk transfer of accounts. This of course missed quite a few such deals we've witnessed this year such as Gain/CMS and Gain/dbFX.
Tuesday, 01/11/2011 | 09:24 GMT by
Michael Greenberg
Mankoff events continue to shed light on High Frequency Trading in FX
Thursday, 27/10/2011 | 22:56 GMT by
Adil Siddiqui
CFTC Charges Linda Harris, Chance Harris and Two of Their Companies with Forex Fraud
- Linda Harris's name sounded vaguely familiar and I went through all my contacts and emails. And viola! in May 2009 (one month after FM's launch) I found an email exchange with Linda Harris who used the lharris@cdhgroupllc.com email and represented to me that she was a registered CTA offering Forex investment management via Managed Account Program and Forex Investment Advisory service. She also said that she used Advanced Markets for her Managed Accounts Program.
Tuesday, 25/10/2011 | 20:36 GMT by
Michael Greenberg
!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}