Agency brokers ‘encouraged’ by CFTC response to concerns
Lobbyists are hopeful a resolution will be reached to their concerns over external business conduct rules that have forced agencies to retreat from FX derivatives
Foreign exchange agency brokers are optimistic they will be able to resume trading of non-spot products after a series of meetings with senior officials at the US Commodity Futures Trading Commission (CFTC) to discuss their concerns over the implications of the external business conduct rules under the Dodd-Frank Act.
Prior to the implementation of the rules on May 15, eight US-based agency brokers – including Faros Trading, CRT Capital, Alpari and TJM Institutional Services – formed a coalition
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