Tadawul Closing All USA Accounts
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Thread: Tadawul Closing All USA Accounts

  1. #1
    http://www.tadawulfx.com/newsletter/...nouncement.jpg
    Dear Valued Client,

    You might be Conscious of the recent changes in U.S. regulations concerning off-exchange retail foreign exchange. The new regulatory rules-implemented from the Commodity Futures Trading Commission (CFTC), the U.S. government agency responsible for the regulation of retail overseas exchange-apply to retail FX trades that are offered or entered into by entities filed with CFTC under the Commodity Exchange Act (CEA).

    Tadawul FX Ltd. is regulated by Cyprus Securities and Exchange Commission (CySec) and complies with all applicable European Union laws and regulations, including those under the European Markets In Financial Instruments Directive (MiFID). Though, Tadawul FX doesn't have any offices or surgeries in the US and isn't subject directly to the licensing laws of U.S. regulators, farther to our compliance checks it seems that the CFTC does not allow retail FX trades to be provided to U.S. clients by entities not registered with the CFTC.

    On account of the regulatory restrictions from the U.S., it's with good sorrow we inform you that Tadawul FX will no more be able to accept any trades from U.S. citizens from 8th July 2011.

    Process for USA resident customers

    By 8th of July 2011 (22:00 CET) all open positions and pending orders must be shut. Any positions left open will be automatically closed at the last available price, and all pending orders will be cancelled.

    All capital from the trading account needs to be pulled to the initial source. To collect all remaining balances from the trading accounts, you are kindly asked to send a withdrawal form, which is processed after it's received. In case you've recently sent funds to your trading account, the money will be sent straight back to your original source, as soon as these are obtained. As of Wednesday 6th July 2011, no deposits will be processed out of U.S. residents.

    The status of the trading account will be altered to Browse Only, allowing you to access your account with your current login details, just to see history and generate reports as you require.

    We sincerely apologize for any inconvenience this may cause you, but sadly changes in U.S. regulations are outside our control. Nonetheless, we will continue to reevaluate the U.S. laws and would be happy to accept U.S. residents from the future, if the regulations and laws change. We've thoroughly enjoyed working with you and would like to thank you for your organization. Please don't hesitate to seek independent legal advice to further ascertain how the regulations affect you or your business.
    If you have any queries, please don't hesitate to get in touch with us and will be very pleased to assist you.

    Best Regards,
    Tadawul FX

  2. #2
    Not certain. I'm still working on that and will post back when I have made a choice. My trading system works best with high leverage capability so that is going to be a priority supporting authenticity and reliability. If I end up having to live with 100:1 I'll probably go with Oanda.

    Rex

  3. #3
    Quote Originally Posted by ;
    Not certain yet. I am still working on that and will post back here when I've made a choice. My trading system works best with higher leverage capacity so that is going to be a priority behind credibility and dependability. If I wind up needing to live with 100:1 I will likely go with Oanda.

    Rex
    50:1

  4. #4

  5. #5
    Quote Originally Posted by ;
    I utilize tdfx. Now that I might need to get a new broker, who'd you recomend for me?
    Visit GFT USA or IG Markets

  6. #6
    I believe that TDFX should loe a spouse in USA like Duka and Saxo already did.

  7. #7
    Quote Originally Posted by ;
    I think that TDFX must loe a partner in USA like Duka and Saxo currently did.
    Please explain.
    How can a US partner solve the issue? Will not the US partner be controlled the same as though they were in the usa? If so, then what is the point of staying with TDFX or any broker which has a US partner? (other than you like them).

    You might as well go to a US broker directly off and abide by their regulations. It appears to me that in the instances (US broker guide or US broker via a partnership agreement) you'll regulated by US governing regulations and authorities, correct?

    I exchanged with TDFX because I did NOT need to trade under the US regulations.

  8. #8
    Because I am a new member and cannot place a thread, this is going to need to perform.

    MIG Bank is also closing the accounts of US Residents. They've partnered with Penson Future, but I have yet to have a opportunity to explore them in depth.


    Important Notice Regarding MIG BANK Clients Who Are US Residents

    Dear Valued Client,

    As you may be aware, due to this new Dodd-Frank Act which implements changes that, among other things, influence the Foreign Exchange Industry, we hereby inform you that MIG BANK will no longer provide online FX trading services for retail US residents effective at the conclusion of trading on the 15th July 2011. US citizens residing abroad may continue their FX trading activity with MIG BANK.

    As a consequence we kindly ask all US-resident Clients to close any open positions and cancel all pending orders from 18:00 CET (Swiss time) on the 15th July 2011. Any open positions staying will be closed beginning CET 18:00 Swiss time and all pending orders will be cancelled.

    We at MIG BANK consider that many of our current clients wish to keep trading exactly the same quality of implementation and spread, with our advanced technology and higher level of transparency. Because of this we're pleased to announce that MIG BANK entered into a egic relationship with PENSON FUTURES, as our White Label Partner in the United States of America.
    Penson Futures is a Penson Worldwide company (NASDAQ: PNSN), a leading independent implementation, clearing, settlement, and technology firm servicing the global financial services sector. Penson Futures is registered with the Commodity Futures Trading Commission and is a part of the National Futures Association.

    Penson Futures is a full service Futures Commission Merchant (FCM) and Forex Dealer Member (FDM) supplying futures execution and clearing services to the world's major exchanges supporting a variety of clients including non-clearing FCMs, Introducing Brokers, Professional Traders, Agents, Commercial Hedgers, AP Users, and Individual Investors. You may discover further information about Penson Futures by visiting http://www.pensonfutures.com.

    Clients who would like to resume their trading, receiving the same MIG BANK's spreads, fast implementation, and transparency may move their account(s) and balances to Penson Futures by instructing MIG BANK to accomplish this and accepting Penson's terms and conditions because the client's new counterparty.


    Sincerely,

    Your MIG BANK team

  9. #9
    Quote Originally Posted by ;
    I think that TDFX should loe a partner in USA such as Duka and Saxo already did.
    Finding a USA partner (liquidity or differently ) compels any broker to sign a MOU and thus wise they lose any US resident as a client because of CFTC influence.


    MOU = Memorandum of Understanding.

  10. #10
    Quote Originally Posted by ;
    I believe that TDFX should loe a spouse in USA such as Duka and Saxo currently did.
    YELLO! If they're a U.S. Partner afterward they'll be under U.S. legislation Er, ah, I mean regulations.

    Kind of a moot point then, isn't it?

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