Nouvelles règles NFA pour les brokers US

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nvitale
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Messagepar nvitale » mer. juil. 08, 2009 11:12 pm

Bonjour à tous,

ça bouge beaucoup coté US en ce moment où la régulation des marchés devient réelle. On parlait récemment de l'interdiction de Hedging (désormais effective et implémentée a priori sur Metatrader 5) et nous voilà désormais avec les interdictions des pending order, ordres stop, une règle FIFO (first in fist out), et bientôt une diminution de l'effet levier.

Règle FIFO: Lorsque deux ordres seront ouverts en même temps sur une même paire, il sera obligatoire de fermer le premier trade en premier.


Un mail de FXCM en anglais:

Dear Client:

A major new National Futures Association (NFA) rule goes into effect on August 1, 2009. This rule affects all U.S. regulated Forex Dealer Members. Forex traders will no longer have the ability to place stop-loss or limit orders. Nor will traders be able to modify or close trades from the “Open Positions” window. As these features will be removed, all stop-loss and limit orders held on FXCM LLC accounts at the close of trading on July 31, 2009, will be deleted.

FXCM has always encouraged active risk management through the use of stop-loss and limit orders. Stops and limits are two entry orders that are linked to an individual open position. If a stop or limit order is triggered then the other is canceled. FXCM has introduced a new feature called OCO (One Cancels the Other) entry orders, which will provide traders with the same functionality as stop and limit orders except they are not linked to any position. Watch This Video Presentation To See How To Manage Your Risk Using OCO Entry Orders

For additional information, please visit the “NFA FIFO (First in, First Out) Rules” forum on DailyFX. We will be holding live question and answer sessions within the DailyFX forum. Visit Now

The NFA, our industry’s self regulatory organization in the United States, has adopted Compliance Rule 2-43(cool.gif. Read Compliance Rule 2-43 (cool.gif. This rule requires orders be executed First In, First Out (FIFO). FIFO requires that when multiple positions are held in the same currency pair, the position which was first opened will be the first to be closed. Stop-loss and limit orders do not comply with FIFO.

The NFA’s stance is that FIFO provides more transparency to customers by offering a more accurate picture of the P/L than viewing the results of individual positions. This brings the forex market more in line with the practices of the futures and equities markets.

While FXCM acknowledges the NFA’s concern and obligation to protect clients, FXCM would like to extend an option to those who would like to continue using stop-loss and limit orders, and who understand the underlying implications. Traders can transfer their accounts to Forex Capital Markets Limited (FXCM UK) and continue to place stop-loss and limit orders and maintain the ability to modify and close orders from the “Open Positions” window.

If you wish to maintain your current platform functionality, you can trade through FXCM UK, which is regulated by the Financial Services Authority in the UK. Learn More

If you wish to transfer your trading account to FXCM UK, please complete the one page form. Account Transfer Form

DEADLINE TO COMPLETE TRANSFER FORM: JULY 8, 2009

Important Notice: If you completed the transfer form, your account will be operational prior to the implementation of the new NFA regulations. You will be notified via e-mail when your account is transferred.

Your account number and password will remain the same and your open positions will remain intact. Moving an account to FXCM UK involves some changes in deposit and withdrawal instructions, and changes in charges for transferring funds. However, FXCM UK clients have the option to send funds to a bank in the United States and fund via credit card. MYFXCM.com will also be available.

Deposits | Withdrawals | MYFXCM.com

If you have any questions about the new regulations, or their effect on your risk management, please don’t hesitate to contact us at 1-888-503-6739, or e-mail us at info@fxcm.com.

We look forward to serving you.

Best regards,

FXCM



Un mail venant de FXDD en français:

NFA Regulations

New York, (July 07, 2009)

Chers Clients,

Comme vous le savez bien déjà, l’entité régulatrice du marché Forex aux Etats-Unis ; la NFA ; a dernièrement proclamé une nouvelle règle qui interdit aux membres dealer du Forex de laisser ouverts des positions opposantes sur le même compte à la fin de la journée du tarding(« pas de Hedging). La règle aussi veut que tous les contrats soient fermés dans un ordre historique, aussi appelée « First in First out » (FIFO). Il ya’ eu certainement de nombreuses spéculations de la part des groupes d’utilisateurs concernant les changements à venir, comment vont-ils affecter la plateforme Metatrader, ainsi que les scripts des robots (Expert Advisors) et comment cela va transformer le marché du Forex.

