regulation
Can the Yuan be a reserve currency?
- With ongoing pressure on the dollar the worlds reserve currency was in question. The greenback was under extreme pressure when it hit the infamous 2 to 1 against the pound. Volatility has been pushing it around against both the Euro and Yen, so what now for investors, stick with the dollar or look elsewhere?
Monday, 09/01/2012 | 07:48 GMT by
Adil Siddiqui
Swiss Central bank president under limelight
- Although the president reported transactions the dynamics are unclear whether he acted unprofessionally. A detailed report was conducted by Price Waterhouse Coopers after the matter was putting pressure on the central bank.
Wednesday, 04/01/2012 | 18:12 GMT by
Adil Siddiqui
BNY Mellon case shows ill practices
- Santa's visit to BNY Mellon this year hasn't been so rewarding. New data from the investigation reveals how the bank was overcharging FX transactions and the case shows many 'ill practices' committed by the banking giant.
Wednesday, 28/12/2011 | 13:43 GMT by
Adil Siddiqui
CFTC orders Gain Capital to pay a client $10,000 for lost profits
- CFTC just published its decision in a case of Robert West vs. Gain Capital and Glenn Stevens ordering Gain to pay West $10,000 for lost profits. The whole case is a fascinating read of how a regulated forex broker handles a complete novice in the forex market and how this can sometime backfire
Monday, 19/12/2011 | 08:51 GMT by
Michael Greenberg
RBI restricts INR Forwards
- India's central bank has put restrictions on Indian Rupee Forward contracts after the rupee has plunged in to record lows against the greenback. RBI has tried to allow free market mechanics govern the market in tis bid to reduce capital controls. The RBI found that the rupee was being misused by exporters who were booking forwards then cancelling and booking them at a better exchange rate.
Sunday, 18/12/2011 | 01:28 GMT by
Adil Siddiqui
Korean regulator moves to severely limit retail forex trading
- On December 1st the Korean Financial Supervisory Service introduced Sound Forex Market guidelines the purpose of which is to considerably step up forex regulation in Korea. According to Korean FSS retail forex traders have a high losing probability due to excessive leverage and insufficient understanding of risks involved.
Wednesday, 07/12/2011 | 15:50 GMT by
Michael Greenberg
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
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