For a brief overview of the new rules, please visit them on the CFTC web site. If you would like the entire Federal Register submission, you can find it here.
REDUCED CUSTOMER LEVERAGE: The primary impact of the new CFTC regulations for retail, off-exchange foreign currency trading is the impact on leverage. The maximum leverage is now 50:1, and for exotic currency pairs, to 20:1 (from 25:1). Get PFGBEST´s forex wiring instructions here »
NEW RISK DISCLOSURE STATEMENT THAT CUSTOMERS MUST RECEIVE: There is a new forex risk disclosure statement that customers are required to receive from PFGBEST. The disclosure statement reports profitable and non-profitable retail, non-discretionary trading accounts quarterly for the past year. Therefore, this disclosure statement must be updated quarterly. Click here for a copy of the new forex risk disclosure statement.
BROKER REGISTRATIONS: If you have not registered your firm and APs as a forex firm, you must do so immediately! You may be required to take the Series 34. Do not delay. Brokers that are not grandfathered must take the Series 34.
BROKER TESTING: Use this link to sign up for FINRA access to file U10 for non-FINRA individuals to take the Series 3 or Series 34 exams: http://www.FINRA.org/Industry/Compliance/Registration/QualificationsExams/RegisteredReps/P121737
