Forex dealer member fdm. Each forex dealer member (FDM) must continue to maintain a minimum of $20 million in capital and additional capital equal to 5 percent of all liabilities owed to customers (as defined in NFA Compliance Rule (o)) that exceed $10 million. The amendments to Financial Requirements Section 11 impact.

Forex dealer member fdm

Billion Dollar Day - a 1986 documentary about currency (forex) speculative trading

Forex dealer member fdm. FDM stands for Forex Dealer Member FCM stands for Futures Commission Merchant All registered futures and forex Brokers are named FCM's even if they do only forex. Mgforex was recently purchased by Rosenthal collins, so they act under their umbrella registration as a kind of division. FXDD offers Fx.

Forex dealer member fdm


That is how NFA was established in , after it won the position while competing with another trade association called the Futures Industry Association FIA which was not selected.

The National Futures Association is a self-regulatory organization for the US derivatives industry including exchange-traded futures, OTC foreign exchange market forex and swaps. NFA develops and implements policies and services to ensure the security and integrity of the market and investors protection. Membership with NFA is mandatory for all companies operating on this market.

Currently, NFA has about 4, member companies and 57, registered specialists. NFA is a non-commercial, independent, self-regulatory organization which is entirely financed by membership fees. Retail Foreign Exchange Dealer report requirements. US Forex Market Regulation. US companies and banks, as well as companies, regulated under recognized jurisdictions.

Futures Yes On-exchange traded contracts only. Additional capital requirements and segregation of funds will apply. Options Yes Only stock options. Additional requirements to capitalization and obligatory segregation of funds.

Futures margins Please see marketplace specs. Key responsibilities of the member: Review the security, capacity, credit and risk-management controls, and records provided by the electronic trading systems and certify that the requirements outlined in NFA Interpretive Notice e have been met. Prepare a certification, signed by a principal who is also a registered AP, and provide a hardcopy to NFA with the submission of the annual audited financial statement.

This information should be also sent to all new clients when opening an account. NFA electronic system Forex Monthly Report Monthly, due within 17 business days of month end Operational information, specifically number of retail and ECP forex customers, as well as how many customers are active, US domiciled or foreign domiciled. Including the total number of non-discretionary retail forex customer accounts maintained by the RFED for the prior quarter, indicating the percentage that were profitable vs.

The information must be prepared as of 5: Notification by telephone, confirmed by fax or WinJammer, fax statement or file via WinJammer Non-current books and records If applicable Same day notification. Notification by telephone, confirmed by fax or WinJammer, fax statement or file via WinJammer Change in security deposit amounts established by the FDM If applicable The FDM is required to immediately notify NFA if the FDM changes the security deposit amount established for a particular currency pair being offered to retail forex customers.

WinJammer Risk Management Program As applicable submitted on January 4, and thereafter upon request Policies and procedures designed to monitor and manage the risks associated with the activities of the FDM.

On-exchange traded contracts only. Calculated in a form of margin in US dollars. Audit of the financial statements prepared by a certified auditor Certified Public Accountant audit. Examination of the client base for any presence of individuals, firms requested by FinCen. Examination of the client base for any presence of individuals, firms requested by CFTC. Customer funds on deposit and where they are held, Customer open positions, amount due to customers, names of counterparties. Operational information, specifically number of retail and ECP forex customers, as well as how many customers are active, US domiciled or foreign domiciled.

Quarterly, due within 17 business days of quarter end. Each member must file a daily electronic report of trade data containing the data and be in the format prescribed by NFA. The loan, and all changes and amendments, must be approved by NFA before the effective date. Notification by telephone, confirmed by fax or WinJammer, fax statement or file via WinJammer.

Notification within 24 hours. Request to change fiscal year end, orRequest extension of time to file financial reports. The FDM is required to immediately notify NFA if the FDM changes the security deposit amount established for a particular currency pair being offered to retail forex customers. As applicable submitted on January 4, and thereafter upon request.

Policies and procedures designed to monitor and manage the risks associated with the activities of the FDM. At least five business days in advance of a transfer, the RFED must provide notice under certain conditions.


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