66% der FX Broker vor dem AUS?




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66% der FX Broker vor dem AUS?

Beitragvon pitbull » 23.12.2007, 17:38

Habe das im Candletalk Forum gelesen und hierher kopiert. :eek: Meinungen erwünscht:

Joe Ross zum Forex-Trading
This Week's Chart Scan<SUP>(TM)</SUP> with Joe's Commentary
Zitat

Forex Warning

Rather than showing you a chart this week, I am following up on last week's forex-to-futures comparison. I am a subscriber to the Sovereign Society's newsletter, and they have issued a warning to all forex traders. I repeat the article below, adding my own comment at the end.

* * * * * *

A Whopping 66% of Forex Brokers Will Close Their Doors This Month: How to Keep Your Forex Account Safe and Protected

The retail forex industry is still in its infancy. It's only been open to the public
since 1998. Many of the largest foreign-exchange firms just opened their doors
around 2001.

In the early days, you didn't need much capital to set up a forex shop and become
a forex dealer. However, those days are quickly changing.

Starting this month, U.S. forex dealers will have to meet certain requirements to
stay in business. The NFA (National Futures Association) is raising the capital
requirements for these U.S.&shy;based firms. According to the new rules, all forex
dealers must have US$5 million in "net excess capital" to keep their firms open.

Now, for large forex firms, this won't be an issue. However, only about 1/3 of the 30
forex dealers in the U.S. are expected to make the cut. In other words, roughly 66% of forex brokers will be forced to close their doors when these rules go into effect later this month.

With these new regulations, many brokers will be scrambling to get more capital on
their books so they can remain open. If they can't meet the newest capital reserves
required by their regulators, then they'll have to close their doors. Many are so small
that this will be the case. These new regulatory requirements go into effect Dec. 21st!

So What Can You Do if You Already Have an Account?

1. Check out your broker on this public site to see how much they have in
"net excess." Don't rely on them to tell you. See for yourself by visiting http://www.cftc.gov/marketreports/finan ... /index.htm. While the minimum
requirement is going up to US$5 million, you really want a firm with US$20-30 million
set aside. The more padding they have, the more your forex accounts are protected.

2. See if your forex broker is regulated elsewhere. Check if your broker is
regulated in Europe, Canada, Hong Kong, etc. If so, that's even better because
more regulators are watching over their shoulders. Also, they'll have to meet capital requirements in those countries, too. So if they're regulated in several places, that's good news for you. Canada, the U.K., Hong Kong, and the U.S. offer some of the best regulation out there. Believe it or not, the regulation in Switzerland really isn't that great.

If a firm is regulated outside of these areas, it's a red flag that your broker doesn't
measure up. Why are they dodging the most credible sources of regulation? For instance, those that run to Belize are dodging the strict regulators for loose
regulation.

3. Look at a firm's size and regulation first. Pick a well-capitalized firm (the bigger the better). Their size and regulation are the most important, and then
you can look for a broker's pip spreads and slippage, etc., after that.

4. If you choose a "no dealing desk" type of broker then you're not going to have them trading against you. The biggest Firms will even have multiple inter-banks competing in their quotes to win your business. A dealing desk is taking the other side of your trade and you'll find that slippage is much worse especially around news events.

5. Ask how many employees they have. This will give you an idea of how many
accounts they may have to service and how much customer service means to them.
Believe it or not, some firms only have 20-30 employees. They also can't even be
reached 24 hours a day (in a 24-hour tradable market). You want a firm with 100-500 employees. Then you know they're accessible when you need them. It is also "proof" of their size and capitalization. After all, a firm isn't going to have US$5 million to their name and 500 employees too.

6. If they will tell you, ask them approximately how many accounts they service. Some only have 2,000-10,000 accounts while others have 90,000+ accounts.

What To Do if Your Broker Doesn't Measure Up

If you find that your broker doesn't make the cut after you ask them these questions, you should promptly move your money over to one of the bigger firms. Be sure to "interview" them with these same questions before going with them also. Be comfortable with your choice.

