SEC allows broker-dealers to do Retail Forex business for three more years
SEC allows broker-dealers to do Retail explained by professional Forex trading experts the “SEC allows broker-dealers to do Retail ” FX trading team.
SEC allows broker-dealers to do Retail
The SEC has quietly extended by three years the exception provided to broker dealers to engage in what it terms ‘retail forex transactions’. By the straight Dodd-Frank Act rules, all broker dealers in the U.S. were to cease Forex transactions with retail traders as of July 16, 2011.
On that date, all foreign commercial banks were indeed barred from taking U.S. retail clients, with led to the exodus of then-active forex brokers (which were organized as banks in their home countries) from the U.S. market, such as Saxo Bank, MIG Bank, Swissquote, and Deutsche Bank, which sold its dbFX brand to Gain Capital.
However U.S. based and regulated banks were given a two-year exception to the Dodd-Frank rule, which was to have expired yesterday. The three year extension goes through July 16, 2016.
SEC allows broker-dealers to do Retail 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 SEC allows broker-dealers to do Retail