The small investors don’t finance the D campaign. The large firms do. So they screw the small investors to the benefit of the large firms.
The recent JP Morgan case perfectly illustrates the Dodd-Frank Act is a pile of rubbish good for nothing.
D/F hasn’t been made effective yet so the JPM incident occurred under the current regulatory environment.
The Dodd-Frank Rules Jamie Dimon Hates Would Have Saved JPMorgan $2 Billion
Why adopt an act they cannot fully enact?
That’s always been the problem. Ineffective enforcement of existiing regulation. The current Congress is nullifying D/F in various ways.
The only problem… as we now clearly see, with no rules, the market DOESN’T self correct as we’ve been evangelized that it would.
IMO, the purpose of rules is to provide a fair, balanced and relatively safe environment for growth. Part of this is protections against fraud, abuse, and reckless behavior that endangers the trading public and shareholders.
You with your sub $1MIL accounts can’t do too much damage. But larger than that or even Billions? Yeah, you need more oversight. I’m not advocating a complete nanny state because that clearly doesn’t work…but people will abuse a system when left unaccounted for an unchecked.
That can’t be allowed to continue.
Can you then tell me why the maximal leverage restriction, the hedging prohibition, and the FIFO rule do not apply to accounts greater than 10 million USD?
Because “qualified professionals and institutions” are “managing” those accounts and “they know what they’re doing”.
/snark!!!
Short answer…The Bank Lobby…that’s why. Remember, D/F implementation sucks. Personally, I think the CFTC Fx rules wereput in there after the investment houses saw their equity accounts from small investors were closed and the Fx US market exploded in recent years…
The big stock houses wanted to shut it down…
ACM Gold on your list.
cwave
Couldn’t agree more – We have been donating to his campaign. He’s a great guy and I’m confident with his business and government experience he can help turn the USA around. He took Massachusetts from $2 billion in the hole to a $2-3 billion surplus. I cringe if we get another 4 years of Obama. Look at WWW DOT USDEBTCLOCK DOT ORG to see what Obama has done about “cutting” our debt.
Yes, I think so. Exercise extreme caution while selecting an offshore broker. FX Choice and FinFX are the established ones, as for all others, I remain cautious.
Clint – another bites the dust. found this on bottom of Forex MMCIS site pages.
MMCIS inc. does not provide services for US residents.
Thanks for hosting this -Scott Wong sent me.
Yep and another one “Tradefort” which used to accept US.
From Anna Onishchenko Tradefort support:
“Hello. Unfortunately we do not accept US customers. TradeFort.”
Thanks. The challenge is they only offer 200:1, still better than 50:1.
Wish there were ones that gave at least 400:1, 500:1 would be better!
[B]IntelFX (New Zealand)[/B]
If Sergey Mayzus can be believed, IntelFX used customer funds to cover operating expenses; and, as a result, they could not cover customer withdrawal requests; and now they have disabled all customer accounts. And as Flintstone noted, the IntelFX website has been disabled, as well.
I will move IntelFX to Group 2 on our List.
[B]Forex MMCIS (Panama)[/B]
This broker will no longer deal with U.S. customers. Thanks to Charles Barrett for this info.
I will move Forex MMCIS to Group 2.
[B]Tradefort (Russia)[/B] and [B]ACM Gold (Mauritius)[/B]
Both of these brokers refuse to deal with U.S. customers. Both were mentioned for the first time on this thread just a day or two ago (by Flintstone and cwave).
I will add Tradefort and ACM Gold to Group 2.
It would be cool if you guys would stop digging up brokers who [B]won’t[/B] deal with U.S. customers — and, instead, dig up some brokers who [B]will[/B] deal with U.S. customers. — Just kidding!
If you’ve looked at the Broker Aid Station, here on the Forum, you have probably noticed that, of the 10 brokers currently participating, one (FXCM) is a U.S. broker, and the other 9 are offshore brokers.
Seven of the 9 offshore brokers are already on our List in Group 2 (brokers who will not deal with U.S. residents).
I have taken a look at the other 2 — Deltastock and ACFX — and determined that they, also, will not deal with U.S. residents.
I am going to add Deltastock (Bulgaria) and ACFX (Cyprus) to Group 2.
Way one: going with either FinFX or FX Choice.
Way two: setting up a non-US shelf company and opening a trading acccount on its name (don’t bother if you can’t figure how through Google).
Way three: keeping to search for brokers that are so unaccepting, with the US CFTC so suing (aka waste of time).
You choose.
I used to love ATC before the new US CFTC rules hit. SmartTradeFX is a Hong Kong shop, so no real regulatory protection for you there. With FinFX, if you go for a Normal account or, better, the ECN one, the conditions are quite competitive. MyFXChoice is a Belize firm. I’ve been live with them for a couple of months and can say only good things about them so far. Again, the choice is yours.
Way two: setting up a non-US shelf company and opening a trading acccount on its name (don’t bother if you can’t figure how through Google).
Read more: 301 Moved Permanently
interesting idea. I bounced that idea around last year. I think it is time to revisit it.
Wow I am glad I dont live in Alberta. Thats worse then here in the US. It sounds like you cant even trade spot FX at all.
well i thought FinFX only offers leverage of 1:200 now, no more 1:300…