As expected, the National Futures Association has raised the minimum net capital requirement for US FX dealer members (FDMs) to $5 million. Depending on the amount of leverage they provide and volume of business they do, member firms will have to actually post up about $10 million to continue doing business in the US. Many firms will not be able to comply with this and those that are relative paupers will be further worried by testimony made last week by the NFA’s president and chief executive, Dan Roth, to the US House of Representatives.
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