Below is part of an e-mail received from my broker.
I interpret this to mean if I choose to continue to use MT, will have to transfer out of U.S. account.
This is the first have heard of this and was wondering if this is specific only to this broker, or all U.S. based accounts.
Anyone know anything about this?
Dear Client,
Beginning August 1, 2009, a new NFA compliance will go into effect for US regulated firms. NFA Rule 2-43(b) requires that customer orders be executed on a first-in, first-out (FIFO) basis.
At this time, the MetaTrader platform does not support the FIFO rule.
You may continue to use the MetaTrader platform, by transferring your account to our UK entity, xxxxx.com UK Ltd, which is authorized and regulated by the Financial Services Authority (FSA).
I interpret this to mean if I choose to continue to use MT, will have to transfer out of U.S. account.
This is the first have heard of this and was wondering if this is specific only to this broker, or all U.S. based accounts.
Anyone know anything about this?
Dear Client,
Beginning August 1, 2009, a new NFA compliance will go into effect for US regulated firms. NFA Rule 2-43(b) requires that customer orders be executed on a first-in, first-out (FIFO) basis.
At this time, the MetaTrader platform does not support the FIFO rule.
You may continue to use the MetaTrader platform, by transferring your account to our UK entity, xxxxx.com UK Ltd, which is authorized and regulated by the Financial Services Authority (FSA).