So what happens if you just stick it out with a small firm that has to fold and close up shop? You may be delayed in getting your money back if they're forced to close. Worse case scenario: You won't get your money back. Some firms could have your assets tied up in bankruptcy court for quite some time. Either way, it spells disaster, so choose a well&shy;capitalized, well-regulated firm so you can avoid any of these headaches this holiday season.

Which Forex Brokers Will Survive This Month's Cut

1. FXCM - Forex Capital Markets is one of the largest retail market makers in the world. They've got over US$120 million in firm capital. Over US$47 million of it is held with the NFA/CFTC. However, they are also regulated in Hong Kong, the U.K. and Canada. So they have to meet capital requirements in all of those places. They have over 500 employees with a seamless research team. So they are the "Goldman Sachs" of forex brokers in my opinion.
2. Oanda - They have over US$148 million dollars in net excess capital. So while FXCM's capital is spread between many regulators, Oanda just has to meet the capital requirements in the U.S by the NFA and CFTC. They are sufficiently regulated and capitalized with loads of cash on hand also.
3. GFT Forex - They are registered as Global Futures and Forex and they are regulated in the U.S. by the NFA/CFTC. They have over US$40 million dollars in net excess capital.
4. Gain Capital - They are regulated in the U.S. by the NFA/CFTC. They have over US$32 million in net excess capital.

* * * * * *

Not a single one of the above firms has a good reputation among traders, especially FXCM and Gain Capital. Horror stories abound concerning all four of them. Among traders who have actually traded at these firms, out of a possible 5 stars, FXCM and Gain Capital have only a 1-star rating; GFT forex rates 2 stars, and Oanda rates 3 stars. There is not a single 5-star broker in the whole bunch. Last week we saw that the volume at FXCM, the largest of them all, was far less than the volume traded in the futures markets.

If you insist on trading forex, consider yourself warned.


Das wollte ich Euch nicht vorenthalten. Ist aus dem Newsletter von Joe Ross vom 21.12.2007.
Viele Grüße
pitbull

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von Anzeige » 23.12.2007, 17:38

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Beitragvon stony » 24.12.2007, 11:16

@ pitbull

Dieser Newsletter von Herrn Ross scheint mir sehr fragwürdig.

1. Ich kann mir nicht vorstellen, dass eine Behörde derart kurzfristig die Lizenzbedingungen ändern kann. Und: wenn ein Broker deswegen schließen müsste, werden die Kundengelder halt zurückerstattet - wenn der Broker kein Betrüger ist und die Geschäfte reell abgewickelt wurden.

2. 5 Mio als Reserve eines Forexbrokers sind genauso unzureichend wie Null Rücklagen und helfen im Fall der Pleite bzw. Untreue des Brokers gar nichts. Wenn so eine Bestimmung sinnvoll sein soll, müsste sich der Reservebetrag nach der Höhe der Kundeneinlagen richten.

3. Die Ratschläge von Herrn Ross sind Gemeinplätze. Dass Regulierungsbehörden nur begrenzt wirksam sind, wissen wir seit Refco und Neuimex alle selber.

4. Wir wissen ebenso, dass Forex Trading aus mindestens drei Gründen risikoreich ist: einmal wegen der Handelsmethoden selbst (Hebel). Zum zweiten wegen der Unzuverlässigkeit vieler Broker. Und drittens wegen der Geschäftsbedingungen der Broker.

So, what? Mir scheint, hier soll eher eine Antiwerbung gegen das Forex Trading betrieben werden, vielleicht zugunsten Futures Trading?

Lasst euch die Weihnachtsfeiertage nicht versauen!

Grüße, Stony
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Beitragvon pitbull » 24.12.2007, 18:16

@ stony

Schwer zu sagen was da dran ist. Jedenfalls stimme ich Dir zu, die Broker, die die Anforderungen nicht mehr erfüllen können/wollen werden zu machen und die Kundengelder zurückzahlen.

Für die kriminellen Broker gilt das natürlich nicht, aber denen kann eh niemand beikommen, da sind alle Maßnahmen zwecklos, egal ob und durch wen reguliert und egal nach welchen Richtlinien.

