Will FSA follow NFA rule subsequently?

Broker Discussion Forex Brokers
1

let’s discuss…

do u guys think that FSA will follow NFA rules subsequently?

which will in turn affect those who transferred from US to UK brokers?

2

You’ll probably get some OPINIONS on this question, but I doubt that anyone has any FACTS to back up their opinions.

I did a Google search, trying to find regulatory proposals from the FSA, and found none. (By comparison, it’s pretty easy to
find out what the NFA and the CFTC are attempting to dump on us.)

So, with no facts to go on, here are my opinions:

  1. I don’t think the FSA wants to follow the lead of the NFA, or any other U.S. agency, in anything. The Brits see themselves as ruling the financial world from the City of London, and they have good reason to think that way. Thirty-four percent (34%) of all the forex business transacted in the world, happens in London. That’s more than all of Asia; it’s more than all of the Eurozone;
    and it’s more than all of North America.

  2. The FSA is HUGE compared to the NFA. Take a look at their website, and you’ll be amazed at the stuff they regulate.
    Basically, if it’s related to banking, investing, speculating, insurance, mortgages, consumer loans, etc., etc., they regulate it.

  3. I think the Marxist-Obamaist regime running the U.S. today would like to emulate the FSA, at least in scale. They
    (the Obamaists) are talking about one giant regulatory agency to combine the SEC, the CFTC, the FDIC, and all the other alphabet-agencies into one monster Big Brother Regulator.

  4. We all need to get very rich, very quickly, so by the time Obama declares himself King of America, we can relocate to
    Hong Kong, and trade in peace.

As I said, all opinion, no fact.

Clint

3

hi Clint,

for your point number 4, may i know why Hong Kong?

:confused:

4

Hi, dennerle

Two reasons: taxes and time zones.

Hong Kong does not tax investment income. This includes forex trading profits. Also, there are no sales taxes or value-added taxes in Hong Kong. (Even for wage-earners, tax rates on salaries are lower than in the U.S.)

Hong Kong’s time zone (HKT = GMT + 8 hours) is great for forex trading. It suits my lazy temperament.
I’m a night-owl, not a morning person.

The two best trading periods in the 24-hour forex trading day are:

[B]1. The first 4 hours of the New York session: 8pm - midnight (Hong Kong time)[/B], and

[B]2. The first 4 hours of the European session[/B] (my preferred time to trade): [B]2pm - 6pm (Hong Kong time).[/B]

Those hours would suit me just fine.

As for the great shadow of Communist China, looming over Hong Kong, I think it is totally astonishing that:

  1. the socialist government of the U.S. is systematically destroying the greatest free-market economy on the planet, while

  2. the communist government of China is systematically creating a great free-market economy to replace it.

Will Hong Kong always be a great place for free enterprise and entrepreneurship? Maybe not. But, for now it is that, and more.

Clint