More woes for e-FX firms
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NEW YORK -- Currency Management Corporation (CMC), one of the longest-serving firms in the retail and mid-market online FX trading industry, has pulled out of the US.
The UK company, which carried out its first online FX trade in 1996, said this was in response to the new regulations from the Commodity Futures Trading Commission (CFTC) last December, aimed at limiting internet retail trading.
"We sought legal advice regarding the new rules and that advice was 'don't touch it'," Roger Hynes
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