For your information, some of the new currency trading
regulations will begin to be implemented October 18th, 2010. The
regulations seem very fair and are not nearly as drastic as some
were expecting.
The regulations will affect US citizens that are trading
currencies.
Some important updates:
~ The leverage will go down to 50-1 on the majors and 20-1 on the
exotics. In my opinion this is a good thing. Very few traders
should ever exceed this leverage as it is very risky, so this item
will not affect any serious traders.
~ All companies and individuals conducting business with US traders
will have to be registered appropriately. This is actually also
very good, since there are far too many firms conducting improper
business because they are unregulated.
As a trader here are some items for you to take away:
~ If you are currently using an IB that is not registered for any
reason you should switch over to a registered IB in order to get
whatever service was provided to you.
~ If you are currently using a broker that is not registered with
the CFTC and NFA or FSA (UK brokers) you should switch over to a
registered firm.
~ We are not yet sure what will happen to traders trading at UK
brokers yet but will update you as soon as possible.
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