Reduced Financial Freedom? What Dodd Frank Could Mean to You

Turnkey Trading Partners ^ | 7/15/2011 | James Bibbings

[h20skier66]

If you’re like many of us, you may be wondering when people are going to stop uttering the phrase “In this economy, … ”. Since the world’s financial system took a turn for the worst in 2007, this saying has been used time and time again by countless people. In fact, it is the underlying sentiment that contributed to U.S. regulators drafting the Dodd Frank Wall Street Reform Act of 2010 (“Dodd Frank” or “Act”). Dodd Frank, for those of you who don’t know, is a massive financial legislation intended to prevent a future financial Armageddon. In drafting the Act, a great deal of time was spent paving the way for the eventual regulation of over-the-counter (“OTC”) financial derivatives; a purportedly large contributor to the world’s near financial collapse. In this regard, the intent of the U.S. Congress was undoubtedly to reign in what it saw to be reckless leverage within the financial system. However, in trying to capture all OTC derivatives under the new regulations, two products, unrelated to the failure of the economy, were also included: (1) Retail OTC Forex and (2) Retail OTC Precious Metals.

As of July 15, 2011, Dodd Frank will be implemented with respect to retail OTC precious metals contracts, thereby affecting both brokers and traders of this contract type. Dodd-Frank has already become effective with respect to retail OTC forex, except for certain delayed provisions regarding broker-dealers.

[h20skier66]

Important information for OTC forex and precious metals traders. Also US citizens with forex accounts abroad may be touched by the Dodd Frank requirements effective as of today.

[FrankR]

[ronnie raygun]

A most happy day would be these two scumbags in orange jumpsuits. Crimes against the American people