La règle du « non-hedging » a pris effet depuis un mois, et comme vous avez dû tous remarquer, les rumeurs concernant ce sujet ont été vaguement exagérées.
L’implémentation de la règle du FIFO « First in First out” a été repoussée et les discussions entre les entreprises, les vendeurs des plateformes et la NFA à propos des implémentations et leurs impacts sont toujours en cours.

Au milieu de ces changements, quelques dealers ont pris avantages de la situation pour promouvoir leurs services à l’étranger (hors U.S). Ces dealers font tous pour aggraver la situation et manipuler les sentiments de peurs et d’incertitudes des clients. Il est totalement ambigu si ces dealers sont préparés et ont les capacités de maintenir un fonctionnement propre de la plateforme Metatrader 4. Par contre, il est évident que fermer et transférer tous les comptes vers une compagnie hors U.S qui n’a pas fait ses preuves est très risqués et coutera énormément.

Au cœur de toutes ces spéculations, nous à FXDD voulons vous assurer que, encore une fois, nous donnerons le meilleur de nous pour que vous puissiez continuer à trader sans avoir à craindre les changements et leurs impacts sur vos stratégies de trading.
Nous travaillons dur et continuellement avec les vendeurs des plateformes, examinons prudemment toutes les positions et options et travaillons avec la NFA avec toute diligence sur les progrès de notre adhésion.

Notre ultime conseil est de ne pas considérer les fausses rumeurs. Si nous allons modifier notre plateforme, nous vous informerons bien en avance et nous vous donnerons toutes les options à considérer. Nous allons aussi vous tenir au courant régulièrement des mises à jour de notre plan.



Évidemment d'intenses négociations sont désormais en cours, car une diminution importante de l'effet levier fermerait la porte aux petits traders qui font pourtant les choux gras des brokers... (finançant la NFA ;-) En cas de levier très faible, la taille des lots seraient peut être diminuées.

Bref, wait and see.

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curunir
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Messagepar curunir » jeu. juil. 09, 2009 8:40 pm

Vraiment n'importe quoi sa , encore le hedging qu'il l'interdise c'est pas trop grave , les pending order c'est pas la catastrophe bien que sa limite pas mal les possibilités . Mais baissez les leviers sa c'est vraiment nul , il faut les pendre ces gens . Bravo on lutte contre la crise : on empêche de développez des système de trading viable grâce au pending order et au hedging , mais pour couronner le tout on laisse faire les gros et on détruit les petits : bonne solution c'est vrai qu'en m'empêchant de trader avec mais 2000 euros on va sauvez l'économie mondiale .
Voila le monde actuel : fait grossir le gros dindon et laisse mourir le petit poussin .
Forcement quand on a 2 000 000 € on pas besoin de levier 200 mais quand on a 1000 fois moin c'est plmus compliqué

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nvitale
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Messagepar nvitale » jeu. juil. 09, 2009 9:12 pm

Il faut faire remarquer toutefois que le Forex est le seul à permettre de se lancer avec si peu de capital... Baisser les leviers signifierai un retour à la "normal" aux US, mais ceci me semble difficilement applicable dans la pratique. Une véritable industrie s'est crée autours des petits porteurs Forex qui se font généralement très vite plumer.

Pour les stops, ça ne me pose pas de problèmes. C'est mon EA qui gère mes stops dynamiquement (et non l'ordre d'ouverture de position lui même).

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nvitale
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Messagepar nvitale » ven. juil. 10, 2009 11:21 am

Sans rapport direct avec a régulation aux US de la NFA mais au sujet de la régulation des marchés financiers, il y a un article récent sur Lemonde.fr ici.

