cftc closing retail forex market $$
i think it's clear that the cftc has every intention of closing the USA retail forex market. this new 10:1 margin regulation will do exactly that.
there will be three knock on effects from that.
1. i'm going to have to move my accounts out of the US. and so will everyone else. the US business environment has become unstable. can't operate in it any more. so outflow of cash and loss of reputation.
2. the result will be the failure and closure of the US brokers. leaving the fx trading in the US to those big and very responsible players, as we've seen of late, the big banks. and of course unemployment for the staff in the industry.
3. we can't do business with americans as we can't get european brokers who will take US business. we tried. the european banks and brokers aren't interested. a lot of them are operating in the east as well, and even there they won't take US clients. so that means for your average US retail forex trader the industry is also closing.
so in summary, outflow of cash, unstable business environment - loss of reputation, unemployment and loss of income for two groups of people. how is any of that good for the US?
i actually think europe will follow sooner rather than later. so i'm going to move my trading east, to singapore and hong kong. especially hong kong won't jump every time the west snaps it's fingers and there's a bigger volume of business to do there. more wealth by far.
their business environment seems substantially more stable than the US one. which is almost beyond comprehension to me. this is third world stuff from the US here. i would expect this kind of behaviour from inexperienced administrators, not from a supposedly stable wealthy country like the US.
don't know what the US traders are going to do, i feel sorry for you unless can stop it, but me i'm voting with my feet, whether the legislation happens or not. not going to try and operate and an unstable business environment. so i'm taking my dosch to the east. those folks are a better bet all around.
there will be three knock on effects from that.
1. i'm going to have to move my accounts out of the US. and so will everyone else. the US business environment has become unstable. can't operate in it any more. so outflow of cash and loss of reputation.
2. the result will be the failure and closure of the US brokers. leaving the fx trading in the US to those big and very responsible players, as we've seen of late, the big banks. and of course unemployment for the staff in the industry.
3. we can't do business with americans as we can't get european brokers who will take US business. we tried. the european banks and brokers aren't interested. a lot of them are operating in the east as well, and even there they won't take US clients. so that means for your average US retail forex trader the industry is also closing.
so in summary, outflow of cash, unstable business environment - loss of reputation, unemployment and loss of income for two groups of people. how is any of that good for the US?
i actually think europe will follow sooner rather than later. so i'm going to move my trading east, to singapore and hong kong. especially hong kong won't jump every time the west snaps it's fingers and there's a bigger volume of business to do there. more wealth by far.
their business environment seems substantially more stable than the US one. which is almost beyond comprehension to me. this is third world stuff from the US here. i would expect this kind of behaviour from inexperienced administrators, not from a supposedly stable wealthy country like the US.
don't know what the US traders are going to do, i feel sorry for you unless can stop it, but me i'm voting with my feet, whether the legislation happens or not. not going to try and operate and an unstable business environment. so i'm taking my dosch to the east. those folks are a better bet all around.
Labels: cftc, change of margin requirements, retail forex regulations
posted by elkart coetzee at
6:05 PM
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