CME rule hurts FX broker business, say participants
New rule 538 squashes certain off-exchange contracts
A ban on FX transitory exchange for related positions (EFRP) at the CME has squashed business for FX brokers in the US, who have been forced to stop offering the service to clients, say market participants in New York, who accuse the firm of pushing futures business to exchange-only.
Revisions to CME's rule 538 were approved by the Commodity Futures Trading Commission (CFTC) on March 31 and came into effect after some delay on August 4. They ban the booking of FX futures positions on CME whereby
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