NFA bows to pressure
WASHINGTON, DC - The US National Futures Association (NFA) has delayed the introduction of new retail foreign exchange hedging rules, due this month, to July 31, following outcry by forex dealer members (FDMs).
The rule was due to come into force on May 15 as part of wider regulations on the retail FX market due this year (FX Week, April 20). It states FX brokers cannot carry offsetting positions in a customer account, but must offset them on a first in, first out (Fifo) basis.
Brokers argue
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