NFA in FX regulatory crackdown
In a 'request for comment' document circulated to its foreign exchange dealer members (FDM) last Monday (October 20), the NFA outlined various proposals to modify the way dealers manage customer orders. The regulator drafted the proposals after investigations into the operations of members revealed some FDM practices were not carried out in customers' best interests.
One of the highlights of the proposal is that FDMs could be stripped of discretionary trading powers over customer accounts, when
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