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curunir
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Messagepar curunir » jeu. juil. 16, 2009 9:52 am

Pour ceux que sa intéressent , mon broker ma envoye un mail en anglais queje n'est pas lu mais sa parle aparement de la NFA :

Dear Client:

We would like to update our clients on platform changes being made to FXCM LLC accounts to comply with National Futures Association (NFA) Compliance Rule 2-43 (b), effective July 31, 2009:

Closing Open Positions with Market Orders
Using Entry Order(s) to Place Stops and Limits
Introducing OCO Orders and Pullback / Breakout OCO Orders
**For more details please read below.**

We have created two videos which take an in-depth look at these changes:

Platform Changes Due to Upcoming FIFO Rule
Stop-Loss and Limits: Using Entry Orders and New OCO Functionality
Key Features:

1) Closing Open Positions with Market Orders

The option of closing an open position via the “Open Positions” window will be removed. You can continue to close positions by placing an opposing market order. For example, to close a 20K BUY EUR/USD open position, you would place a 20K SELL EUR/USD market order. Market orders are compliant with FIFO (First In, First Out) because they close the first position opened in the specific currency pair.

2) Using Entry Order(s) to Place Stops and Limits

The way in which you place stop-loss and limit orders will change. The ability to place stop-loss and limit orders through the “Open Positions” windows will be removed at the end of trading on July 31. You will still be able to manage your risk, realize profits, and cut losses with stop-loss and limit orders. You will now use entry orders to place stop-loss and limit orders.*

For Buy Positions: Placing an entry order to sell below the price where you got into the position protects you from additional losses. Placing an entry order to sell above the price where you got in locks in profits.

For example, if you have a BUY EUR/USD position at 1.3900, you could place:
a stop-loss using a sell entry order (Stop Entry, SE) at 1.3800
or
a limit using a sell entry order (Limit Entry, LE) at 1.4000.

For Sell Positions: Placing an entry order to buy above the price where you got in protects you from additional losses. Placing an entry order to buy below the price where you got in locks in profits.

For example, if you have a SELL EUR/USD position at 1.3900, you could place:
a stop-loss using a buy entry order (Stop Entry, SE) at 1.4000
or
a limit using a buy entry order (Limit Entry, LE) at 1.3800.

Please Note: We strongly recommend that prior to market close on July 31, 2009, you replace your stop-loss and limits in your “Open Positions” window with stop and limit entry orders. Existing stop-loss and limit orders in the “Open Positions” window will be removed from your account. Entry orders will not be affected.

3) New OCO Orders and Pullback / Breakout OCO Orders

An OCO (One Cancels the Other) enables two entry orders to be linked. If you are using two entry orders as a stop and limit, you can link them so that if one triggers the other is deleted. For example, if you have a BUY EUR/USD position at 1.3900 and your limit using a sell entry order at 1.4000 is triggered, the other order (stop-loss at 1.3800) would be deleted. If you did not use the OCO functionality, you would manually have to delete the stop-loss at 1.3800. View Video

These changes are being made to comply with the National Futures Association (NFA) Compliance Rule 2-43 (b) regarding FIFO and goes into effect after July 31, 2009. For additional information, please visit the “NFA FIFO (First in, First Out) Rules” forum on the DailyFX forum. We will be holding live question and answer sessions within the DailyFX forum. Visit Now

Platform Upgrade

You will be able to link your entry orders as OCO (One Cancels the Other) after July 25, 2009. To make this functionality available, all FXCM clients will have their trading platform automatically upgraded when they log in after July 26, 2009. Please view FXStatus.com for technical support with the platform upgrade. If you have questions about the upcoming regulation changes and what it means for your account, attend the live question and answer session within the DailyFX forums. Visit Now

Alternative Solutions:

The NFA’s stance is that FIFO provides more transparency to customers, offering a more accurate picture of the customer’s overall P/L than viewing the results of individual positions. The application of this rule brings the forex market more in line with the practices of the futures and equities markets.

FXCM acknowledges the benefits of a FIFO-based platform, but would like to extend an option to customers who wish to continue trading using their current platform functionality to trade through Forex Capital Markets Limited (FXCM UK). FXCM UK is regulated by the Financial Services Authority (FSA) in the United Kingdom.

