The US National Futures Association (NFA) has sent out a proposal to its 43 Forex Dealer Members (FDMs) which if passed will almost inevitably lead to a huge consolidation in the US retail market. The proposal will be presented to the NFA’s board in August; if it is ratified, it will then be sent to the Commodity Futures Trading Commission (CFTC), which effectively acts as the NFA’s gatekeeper. If accepted by this body, the NFA will then set a date by which FDMs would have to meet the new capital requirements.
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