Well guys I guess the new CFTC rules are affecting me after all Go markets will no longer accept trades from US clients unless we have $10,000,000 with them. This is the email they sent me
Dear Client,
You may be aware of recent changes in US regulations regarding off-exchange retail foreign currency transactions. In response to the Dodd-Frank bill, the US Commodity Futures Trading Commission (CFTC) adopted a new comprehensive regulatory scheme, which goes into effect on October 18, 2010. The rules apply to retail Forex transactions that are offered or entered into by entities that are solely registered with the CFTC under the Commodity Exchange Act (CEA).
GO Markets is regulated under Australian Law and does not have any offices or operations based in the United States. This means that GO Markets is subject to the comprehensive licensing laws in Australia and not the US. However the recent changes adopted by the CFTC seek to ensure that retail Forex transactions offered to US residents can only be offered by entities registered through the CFTC and therefore subject to US regulations and laws. You may be aware that part of these new rules is the requirement to set minimum security deposits for transactions. The new rules require a minimum 2% security deposit for major currencies (i.e. leverage 50:1) and 5% (i.e. leverage 20:1) for all other currencies. This may place a restriction on your current trading activities.
Despite the fact that GO Markets is regulated under Australian law the regulatory regime of the CFTC seeks to impose its rules across all jurisdictions when it relates to Forex services being offered to US residents. The CFTC has a Memorandum of Understanding concerning consultation and cooperation in the administration and enforcement of futures laws and additionally the CFTC and ASIC are also party to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and Exchange of Information. GO Markets has satisfied clients from all over the world who are attracted by quality products and services that we offer. We value your business and the trust you have placed in us to provide a quality trading solution.
Unfortunately due to the restrictions placed by US laws GO Markets will be unable to accept any new trades from US residents after the 18th October 2010 unless you are eligible to meet one of the categories below:
* You are an individual or company with total assets in excess of $10,000,000
* You are a corporation, partnership, proprietorship, organization, trust, or other entity that has total assets exceeding $10,000,000; that has total assets exceeding $1,000,000 and enter into an agreement, contract, or transaction in connection with the conduct of the entityâs business or to manage the risk associated with an asset or liability owned or incurred or reasonably likely to be owned or incurred by the entity in the conduct of the entityâs business.
We apologise for the inconvenience of this as the changes in US regulations are beyond our control. Please be advised that we will continually re-evaluate opportunities to offer services to US residents depending on changes to US laws etc. We may be in a position to advise you that we are able to accept US based residents in the future. You may also consider seeking your own legal advice as to how the regulations affect you or any company you operate through. Of course this is not a decision we wanted to make and we would have liked to continue to offer our services to US clients, but it is out of our hands due to the relationship between the CFTC and ASIC and is only brought about by the restrictive regulations recently put in place.
If you have any questions please do not hesitate to contact us and we will be only too willing to help.
Regards,
GO Markets Pty Ltd
A Product Disclosure Statement for this product is available from GO Markets Pty Ltd and should be considered before deciding to enter into any derivatives transactions also a financial services guide is available by clicking on the following link Legal Documentation. Derivatives carry a high level of risk to your capital. Only speculate with money you can afford to lose. Derivatives may not be suitable for everyone, so ensure that you fully understand the risks involved, and seek independent advice if necessary. GO Markets Pty Ltd offers general advice only and no consideration will be given to individual investment objectives, financial situation and needs. AFSL 254963 ABN 85 081 864 039
Whatâs up with that! Seems like they just want to keep the average joe in the poor house and squash their dreams of getting out from (down) under (pardon the pun).
It is nothing to do with Obama. Voting wont change a thing, the whole two party system is just BS.
This all started with the CFTC Reauthorization Act of 2008 when Obama was just a candidate in the primaries.
Theyre all the same, they just play at politics.
All they really care about is protecting their own interests.
The two party system we have is a facade, it exists for one reason only.
To keep us divided.
GoMarkets is feeding you a complete line of bull. Iâm with Dukascopy and they do not have a US registered entity either. I emailed them and asked about the changes and they informed me they have no plans and will not be moving their US clients. It is business as usual.
a suggestion i have for you yanks is to emmigrate, abandon the sinking ship why you can, beat the rush. We might accept one or two of you over here if you ask nicely, provided you tone down that accent and attitude
Who said anything about an epic financial meltdown?
Weâre talking about CFTC meddling in U.S. forex trading, and the CFTCâs attempts to extend their reach all around the world.
Weâre talking about the nanny-state over-regulating forex, just as they are attempting to over-regulate virtually every aspect of life in this country.
Why bring up Obama? Because he is the poster-child for the nanny-state.
Someday, when youâre standing in a mile-long line at the DMV â I mean at Obamaâs Single-Payer Health Insurance Exchange â waiting for some clerk to sort out another Federal government screw-up of your healthcare, youâll wonder how you could have been so blind to the Castro-style programs of this Obama character.
Clint you are a vary wise man! To all those Obama supporters if you win and he is elected again look forward to a full blown depression not just a rescission.
wow what a response. I think these regulations suck and I hate to add to the disagreement but I totally agree with Clint. The democrats want mopre government and more control. There attitude is we have to protect americans from themselves. I think it is bull**** George W was no bargain either.
I now have to figure out where to open a new account to replace my gomarkets one. It has to be overseas and out of cftcâs reach. I do like the swiss so maybe I will look there. I know they will value my privacy.
Go markets will no longer accept trades from US clients unless we have $10,000,000 with them. This is the email they sent me
