The FDIC (and OCC) propose Forex rules – are the big US banks coming?

The FDIC (and OCC) propose Forex rules explained by professional Forex trading experts the “The FDIC (and OCC) propose Forex rules” FX trading team.

The FDIC (and OCC) propose Forex rules

First, a little background. The OCC is technically the regulator of all US banks, and supervisor of the agencies of foreign banks in the US. The FDIC is not technically a regulator of US banks, but by virtue of its role organizing and managing deposit insurance in the US it too sets certain rules for the banks and is responsible for inspecting the soundness of the banks.

In early May both the OCC and FDIC introduced rules allowing their regulated / supervised institutions (i.e. US banks) to offer leveraged Forex trading to clients, with very similar rules (e.g. 50:1 max leverage on Forex major pairs, 20:1 on others…) to those already put in place by the NFA and CFTC, which regulate the existing non-bank Forex firms (such as FXCM and Gain Capital). There were some small subtle differences between the OCC’s and FDIC’s proposals, as pointed out by Skadden Arps in an interesting legal-focused summary piece, such as differences in proposed dispute resolution – the FDIC prohibits pre-dispute arbitration agreements, while the OCC’s proposal allows them.

The FDIC (and OCC) propose Forex rules Conclusion

For more information about currency trading brokers visit TopForexBrokers.com Forex brokers comparison website, Tip ForexSQ.com foreign exchange trading
experts please by share this article about The FDIC (and OCC) propose Forex rules

In this article