If you wish to transfer your trading account to FXCM UK, please complete the one page form. Account Transfer Form

Deadline to Complete Transfer Form: JULY 21, 2009

Your account number and password will remain the same and your open positions will remain intact. Moving an account to FXCM UK involves some changes in deposit and withdrawal instructions. However, FXCM UK clients have the option to send funds to a bank in the United States and fund via credit card. MyFXCM.com will also be available. Visit MyFXCM.com

For additional information, please visit the "NFA FIFO (First in, First Out) Rules" forum on DailyFX. We will be holding live question and answer sessions within the DailyFX forum. Visit Now



PS: le broker c'est FXCM

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nvitale
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Messagepar nvitale » jeu. juil. 16, 2009 10:32 pm

Merci Curunir pour ces infos. Si tu trades avec FXCM, je te conseille de le lire car pas mal de chose vont changer dans la pratique avec ce broker... L'ergonomie de la plateforme en prends un coup...

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nvitale
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Messagepar nvitale » mer. juil. 22, 2009 8:45 am

Voici des précisions de Interbank FX:

Salt Lake City, July 20, 2009 — Interbank FX (IBFX.com), a worldwide provider of online foreign currency (Forex/FX) trading, announced today a solution for NFA Compliance Rule 2-43 affecting all NFA regulated Forex brokers.
Using our proprietary backoffice solutions, Interbank FX will allow our Meta Trader 4 platform to remain 100 percent compliant, while retaining order functionality and flexibility for customers trading. The MT4 platform will continue to function as our customers have experienced over the last several years. This includes the ability for customers to use fully functional Expert Advisors, Stops Losses, Take Profits, Trailing Stops and Limit Orders without making any needed adjustments.
"Certain US competitors have decided that their solution to the new FIFO rules are to move their customers overseas, rather than being compliant," said Todd Crosland, Chairman and President of Interbank FX. "At Interbank FX, we have embraced the NFA's efforts to help protect customers and provide a seamless solution without any changes to their current trading strategies."
The only modification for customers will be their daily and monthly account statements, coming directly from the proprietary Interbank FX backoffice system using NFA FIFO offsetting procedures. The FIFO rule takes effect beginning July 31/August 1, 2009.
Interbank FX is currently working on a step-by-step video which will be available shortly on our web site, www.ibfx.com.



Does FIFO apply to all of my trades?
First in / First out applies ONLY to trades of the same size.
Will my Expert Advisor still work?
All of your Expert Advisors will continue to work with all of your pre-programmed stops, limits and trailing stops.
Will I still be able to use Stops and Limits, Trailing Stops and Take Profits?
Absolutely – With the IBFX solution, you won’t have to make any changes from the way that you are trading currently. No need to make any adjustments to Stops and Limits, Trailing Stops or Take Profits.
Will I still be able to close any of my orders of the same currency pair in any order?
Yes, with the IBFX solution, your trading will still be fully functional without any changes to your current trading strategies.
How will this affect my daily statements?
Interbank FX Official Statements will come directly from Interbank FX’s proprietary back office system using our FIFO offsetting and accounting procedures. These statements will be accessible through a client’s Web Site Login. You will still be able to pull an Unofficial Trade Journal using the Trade Journal feature within the IBFX website. You will also be able to produce Unofficial Trade Journals using MetaTrader 4 as your Trade Manager.
Does this NFA rule apply to all U.S. based brokers?
Yes, this rule affects any broker in the U.S. that is a member of the NFA. Other brokers have attempted different approaches to this new ruling. We at Interbank FX strive to make trading in the forex market as simple as possible for our clients, all the while in full compliance with the NFA.


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nvitale
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Messagepar nvitale » sam. août 01, 2009 12:05 pm

Voici un mail de IBFX que j'ai reçu récemment qui reprend une nouvelle fois ce qui était dit dans le dernier message:

Frequently Asked Questions
Q Does FIFO apply to all of my trades?
A First in / First out applies ONLY to trades of the same currency pair and position size.

Q Will my Expert Advisor still work?
A All of your Expert Advisors will continue to work with all of your pre-programmed stops, limits and trailing stops.

