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Feb 9, 2010

CFTC rules could be blow to retail currency traders

NEW YORK, Feb 09 (Reuters) – Rules proposed by the
regulator of U.S. futures markets to fight fraud in foreign
currency trades are too restrictive for retail trading firms
and could dramatically cut into the growing business, dealers
said.

The Commodity Futures Trading Commission was given clearer
authority last month, in farm legislation passed by Congress in
2008, to go after foreign currency (forex) trading scams being
pulled off in the unregulated over-the-counter market.
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      "Fred Katayama is an award-winning journalist at Reuters Television in New York. He anchors Reuters Technology Week and the Reuters Industry Summits. He has covered big breaking news events such as Hurricane Katrina, the Enron scandal, and the Kobe, Japan earthquake. Previously, he was a correspondent reporting for the Moneyline News Hour at CNN, where he also anchored business news shows and headlines on CNN Financial News, CNN International, and Headline News. Prior to that, he worked as a general assignment reporter for the CBS affiliate in Seattle, KIRO-TV. He is also a specialist on Asia. He anchored “Business ..."

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