Aus dem aktuellen FXCM Newsletter

 

A major new National Futures Association (NFA) rule goes into effect on August 1, 2009. This rule affects all U.S. regulated Forex Dealer Members. Forex traders will no longer have the ability to place stop-loss or limit orders. Nor will traders be able to modify or close trades from the “Open Positions” window. As these features will be removed, all stop-loss and limit orders held on FXCM LLC accounts at the close of trading on July 31, 2009, will be deleted.

 

FXCM has always encouraged active risk management through the use of stop-loss and limit orders. Stops and limits are two entry orders that are linked to an individual open position. If a stop or limit order is triggered then the other is canceled. FXCM has introduced a new feature called OCO (One Cancels the Other) entry orders, which will provide traders with the same functionality as stop and limit orders except they are not linked to any position.

 

Mehr zu diesen Einschränkungen sowie den NFA FIFO (First in First Out) Rules gibt es hier nachzulesen.

Metaquotes wird (wie erwartet) keine neue Version des MT4 veröffentlichen, die den neuen NFA Regularien gerecht wird.

 

Es ist davon auszugehen, dass weitere US Broker Niederlassungen in London eröffnen werden, um sich nicht noch weitere Marktanteile von den Offshore und EU Brokern abnehmen lassen zu müssen

 

Notice to FXCM LLC (FXCM U.S.) Traders with MT4 Accounts

 

To date, we have received no indication that the MT4 platform will be able to be modified to comply with first-in-first-out execution without significant loss in functionality. The solutions that FXCM have examined would cripple the operation of many expert advisors and will result in a much less robust platform. As a result, FXCM plans to support the MT4 platform through its UK entity―Forex Capital Markets Limited (FXCM UK)―which is regulated by the UK’s Financial Services Authority (FSA) . The MT4 platform will no longer be offered through FXCM U.S. and will be discontinued on July 31, 2009.

 

Quelle: © FX Street

Was erhoffen die sich davon?

Das verstehe ich nicht. Genauso mit den hedgen, was bringt ein Hedgingverbot, außer STress für alle? Nur um sagen zu können, man habe den Markt umfangreich "reguliert"? Dann sollte man lieber eine echte Obergrenze des investierten Kapitals schaffen, basierend auf dem echten eigenen Eigenkapital (dass man nicht mit Krediten spekuliert), ebenso bei Banken und Firmen.

Kam soeben per Mail, von irgendeinem Mailverteiler, von dem ich nicht wusste, dass ich da eingetragen bin.

 

 

 

NFA New Rule (FIFO)

 

Here is a little update on the latest NFA ruling.

 

The first change was the issue on no hedging. This does not bother the way we trade because we do not use hedging.

 

The next change is the FIFO (first in first out) rule. This means the first trade in needs to be the first trade closed if you have more than one trade on the same currency and with the same lot size. The key here is the lot size. If you are going to add on to a trade and want to use Stops as we teach, you can still do this but you have to change the lot size. If you have a 1.0 lot trade on, the rest of the trades on that currency pair need to have a different lot size i.e. 1.0 lot, 1.01 lot, 1.2 lot, 1.02 lot, etc. As long as the lot size is different you can use the stop loss principle.

 

It is a simple adjustment but solves a big problem.

If you have a 1.0 lot trade on, the rest of the trades on that currency pair need to have a different lot size i.e. 1.0 lot, 1.01 lot, 1.2 lot, 1.02 lot, etc.

 

ich hab da grad ein Verständisproblem - angenommen ich habe einen 1.0 Lot Trade laufen.

 

Wieso ist ein 1.0 Lot dann was anderes wie ein

i.e. 1.0 lot

im zweiten Trade ? Wenn 1.01 - okay, das ist unterschiedlich, oder ist die 1.0 ein Schreibfehler

Interbank FX Announces Compliance with the New NFA FIFO Rule, Retaining All Platform Order Functionality Including Expert Advisors

 

Interbank FX’s proprietary backoffice solution offsets positions adhering to FIFO rule

 

Salt Lake City, July 20, 2009 — Interbank FX (IBFX.com), a worldwide provider of online foreign currency (Forex/FX) trading, announced today a solution for NFA Compliance Rule 2-43 affecting all NFA regulated Forex brokers.