Q Will I still be able to use Stops and Limits, Trailing Stops and Take Profits?
A Absolutely - With the IBFX solution, you won't have to make any changes from the way that you are currently using MetaTrader4. No need to make any adjustments to Stops and Limits, Trailing Stops or Take Profits in your MetaTrader 4 platform. FIFO offseting will occur for all of your trades and proper accounting will be managed by Interbank FX's proprietary back office and reporting system.

Q Will I still be able to close any of my orders of the same currency pair in any order in MetaTrader4?
A With the IBFX solution, your trade management will still be fully functional in the MetaTrader 4 platform without you having to make any changes to your current trading strategies. Interbank FX's proprietary back office and reporting system will offset your trades FIFO as required by NFA Compliance Rule 2-43.

Q How will this affect my daily statements?
A Interbank FX Official Statements will come directly from Interbank FX’s proprietary back office system using our FIFO offsetting and accounting procedures. These statements will be accessible through a client’s Web Site Login. You will still be able to pull an Unofficial Trade Journal using the Trade Journal feature within the IBFX website. You will also be able to produce Unofficial Trade Journals using MetaTrader 4 as your Trade Manager.

You will notice on the Interbank FX Official Statements that the trades have been opened and closed in a FIFO compliant manner, while this may not be the case on your Unofficial Trade Journal.

Q Does this NFA rule apply to all U.S. based brokers?
A Yes, this rule affects any broker in the U.S. that is a member of the NFA. Other brokers have attempted different approaches to this new ruling. We at Interbank FX strive to make trading in the forex market as simple as possible for our clients, all the while in full compliance with the NFA.


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nvitale
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Messagepar nvitale » lun. déc. 14, 2009 10:17 pm

Un mail reçu de InterbankFX qui m'a fait bien sourire :


Interbank FX introduces Intraday Hedging

Dear Valued Customer,

We have introduced Intraday Hedging into the demo accounts on Dec 10th, with plans to introduce Intraday Hedging to the live accounts on or around Dec 20th. What this means to your account:

* You will be able to place both long and short orders in the same currency pair during the course of the day.
* Just before swap at approximately 5 pm Eastern Time the trades will be netted out, please see the example below.

We recommend that you test your experts and trading strategies that use hedging thoroughly on a demo account before using them on your live account.

Please contact us if you have additional questions or comments. Thank you for your continued support,

The Interbank FX Team

US and Canada: 866.468.3739
Australia 1.800.884.912
Indonesia 001.803.017.9112
Malaysia 1.800.813.776
New Zealand 0800.445647
Singapore 800.101.2097
United Kingdom 0.808.120.1966

International: +1.801.930.6800
Fax: 212.884.0609

Example #1:
At 10:11:00 Eastern you open a 2 lot long on the EUR/USD at 1.4730 (ticket #1).
At 13:01:01 Eastern you open a 2 lot short on the EUR/USD at 1.4733 (ticket #2).

Just before swap, at approximately 17:00 Eastern, ticket #1 is closed out at 1.4733 and ticket #2 would show 0 lots with an open and close price of 1.4733.

Example #2:
At 10:11:00 Eastern you open a 1 lot long on the EUR/USD at 1.4730 (ticket #1).
At 13:01:01 Eastern you open a 2 lot short on the EUR/USD at 1.4733 (ticket #2).

Just before swap, at approximately 17:00 Eastern, ticket #1 is closed out at 1.4733. The remainder of ticket #2 would allocate to a new trade ticket of 1 lot short at 1.4733. Swap would be charged to this new ticket for that symbol’s rate for one lot.

At 10:11:00 Eastern you open a 5 lot long on the EUR/USD at 1.4730 (ticket #1).
At 13:01:01 Eastern you open a 2 lot short on the EUR/USD at 1.4733 (ticket #2).

Just before swap, at approximately 17:00 Eastern, 2 lots of ticket #1 would close at 1.4733. Ticket #2 would show 0 lots with an open and close price of 1.4733. The remainder of ticket #1 would allocate to a new trade ticket of 3 lots long at 1.4730. Swap would be charged to this new ticket for that symbol’s rate for three lots.


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Lliane
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Messagepar Lliane » mar. déc. 15, 2009 12:12 pm

Moué.
Lliane / Global Alpha - StatVolArb / Natixis Equity


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