President Bush vetoed the Bill on Wednesday night, but that apparently will cause no more than a short-term delay. According to Drew Niv, chief executive of FXCM, the Bill will lead to the creation of retail FX dealer category, recognising that the OTC is a proper market and not just a pool where sharks swim. It will also close the Zelener loophole that limited the CFTC’s jurisdiction by limiting the regulator to futures, not spot.
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