Proposed NFA Capital Requirement - page 9
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Manual check
Is there a way, perhaps direct links to search pages, that we could use to check if a broker is registered with the regulatory body they say they are registered with ? (meaning NFA, CTFC, FSA, and others)
I feel the same as you. NFA needs to regulate FDMs such as seperating clients accounts only for trading, insurance, or preventing FDMs from doing dirty things to their clients. What I see now is NFA is not doing anything benefits Forex Traders but these big firms. Anything we can do to for our benefits?
There is much more regulators can do. And perhaps they will do so next year. But the reason they are focusing on capital requirements is because it is the most pressing issue the industry faces. Dealing practices pale in comparison to the problem of broker dealer insolvencies. A dozen firms have gone bust this year. This has to be dealt with first and foremost.
Advanced Markets
Thank you for taking your time to update and educate us aborut brokers. Can you tell us if any clients from these 10 shutdown firms get hurt by not receiving their money? Do you have any undate on Advanced markets (AMIFX) case? Thanks again!
AMIFX has yet to reply to the NFA's formal case. We'll need to wait a bit longer to see what happens. In regards to customers losing funds, the firms that were shut down for fraud were shut down precisely because so many customers lost funds. The other firms like UGMFX and CFG did not see any customer losses.