Einige US Forex Broker haben ihre Kunden darüber in Kenntnis gesetzt, dass die CFTC verschiedene neue Regelungen, die von der NFA eingereicht wurden, genehmigt hat.

 

Betroffen sind davon Broker wie Kunden, speziell jene Trader, deren Handelsansatz auf dem gleichzeitigen Eröffnen zwei gegenläufiger Positionen in ein und derselben Währung basiert.

 

Die Compliance Rule 2-43 besagt, dass das so genannte "Hedging" in ein und der selben Währung ab dem 15. Mai nicht mehr erlaubt ist. Die Finanzdienstleister haben dafür Sorge zu tragen, dass diese Richtlinie umgesetzt wird.

 

Es gibt darüberhinaus weitere neue Regeln die u.a. das Reporting betreffen sowie die Rückabwicklung (Stornierung) von bereits ausgeführten Orders.

 

Hier ein paar Links zu Webseiten, die weiterführende Informationen zu der Thematik veröffentlicht haben.

 

fxstreet.com 14/04/2009

 

Effective Date of NFA Requirements Regarding Forex Orders Link

 

NFA has received notice that the Commodity Futures Trading Commission has approved new NFA Compliance Rule 2-43 regarding forex orders. The prohibition on carrying offsetting transactions will be effective for any positions established after May 15, 2009. The requirements regarding price adjustments will become effective as to all customer orders executed after June 12, 2009.

 

Forex Law Blog 10/12/2008

 

NFA Proposes Additions to Forex Compliance Rules Link

 

NFA Proposes New Compliance Rule 2-43 for Forex Dealer Members - Link

 

 

CR2_43_ForexPriceAdj_112408.pdf

Aus dem © Macrotactics Blog - Headline: The End of the Hedging System

 

 

I just got the following from one of my brokers, interbankfx:

 

“Interbank FX, along with all FCM’s, has received information from the NFA that we wanted to pass along to our customers. All registered FCM’s have received a new Compliance Rule 2-43 regarding forex trading. On May 15, 2009, forex customers will no longer be allowed open “hedged” positions in their accounts. “

 

As I alluded to earlier in one of my posts on regulation in the forex market, this kind of change was imminent. This now means that systems like pipforia HGM and most grid trading systems will no longer be effective. About the only way around this will either be to:

 

• Use a non-US broker and be a non-US citizen
  
• Hedge in a separate account
  
• Hedge against another currency pair (but be warned you will end up building a synthetic cross position if you do this)
  

 

As for me, I used to be a big fan of hedging systems. But my attitude towards them has changed. They do work, but you need deep pockets at times to manage the big drawdowns that you accumulate from time to time.

ich schätze, solcherlei Dinge wird es in Zukunft öfters geben - ob sie einen Nutzen haben bzw. welcher Sinn dahintersteckt, bleibt die Frage.

ich schätze, solcherlei Dinge wird es in Zukunft öfters geben - ob sie einen Nutzen haben bzw. welcher Sinn dahintersteckt, bleibt die Frage.

 

Blinder Aktionismus, typisch für die Amis

 

Die neue Regelung gilt nur für Amerika. Britische Broker wie Alpari oder Activetrade sind davon nicht betroffen.

Ein Bekannter hat mir gestern erzählt, dass amerikanische Forexbroker ihre Kunden raten, in die europäischen Zweigniederlassungen zu wechseln.

Ein Bekannter hat mir gestern erzählt, dass amerikanische Forexbroker ihre Kunden raten, in die europäischen Zweigniederlassungen zu wechseln.

 

Das ist die Lösung, die FXCM den US Kunden anbietet

 

The NFA is prohibiting hedging because it believes that hedging eliminates any opportunity to profit on a transaction, and it increases the customer’s financial costs. The NFA's position is that “customers do not understand either the lack of financial benefit or the financial costs involved” in carrying long and short positions in the same currency in the same account.

 

While FXCM acknowledges the risks associated with hedging, and understands the NFA’s concern and obligation to protect clients, FXCM would like to extend an option to those traders wishing to continue using hedging as a strategy and who understand the underlying risks and financial costs involved.

 

If you wish to continue hedging, you can trade through Forex Capital Markets Limited (FXCM UK), which is regulated by the Financial Services Authority (FSA) in the UK.

NFA has received a number of inquiries regarding the application of new NFA Compliance Rule 2-43. This Q & A answers the most common questions.

 

 

CR 2-43(a), Price Adjustments1

 

 

Q. Section (a)(1)(i) of the rule provides an exception from the prohibition on price adjustments where the adjustment is favorable to the customer and is done as part of the settlement of a customer complaint. Does that mean a Forex Dealer Member ("FDM") can't make a favorable adjustment if the customer does not complain?

