I would like all forex traders especially forex traders from the usa to give their comments on the recent remarks by the FDIC.
I found about this on another forum and I did not see anything mentioned about it here on this forum. I suggest everyone read the exact article here ww.bloomberg.com/news/2011-0...nsactions.html.
I apologize for not posting the entire links but because I only have 2 postings this wonderful forum will not let me post the entire link. Just add a w in front of them.
For the forex traders in the usa if you want the FDIC to know your comments then send your comments to the FDIC (Comments at FDIC.gov) and Include “Retail Foreign Exchange Transactions” in the subject line of the message. Your comments have to get to the FDIC within 30 days after date of publication.
What exactly is your gripe? The FDIC proposal basically just puts the few banks that do retail forex in line with the CFTC broker regulations put into effect last year, with some adjustments based on difference between bank and broker businesses and regulations.
I personally see it as a non-issue where traders are concerned. It will impact the few banks in the business (maybe just CitiFX at this point?) in terms of their back-end requirements, but the vast majority of traders use CFTC-regulated brokers which adapted to new regulations last year at this point.