Recent content by FCMReform

What's Next On Capitol Hill The comment period for the CFTC’s additional customer funds protection proposal is now closed. But there will be additional opportunities to advance the cause of greater retail forex protections this summer. Yesterday, Senate Agriculture Committee Chairwoman Debbie...

2nd CFTC Roundtable The CFTC held another public roundtable on the PFG/MF Global customer protection proposals that are now open for comment: MF Global Customer Funds Rules Get Another CFTC Hearing - Bloomberg FXCM continues to advocate for greater FCM/RFED transparency as detailed below...

NFA Proposes New Rules The National Futures Association has put forth some additional customer "safeguard" rules in light of the of the bankruptcies of MF Global and PFG. Again, these are steps in the right direction but we believe requiring firms to publish a quarterly, audited financial...

FXCM Submits Reform Proposals to CFTC FXCM has formally submitted its reform proposals to the CFTC for comment. We encourage everyone to contact CFTC as well to urge greater protections for the retail forex industry: http://comments.cftc.gov/PublicComme...m.aspx?id=1291 December 14, 2012 Via...

CFTC Opens New Comment Period Two weeks ago the CFTC released their latest rule proposal to the public regarding customer funds protection for the futures industry. Once again the CFTC is accepting comments from the public: http://comments.cftc.gov/PublicComme...m.aspx?id=1291 The comment...

CFTC To Hold Open Meeting on Customer Protections The CFTC has just announced they will be holding an open meeting to consider additional customer protections for the futures industry next Thursday. CFTC to Hold Open Meeting to Consider a Notice of Proposed Rulemaking on Enhancing Customer...

PFG Forex Customers to file suit against Trustee In yesterday's hearing on Drohan Lee LLP's motion on behalf of PFG's retail forex customers Judge Carol Doyle advised the plaintiffs to file an "adversary" suit against the Trustee to force him to return the funds of PFG's forex customers...

PFG Forex Traders to Make their Case in Court The lawyers for PFG's Forex/Metals customers have just filed a motion designed to prevent creditors from laying claim to the funds of forex traders. The hearing for this motion is set for Thursday morning. Hearing for Motion scheduled for Thursday...

PFG Forex Customers Still at the Back of the Line The PFG bankruptcy proceedings are turning into a tragedy for PFG's retail forex customers who may now be forced to stand by and watch their funds be used to reimburse customers who traded on-exchange futures with PFG. In response, a group of...

CFTC Releases Roundtable Transcript The CFTC has released a transcript from the public roundtable that was held in August. http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/transcript080912.pdf While retail forex is absent from the discussion the issues pertaining to FCM’s is...

Reuters Special Report on PFG Reuters has just published an exhaustive two part special report on the fraud perpetrated by Russ Wassendorf. Wassendorf spent tens of millions of dollars on luxury items and in failed business ventures with money stolen from client accounts. Part One...

NFA Moves Forward on Public Disclosure The National Futures Association has added some additional public financial information on their BASIC search function effective September 1: NFA's BASIC System - Public Display of FCM Financial Information These actions are a step in the right...

PFG Best Losses Show Need for Financial Disclosure As regulators continue to investigate PFG news is coming out showing that the futures firm had been losing money for years: PFGBest In More Trouble As Liabilities Outweigh Assets | ValueWalk QUOTE: "Its financial statement submitted to the...

PFG's Forex Customers told to Get In Line Last week the Trustee of PFG's estate announced a series of limited distributions to customers of the bankrupt firm. Of interest to retail forex traders is that the estate is not making any current distributions to PFG customers who were trading...

I've been asked why retail forex does not have seg funds protection and so I wanted to pass along this brief regulatory history of the retail foreign exchange market: In 2001 retail online currency trading was regulated for the first time with the passage of the Commodities Futures...