 

Using our proprietary backoffice solutions, Interbank FX will allow our Meta Trader 4 platform to remain 100 percent compliant, while retaining order functionality and flexibility for customers trading. The MT4 platform will continue to function as our customers have experienced over the last several years. This includes the ability for customers to use fully functional Expert Advisors, Stops Losses, Take Profits, Trailing Stops and Limit Orders without making any needed adjustments.

"Certain US competitors have decided that their solution to the new FIFO rules are to move their customers overseas, rather than being compliant," said Todd Crosland, Chairman and President of Interbank FX. "At Interbank FX, we have embraced the NFA's efforts to help protect customers and provide a seamless solution without any changes to their current trading strategies."

 

The only modification for customers will be their daily and monthly account statements, coming directly from the proprietary Interbank FX backoffice system using NFA FIFO offsetting procedures.

 

The FIFO rule takes effect beginning July 31/August 1, 2009.

Interbank FX is currently working on a step-by-step video which will be available shortly on our web site, www.ibfx.com.

 

 

 

Q. Does FIFO apply to all of my trades?

A. First in / First out applies ONLY to trades of the same size.

 

Q. Will my Expert Advisor still work?

A. All of your Expert Advisors will continue to work with all of your pre-programmed stops, limits and trailing stops.

 

Q. Will I still be able to use Stops and Limits, Trailing Stops and Take Profits?

A. Absolutely – With the IBFX solution, you won’t have to make any changes from the way that you are trading currently. No need to make any adjustments to Stops and Limits, Trailing Stops or Take Profits.

 

Q. Will I still be able to close any of my orders of the same currency pair in any order?

A. Yes, with the IBFX solution, your trading will still be fully functional without any changes to your current trading strategies.

 

Q. How will this affect my daily statements?

A. Interbank FX Official Statements will come directly from Interbank FX’s proprietary back office system using our FIFO offsetting and accounting procedures. These statements will be accessible through a client’s Web Site Login. You will still be able to pull an Unofficial Trade Journal using the Trade Journal feature within the IBFX website. You will also be able to produce Unofficial Trade Journals using MetaTrader 4 as your Trade Manager.

 

Q. Does this NFA rule apply to all U.S. based brokers?

A. Yes, this rule affects any broker in the U.S. that is a member of the NFA. Other brokers have attempted different approaches to this new ruling. We at Interbank FX strive to make trading in the forex market as simple as possible for our clients, all the while in full compliance with the NFA.

 

 

Quelle: Interbank FX

Es gibt erneute Anpassungen, die seitens der Broker vorgenommen werden müssen:

 

 

 

Effective Date of Amendments to NFA Financial Requirements Sections 11 and 12 and the Interpretive Notice Regarding Forex Transactions

 

NFA has received notice that the Commodity Futures Trading Commission has approved changes to NFA Financial Requirements Sections 11 and 12 and related changes to the Interpretive Notice titled "Forex Transactions." The amendments adopt an alternative net capital requirement for Forex Dealer Members (FDMs) and eliminate the existing exemption from the security deposit requirement. These changes will become effective on November 30, 2009.

 

The amendments to Section 11 revise the existing alternative net capital requirement that is based on an FDM's liabilities to customers.1 As of November 30, 2009, the alternative requirement is $20 million plus 5% of the amount of customer liabilities over $10 million. FDMs that exclusively use straight-through-processing for their customer transactions are exempt from this alternative requirement and need only maintain the $20 million minimum (unless the firm is subject to a higher requirement under FR Section 1).

 

The amendments to Section 12 eliminate the existing security deposit exemption for FDMs that maintain 150% of their required net capital. This means that, beginning on November 30, 2009, all FDMs must collect a customer security deposit of at least 1% for the currencies listed in Section 12 and at least 4% for all other currencies.2

 

NFA's submission letters to the Commodity Futures Trading Commission include of the revised language and more detailed descriptions of the changes. You can access electronic copies of the February 23, 2009 submission letters at http://www.nfa.futures.org/news/PDF/CFTC/F...tNotc021909.pdf (for the changes to Section 11) and http://www.nfa.futures.org/news/PDF/CFTC/F...tNotc021909.pdf (for the changes to Section 12).

