Get Our New E-Books For Free

NFA Update 1/7/16, and my idea of FIFO rule petition

Home Forums General NFA Update 1/7/16, and my idea of FIFO rule petition

This topic contains 0 replies, has 1 voice, and was last updated by  Joe Powers 2 weeks ago.

Viewing 1 post (of 1 total)
  • Author
  • #122741

    Joe Powers
    • Topics: 1
    • Replies: 66

    So the NFA that regulates US brokers (at least) enacted this new piece of regulation. Basically it allows the customer to make an info request related to their FX orders so you can compare them against similar time period orders.

    From the website…

    “to provide the customer with the following transaction data for the 15 transactions in the same currency pair that occurred immediately before and after the customer’s transaction (limited to those transactions that occur 15 minutes before and after the transaction).

    Execution date and time (to the nearest millisecond in Eastern time);
    Customer side (i.e., buy or sell);
    Currency Pair;
    Execution price (including any mark-up);
    Commission and other charges assessed by the FDM (if applicable); and
    Currency denomination of commission or other charges.
    FDMs must provide a customer with this data within 30 minutes of a customer’s request.”

    Source: https://www.nfa.futures.org/NFA-regulation/regulationNotice.asp?ArticleID=4779


    I would like to take this time to point out this is the same regulatory agency enacting FIFO so if anyone has any desire to file complaints about that rule you can do so through contacting the NFA and explaining how it doesn’t help traders (no one has shown me how anyway :)). If enough people complain maybe we can make a change. I have filed a complaint with them, but I’m not sure how much it did! Although the gentleman on the other side of the phone did say he will file the grievance.

    Thanks guys! Good luck, and certainly open for discussion here about any FIFO rule petitions.

Viewing 1 post (of 1 total)

You must be logged in to reply to this topic.

Join the LuckScout Millionaires Club Now!