 

A. It depends on the circumstances. The intent of this provision is to ensure that FDMs can settle customer complaints before or after they end up in arbitration. It was not meant to prohibit FDMs from adjusting prices on customer orders that were adversely affected by a glitch in the FDM's platform. A firm may not, however, adjust prices on customer orders that benefited from the error (except as provided in section (a)(1)(ii)). Furthermore, an FDM may not cherry-pick which accounts to adjust.

 

Q. An FDM operates several trading platforms. Two provide exclusively straight-through processing, but one does not. Can the FDM make section (a)(1)(ii) adjustments for trades placed on the two platforms that provide straight-through processing?

 

A. No. The Board intended to limit the relief to those firms that exclusively operate a straight-through processing business model, and the submission letter to the CFTC uses this language when explaining the rule's intent. NFA recognizes, however, that the use of the word "platform" in the rule itself may be confusing, and we intend to ask the Board to eliminate that word at its August meeting.

 

Q. For price adjustments made under section (a)(1)(ii), the rule requires written notification to customers within fifteen minutes. If the liquidity provider informs an FDM of the price change twenty minutes after the orders are executed, can the FDM still make the adjustment?

 

A. No. The rule provides that customers must be notified within fifteen minutes after their orders are executed, and it was written that way intentionally. Since a customer's subsequent trading decisions may be based on the customer's belief that a particular trade was executed at a particular price, the rule provides a narrow window for price adjustments.

 

 

1 For purposes of this discussion, the term "adjustment" also refers to cancellations.

 

 

CR 2-43(b), Offsetting Transactions

 

Q. CR 2-43(b) states that an FDM cannot carry offsetting positions. If a customer with a long position executes a sell order or a customer with a short position executes a buy order, does the FDM have to close the position immediately or can it wait until the end of the day?

A. The FDM may wait until the end of the day to offset the positions, but it must do so before applying roll fees.

 

Q. The rule provides that positions must be offset on a first-in-first-out (FIFO) basis. If the customer places a stop order on a newer likesize position and the stop is hit, may the FDM offset the executed stop against that position?

 

A. No. The only exception to the FIFO rule is where a customer directs the FDM to offset a same-size transaction, but even then the offset must be applied to the oldest transaction of that size.

 

Related Issues

 

Q. One of an FDM's platforms is offered exclusively to eligible contract participants (ECPs). Does Rule 2-43 apply to transactions on that platform?

 

A. No. Rule 2-43 does not apply to transactions with ECPs.

 

Q. May an FDM transfer foreign customers to a foreign entity that allows customers to carry offsetting positions in a single account?

 

A. Yes. If done as a bulk transfer, however, the Interpretive Notice to NFA Compliance Rule 2-40 (located at ¶ 9058 of the NFA Manual) requires that the foreign entity must be an authorized counterparty under section 2© of the Commodity Exchange Act (CEA).

 

Q. May an FDM transfer U.S. customers to a foreign entity that allows customers to carry offsetting positions in a single account?

 

A. Only if the transactions are not off-exchange futures contracts or options. The legal status of "spot" OTC transactions that are continually rolled over and almost always closed through offset rather than delivery is currently unsettled. Therefore, if an FDM chooses to transfer U.S. customers to a foreign entity so they can continue "hedging," it does so at its own risk. In any event, a bulk transfer can only be made to a counterparty authorized under the CEA.

 

Q. If the transactions are not futures or options, does that mean none of NFA's rules apply?

 

A. Most of NFA's forex rules do not depend on how the off-exchange transactions are classified. This includes Compliance Rule 2-36(b)(1), which prohibits deceptive behavior, and Compliance Rule 2-36©, which requires FDMs to observe high standards of commercial honor and just and equitable principles of trade. An FDM that misrepresents the characteristics of "hedging" transactions (e.g., by touting their "benefits") or NFA's purpose in banning them or that implies that transferring U.S. customers offshore will make the transactions legal violates those sections of CR 2-36. Furthermore, NFA Compliance Rule 2-39 applies these same requirements to solicitors and account managers.

 

©2003-2009 National Futures Association

 

 

Und so sieht es dann der Hedge im Metatrader aus

 

Das ist die Lösung, die FXCM den US Kunden anbietet

 

Das die 'Lösung', die der US FX Broker Interbank FX seinen Kunden empfielt

 

Solution to NFA Hedging Policy

Immerhin, sie bieten eine Lösung an.

Möglicherweise wird diese Gesetzeslücke aber noch gestopft, wenn das überhand nimmt.

 

Ich denke ja, dass diese Anti-Hedging-Regelung bald aufgehoben wird unter dem Deckmantel des Finanzkrisenendes (tatsächlich aber weil die Endanwender in Scharen zu nicht-amerikanischen Brokern überlaufen).