 

© 2009 NFA

Nur noch mal als Reminder

 

A Reduction in Leverage

 

 

As of November 30, 2009, the NFA will implement amendments to the Financial Requirements Sections 11 and 12. The new amendments will require Forex Dealer Members ("FDMs") to collect a security deposit of 1% (100:1) of the notional value for specified currencies and 4% (25:1) of the notional value for all other currencies. The intended purpose of this new regulation is to protect over-leveraged traders and brokers alike.

 

http://www.nfa.futures.org/news/newsletter2.HTML#NetCapital

Die Amerikaner sind gerade dabei, ihren eigenen Brokern das Licht auszuknipsen....

 

Die Amerikaner sind gerade dabei, ihren eigenen Brokern das Licht auszuknipsen....

Was bedeutet das für uns Trader langfristig, kann jeder mit kleinem Konto ( sagen wir mal bis zu 10.000 € )

seinen Account dicht machen, weil nur noch ein Trade mit einem Lot machbar ist, weil die Margin Anforderung

nicht meht zulässt ?

Angenommen =

Der erste Trade, sagen wir 1000€ Verlust ( Kein MM, einfach nur ein Beispiel ), dann nur noch maximsl 0,9 Lot trading möglich ?

 

Gruß Vola

Es ist so, dass das Trading für die Mehrzahl der High-Leverage Trader uninteressant wird.

Hebel von 10 ist im Daytrading Universum ja eher die konservative Option. Die Margin dagegen wird mit Faktor 10 multipliziert, sprich - der Trader muss 10 x mehr Kapital aufwenden, um das gleiche Volumen wie zuvor bewegen zu können.

 

Ich meine, dass gibt Verwerfungen in der Branche und verstärkt vermutlich den Prozess der Re-Location der US Broker nach Europa.

Hi !

Aber es könnte doch durchaus passieren das uns in Europa ein ähnliches Schicksal erwartet,

wenn hir die Märkte auch verstärkt kontrollier werden sollen, oder ist das so etwas zu weit gegriffen ?

Gruß Vola

Es ist so, dass das Trading für die Mehrzahl der High-Leverage Trader uninteressant wird.

 

 

“If this rule goes through [customers are] not going to trade with our firms anymore. They’re going to take our accounts and go to the UK or unregulated offshore locales. This could mortally wound the U.S. domestic industry,” says Charlie Delano, director of government affairs at FXCM.

 

Quelle: FuturesMag

 

 

Aber es könnte doch durchaus passieren

 

Könnte es,

dann allerdings mit dem Unterschied, dass es von der EU aus getrieben würde.

Grundsätzlich ist eine Regulierung der FX Retailmarketmaker zu begrüssen, diese Vorgaben sind aber kontraproduktiv, denn damit werden die meisten Trader ihre Konten bei den US Anbietern auflösen und mit ihrem Kapital nach UK flüchten.

 

Ausserdem müssten dann die teils extrem niederen Intradaymargins für Futures auch verboten werden, gerade US Broker ermöglichen da teils abenteuerliche Hebel, ich kann mich noch erinneren wie vor der "Krise" bei US Brokern für den FDAX bei einem Kurs von rund 8000 (Kontraktwert EUR 200k) als Intradaymargin EUR 2k gefordert wurden, oder beim ES bei Kursstand 1600 (Kontraktwert USD 80k) als Daytradingmargin USD 500 notwendig waren, von den Zinsfutures ganz zu schweigen. (zB FGBL = EUR 100k, Intradaymargin EUR 400)

und verstärkt vermutlich den Prozess der Re-Location der US Broker ...

 

 

Die ersten Broker helfen Ihren Kunden bereits beim Kofferpacken...

 

Account Transfer Form @ FXCM Micro

Das war abzusehen, wenn die NFA eine ansatzeweise vernünftige Regelung getroffen hätte, dann wäre dieser Schritt positiv gewesen, mit 1:10 geht der Schuss aber sicher nach hinten los.