The DF list has FI, SEC-registered and CFTC-registered companies, plus insurance companies and more.
One big implementation issue is how currently CFTC-registered FDMs (under CRA) go about converting their registrations to the new DF-category of RFED.
Trade on CFTC-sanctioned foreign OTC platforms respecting CFTC rules on LIFO and perhaps 10:1 leverage or take their chances in offshore tax havens.
Therefore, I presume many tax-haven forex dealers may lose forex trading business to CFTC-registered RFEDs who will be happy to win back this business.
If the foreign account is deemed a foreign affiliate of an existing CFTC-registered FDM, then using the 360-day extension seems inappropriate to me for financial institutions.
Forex IB (Introducing Broker) CFTC-registration changes are important too.
This gives EU banks offering forex trading to U.S. customers time to register in the U.S. But I think FI refers to banks and not CFTC-registered FCMs, which probably include the FDMs (forex-dealer merchants, the prior designation) too.
She was chairman of the CFTC from 1994-96, a post she was named to by President Clinton.
Meanwhile, the net short position in copper grew, the late-Friday CFTC report showed.
FORBES: Fund Net Length Stabilizes In Gold, Continues Falling For Other Precious Metals
Investigations into allegations of LIBOR rate-fixing, for instance, already involve the CFTC, the DoJ, state attorney-generals from Connecticut, New York, Massachusetts, Florida, North Carolina and Maryland, and at least 30 serious civil litigants.
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Tax-haven platforms may never get CFTC sanction, so will they be illegal under Dodd-Frank, or, will it be a viable way to navigate around the U.S. forex trading leverage constraints?
The decision came as part of the Dodd-Frank act which mandated that the CFTC write rules to regulate the swaps, or over-the-counter market, in addition to their oversight of the futures market.
FORBES: CFTC Position Limits Rule Divides Agency, Angers Market Participants
With Dodd-Frank, retail forex trading will become illegal for non-participants (traders) unless the CFTC finishes its new forex regulations in short order (Dodd-Frank Bill Section 742(c)).
Intrade is cutting off its US customers after the Commodity Futures Trading Commission (CFTC) sued the Ireland-based company for violating US law.
FORBES: CFTC's Intrade Shutdown: Don't They Have Better Things To Mither About?
Portfolio Reporting : Systematic reporting of portfolio data is set to begin for the majority of hedge funds at the end of the year via the Form PF (SEC) and the parallel Form CPO-PQR (CFTC).
FORBES: CFTC Registration Adds Additional Regulatory Layer for Hedge Funds
What these changes will do is create a paper-trail so the CFTC better knows who is holding what position.
FORBES: CFTC Position Limits Rule Divides Agency, Angers Market Participants
As discussed on prior blogs, the recently enacted Dodd-Frank Fin Reg bill forced the hand of the CFTC to act by Oct. 19 because it would otherwise bar non-eligible contract participants from off-exchange retail forex trading.
Last year's Dodd-Frank financial-overhaul law gave the CFTC more authority to pursue fraud charges.
Civil-fraud charges by the CFTC would be a setback in Goldman's effort to escape recent legal woes.
Net-long positioning in the CFTC data reflects the difference between the total number of bullish and bearish contracts.
FORBES: FOCUS: CFTC: Large Specs Slash Gold Net-Long Position Again; Short-Covering Potential Seen
Analysts at Commerzbank noted that the cut-off date for the CFTC data does not take into account the continued slump in prices for the rest of week, so the situation may be different once newer data is released.
FORBES: FOCUS: Speculators Increase Exposure To Precious Metals -- CFTC
According to the Wall Street Journal story, the CFTC began internal talks on whether the twice-daily setting of prices in London could be manipulated.
FORBES: FOCUS: News Of Possible Probe Of London Fixings Raises Eyebrows In Gold Market
The CFTC temporarily provides a broad exemption for over-the-counter (OTC) derivatives trading so the market can continue to operate as usual until regulators complete the new rules.
The CFTC and NFA are scrutinizing forex brokers more now after their Oct. 18, 2010 effective date for RFED registrations in accordance with their new CFTC rules for forex transactions, sanctioned by Dodd-Frank Fin Reg too.
New CFTC regulations (effective October 2010) over the off-exchange retail forex marketplace reversed this trend.
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In its complaint, the CFTC sought injunctive relief, restitution, disgorgement of ill-gotten gains, and civil monetary penalties.
Analysts offered varying opinions on what the stabilizing CFTC figures for gold might mean, particularly the non-commercial data.
FORBES: Fund Net Length Stabilizes In Gold, Continues Falling For Other Precious Metals
Prices rose in all of the New York metals during the week-long period covered by the most recent CFTC report.
FORBES: FOCUS: Speculators Continue To Trim Gold, Silver, Platinum Bullish Exposure -CFTC
Prices skidded in all of the New York metals during the week-long period covered by the most recent CFTC report.
FORBES: Speculators Slash Gold, Silver Futures, Options Positions -- CFTC
If the CFTC has extraterritorial powers on retail forex, then foreign-based brokers will probably not do business with non-qualified American participants.
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