CFTC retail FX rules fail to curb offshore trading
The futures regulator published rules governing the retail foreign exchange market on August 30, the most significant of which was the reduction (to 50:1 from 100:1) of leverage imposed by regulator the National Futures Association (NFA) at the end of last year (FX Week March 2, 2009). In so doing, the CFTC backtracks on a proposal made at the start of the year to slash leverage to 10:1, after suffering a backlash from the retail trading community (FX Week, January 15 and March 1).
While a
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