I’ve read on Forbes magazine that President Trump has signed an executive order to get rid of Dodd-Frank rules. So, what needs to happen now for it to become official? Does it need Congress’s approval?
Thanks,
Ed
Yup, now it needs Senate approval. From CNN:
And another great article about what a repeal could mean for the FX industry in the US. Again, I don’t think the Trump administration has mentioned the FX industry specifically. But in theory, if Dodd-Frank is repealed, there is a potential that the regulatory requirements put on brokers are eased. This means minimum capital requirements might be reduced, and the burden of regulatory reporting reduced.
But still, even if any of that happens, a broker interesting in entering the US would still need to deposit USD $20 million to get a license to operate. Pretty hefty sum…
Has anybody read the details? What would be interesting if the ban on CFDs are removed.
We’ll have to wait and see. One thing is for certain - some regulations at least will probably be eased.