Dass es auch die Großen treffen kann, wissen wir seit Refco. Daher sollte man sowieso immer auf der Hut sein. Eine Maßnahme könnte sein, sich seine Gewinne (falls vorhanden) regelmäßig rücküberweisen zu lassen und das Konto nicht zu hoch zu bestücken, ist ja durch den Hebel auch gar nicht erforderlich. Außerdem könnte man Konten bei mehreren Brokern unterhalten, so wäre das Geld verteilt und im Fall der Fälle nicht komplett verloren.

Wünsche allen noch ein schönes Weihnachtsfest. :)
Viele Grüße
pitbull

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Beitragvon stony » 07.01.2008, 17:56

Hallo pitbull,

2007 ist rum - hast Du noch irgendwas gehört von liquidierten Forex-Brokern?
Grüße, Stony

Nieder mit der Sommerzeit!
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Beitragvon nico » 24.07.2008, 16:37

Werden wohl demnächst ein paar ForexBroker Ihre Türen schliessen





Notice to Members I-08-20
July 23, 2008
Attention: Forex Dealer Members

Proposed Changes to Net Capital Requirements for Forex Dealer Members

The CFTC Reauthorization Act of 2008 (Reauthorization Act) increases the adjusted net capital requirement for certain forex counterparty Futures Commission Merchants and Retail Foreign Exchange Dealers to $20 million. This increase is phased in, with the first increase scheduled for 120 days after enactment or at such later date as the Commodity Futures Trading Commission (CFTC or Commission) proposes and finalizes rules regarding retail forex transactions. If implemented under the 120 day schedule in the Reauthorization Act, NFA's Forex Dealer Members would be required to have $10 million as of September 19, 2008, $15 million by January 17, 2009, and $20 million by May 16, 2009.

Based on recent discussions with CFTC staff, NFA anticipates that the Commission will not have published final rules effectuating the capital requirement and other provisions of the Reauthorization Act by September 19, 2008. Given that Congress recognized the importance of increased capital requirements, however, NFA's Executive Committee believes that NFA should require its Forex Dealer Members to meet the increased requirements according to the schedule in the legislation. To give Forex Dealer Members sufficient notice, however, NFA plans on making the first increase effective on October 31, 2008 rather than on September 19, 2008.

On July 17, 2008, NFA's Executive Committee recommended that NFA's Board of Directors approve revisions to NFA Financial Requirements Section 11 to implement the increased capital requirements called for under the Reauthorization Act. Under these revisions, Forex Dealer Members will be required to maintain adjusted net capital equal to or in excess of $10 million as of October 31, 2008, $15 million as of January 17, 2009, and $20 million as of May 16, 2009. NFA staff expects that the Board of Directors will adopt these revisions at its meeting on August 21, 2008 and that the Commission will approve them shortly thereafter. We are providing advanced notice of the increase in capital requirements to give Forex Dealer Members sufficient time to make arrangements to come into compliance.

In addition to the increase in the required minimum capital, the Executive Committee also recommended that the Board of Directors approve revisions to NFA Financial Requirements Section 12 regarding the collection of security deposits. Section 12(a) requires that Forex Dealer Members collect and maintain minimum security deposits of either 1% or 4% of the notional value of each forex transaction, depending on the currency. Section 12(b) provides an exemption from this requirement for those Members that consistently maintain at least twice the required adjusted net capital. The revised rule would provide that a Forex Dealer Member that consistently maintains 150% of the required adjusted net capital would be exempt from having to collect the prescribed security deposits. As with the capital requirements, NFA staff anticipates this revision also becoming effective on October 31.
Gruß,
nico
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Beitragvon stony » 24.07.2008, 17:14

Hi Nico,

hatten wir diese story nicht schon mal?
Grüße, Stony

Nieder mit der Sommerzeit!
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Beitragvon nico » 24.07.2008, 17:36

Genau Stony,

Diese Meldung kam gestern von der NFA.

Ist wohl am sichersten seine Mäuse von Forexbrokern abzuziehen die
unterkapitalisiert sind. :ja:
Gruß,
nico
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Beitragvon WorldTra.de » 24.07.2008, 19:34

Hi Nico,

welche sind das dann?

Gruss

Matze
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Beitragvon nico » 25.07.2008, 11:21

Gruß,
nico
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Beitragvon WorldTra.de » 25.07.2008, 11:46

Danke für den Link nico.

Gruss

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