List of forex dealer members
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The list only includes currencies where the rate required by Canadian regulators is higher than our rate found in the first table. For a full list of the rates required by Canadian regulators, please see Full list of Canada regulator margin rates for forex. The following margin rates are required by regulators for customers of Hong Kong. They only apply if they are higher than the Margin Requirements listed above. The following exchange rates and margin rates are used in the examples below.
The rates are intended for illustrative purposed only and do not represent actual margin rates.
FDM Public Disclosures and Risk Warning |
There is no Cash Forex position. You can link to other accounts with the same owner and Tax ID to access all accounts under a single username and password.
Members and Associates introducing or managing accounts should know what information has been provided and should supplement it when necessary. At or before the time a customer first engages in a forex transaction, a Member and its Associates should also disclose how the Member will be compensated for the services it will provide to the customer. Forex Dealer Members should provide both the bid and the offer when the customer enters an order. Members should update any material information that has changed prior to entering into new transactions with current customers if failing to update the information would make it misleading.
Supervision - Members and their Associates having supervisory responsibilities must diligently supervise the Member's forex business, including the activities of the Member's Associates and agents. Members must establish, maintain, and enforce written supervisory procedures. This principle also applies to the supervision of a Member's forex business. Although Members have the flexibility to design procedures that are tailored to their own situation, an adequate program for supervision would include procedures for performing day-to-day monitoring.
The Commodity Futures Trading Commission has issued final forex rules which become effective on October 18, Change Password Forgot Password. We strongly disagree with Proposed Regulation 1. Risk Disclosures — The firm needs to make sure all risks associated with forex trading are disclosed. We look forward to publishing additional rules to protect the American public. Common deficiencies for these order viagra. A Trade Cancellation facility has also been provided on the platform to act as a safeguard from the dealers from erroneous trades getting concluded on the Order Matching mode on the platform.
These procedures would include:. A Forex Dealer Member and a listed principal that is also a registered associated person see Financial Requirements 15 c must supervise the preparation of a Forex Dealer Member's financial books and records.
Regulation of Forex in Canada
Diligent supervision includes hiring and retaining qualified staff. In determining whether an individual responsible for preparing the Member's financial books and records is qualified, the firm and its financial principal should consider the following:. This is not an exclusive list. An NFA Member Responsibility Action or an emergency action by another financial regulator is always an extremely serious matter. The Forex Dealer Member and its financial principal must also conduct due diligence and consider analogous information when selecting an independent public accountant to certify the firm's annual financial statements.
An adequate supervisory program should include on-site visits to branch offices and guaranteed introducing brokers that conduct forex business on behalf of the Member. The Member needs to determine the frequency and nature of these visits.
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Finally, a Member's supervisory responsibilities include the obligation to ensure that its employees are properly trained to perform their duties. The formality of a training program will depend on the size of the firm and the nature of its business.
Page contains a list of NFA membership totals. Merchant (FCM), Retail Foreign Exchange Dealer (RFED), and Forex Dealer Member (FDM) Directory. A forex dealer member (FDM) is an entity that acts, or offers to act, as a counterparty to an off-exchange foreign currency transaction with a person who is not an.
Procedures should be in place to ensure that supervisory personnel know and understand the firm's supervisory procedures and that employees receive adequate training to abide by NFA requirements and to properly handle customer accounts. Communications with the Public and Promotional Material - No Member or Associate shall make any communication with potential or current customers that is not in accordance with the requirements set forth under NFA Compliance Rule and the Interpretative Notices related to this rule.
Further, the Forex Dealer Member and its Associates must also comply with the following requirements, which are exclusive to communications relating to forex transactions:. No Member or Associate may represent that forex funds deposited with a Forex Dealer Member are given special protection under the bankruptcy laws. No Member or Associate may represent or imply that any assets necessary to satisfy its obligations to customers are more secure because the Member keeps some or all of those assets at a regulated entity in the United States or a money center country.
FDM Education and Training
No Member or Associate may represent that its services are commission free without prominently disclosing how it is compensated in near proximity to that representation. No Member or Associate may represent that a customer will have direct access to the interbank-market because the Member is actually the counterparty to every customers' forex transactions.
Similarly, no Member or Associate that is straight through processing orders can suggest that they are not the counterparty to the customers' trade i. No Member or Associate may represent that it offers trading with "no-slippage" or that it guarantees the price at which a transaction will be executed or filled, unless:. Members and Associates may not solicit customers based on the leverage available unless they balance any discussion regarding the advantages of leverage with an equally prominent contemporaneous disclosure that increasing leverage increases risk.
Members may also be subject to discipline for promotional material promoting forex trading systems developed by third parties. For example, a Member has direct responsibility for misleading promotional material if the Member prepares or distributes it; has agency responsibility if the trading system developer is an agent of the Member under established principles of agency law; and has supervisory responsibility if the Member fails to supervise its own employees when linking to a third-party trading system developer's website, recommending a third-party's trading system, or entering into a referral agreement with a third-party system developer.
Customer Information and Risk Disclosure - Members and Associates are required to acquaint themselves sufficiently with the personal and financial circumstances of each forex customer and provide the customer with certain required risk disclosures as well as other facts, explanations and disclosures needed in order for the customer to make an informed decision on whether to enter into forex transactions. The number of speculators increases a lot when the market sentiment is high and everyone seems to be making money in the Forex markets.
Forex Dealer Members (FDM)
Speculators usually do not maintain open positions in any currency for a very long time. Their positions are transient and are only meant to make a short term profit. Arbitrageurs are traders that take advantage of the price discrepancy in different markets to make a profit. Arbitrageurs serve an important function in the foreign exchange market. It is their operations that ensure that a market as large, as decentralized and as diffused as the Forex market functions efficiently and provides uniform price quotations all over the world.
Whenever arbitrageurs find a price discrepancy in the market, they start buying in one place and selling in another till the discrepancy disappears. Central Banks of all countries participate in the Forex market to some extent.
Most of the times, this participation is official. Although many times Central Banks do participate in the market by covert means. This is because every Central Bank has a target range within which they would like to see their currency fluctuate. If the currency falls out of the given range, Central Banks conduct open market operations to bring it back in range. Also, whenever the currency of a given nation is under speculative attack, Central Banks participate extensively in the market to defend their currency.
Retail market participants include tourists, students and even patients who are travelling abroad. Then there are also a variety of small businesses that indulge in foreign trade. Most of the retail participants participate in the spot market whereas people with long term interests operate in the futures market.
The participants have been listed in descending order. This means that dealers are the most active traders in the Forex markets, followed by brokers and so on. It would also be fair to say that dealers have the maximum information about the market, followed by brokers and so on.