The commenter argued it is more accurate to inform customers that the bank may or does mark-up or mark-down transactions or apply commission rates to transactions that will create income for the bank. The Start Printed Page major currencies currently are the U. Eine gut geplante Strategie mit guter Führung ist alles, was Sie brauchen, um Ihre Zukunft zu drehen und eine schlecht geplante Strategie kann auch gleich verheerende Auswirkungen haben. Posted by Lynja at 7:
The OCC received no comments to this section and adopts it as proposed. Start Printed Page Section To obtain such non-objection, the national bank will have to provide such information as the OCC deems necessary to determine that the national bank would satisfy the requirements of the rule. This information will include information on: Customer due diligence including credit evaluations, customer appropriateness, and ldquoknow your customerrdquo documentation new product approvals haircuts for noncash margin and conflicts of interest.
In addition, the national bank must establish that it has adequate written policies, procedures, and risk measurement and management systems and controls. National banks engaged in retail forex transactions as of the effective date of this rule that promptly request the OCCs review of their retail forex business will have six months, or a longer period provided by the OCC, to bring their operations into conformance with the rule.
Under this rule, a national bank that requests the OCCs review within 30 days of the effective date of the final retail forex rule and submits such information as the OCC may request within the timeframe the OCC provides will be deemed to be operating its retail forex business pursuant to a rule or regulation of a Federal regulatory agency, as required under the CEA, for such period.
The commenter supported the adoption of this section, and the OCC adopts it as proposed. The national bank would have to offset such positions regardless of whether the customer has instructed otherwise. The CFTC concluded that keeping open long and short positions in a retail forex customers account removes the opportunity for the customer to profit on the transactions, increases the fees paid by the customer, and invites abuse.
The commenter stated that a customer should be permitted to provide instructions with respect to the manner in which the customers retail forex transaction are offset when: The commenter also sought clarification that a customer could provide specific offset instructions in writing or orally, and that those instructions can be made on a blanket basis.
The OCC agrees that a customer should be able to offset retail forex transactions in a particular manner, if he or she so chooses. Paragraph c has been modified to provide that, notwithstanding the default offset rules in paragraphs a and b , the national bank must offset retail forex transactions pursuant to a customers specific instructions.
Blanket instructions are not sufficient for this purpose, as they could obviate the default rule. However, offset instructions need not be given separately for each pair of orders in order to be ldquospecific. Finally, consistent with the changes to sectthinsp The national bank must create and maintain a record of each offset instruction.
The prescribed risk disclosure statement would describe the risks associated with retail forex transactions. The commenter agreed with the need for a robust risk disclosure statement but suggested that a shorter, clearer, more direct, and less redundant statement would be more effective.
The final rule incorporates several changes to the disclosures to eliminate redundancies, address ambiguities, and convey the information more clearly.
The proposal requested comment on whether the risk disclosure statement should disclose the percentage of profitable retail forex accounts. The commenter said that disclosing the ratio of profitable to nonprofitable retail forex accounts is not useful because those ratios depend on many factors including the trading expertise of customers and could suggest one national bank is a more attractive retail forex counterparty than another.
In its retail forex rule, the CFTC requires its registrants to disclose to retail customers the percentage of retail forex accounts that earned a profit and the percentage of such accounts that experienced a loss during each of the most recent four calendar quarters.
The proposal requested comment on whether the risk disclosure statement should include a disclosure that when a retail customer loses money trading, the dealer makes money.
The commenter said that this disclosure is inaccurate because the bank immediately hedges retail forex transactions or nets them with similar transactions and therefore does not profit from exchange rate fluctuations. The commenter argued it is more accurate to inform customers that the bank may or does mark-up or mark-down transactions or apply commission rates to transactions that will create income for the bank.
The OCC understands that the economic model of a retail forex business may be to profit from spreads, fees, and commissions. Nonetheless, because a national bank engaging in retail forex transactions is trading as principal, by definition, when the retail forex customer loses money on a retail forex transaction, the national bank makes money on that transaction.
The OCC therefore believes that this disclosure is accurate and helps potential retail forex customers understand the nature of retail forex transactions. Similarly, the CFTCs retail forex rule requires a disclosure that when a retail customer loses money Start Printed Page trading, the dealer makes money on such trades, in addition to any fees, commissions, or spreads.
The proposal asked whether it would be convenient to national banks and retail forex customers to allow the retail forex risk disclosure to be combined with other disclosures that national banks make to their customers.
The commenter asked the OCC to confirm that national banks may add topics to the risk disclosure statement. The OCC is concerned that the effectiveness of the disclosure could be diminished if surrounded by other topics. Therefore, the final rule requires the risk disclosure statement to be given to potential retail forex customers as set forth in the rule. National banks may describe and provide additional information on retail forex transactions in a separate document.
The commenter further asked the OCC to confirm that the risk disclosure statement may be appended to account opening agreements or forms and that a single signature by the customer on a combined account agreement and disclosure form can be used as long as the customer is directed to and acknowledges the risk disclosure statement immediately prior to the signature line.
The OCC believes that a separate risk disclosure document appropriately highlights the risks in retail forex transactions and that requiring a separate signature for the separate risk disclosure appropriately calls a potential retail forex customers attention to the risk disclosure statement. However, a national bank may attach the risk disclosure to a related document, such as the account agreement.
The proposal requested comment on whether the risk disclosure statement should include a disclosure of fees that the national bank charges to retail forex customers. The commenter agreed that the disclosure of fees is appropriate, but should not include income from hedging retail forex customers positions or income streams not charged to the customer.
The final rule, like the proposed rule, does not require national banks to disclose income streams not charged to the retail forex customer. However, a national bank must do more than simply describe the means by which it earns revenue.
To the extent practical, it must quantify the fees, charges, spreads, or commissions that the national bank may impose on the retail forex customer in connection with the customers retail forex account or a retail forex transaction. If a national bank bases its prices off of the prices provided by a third party, then the national bank may disclose the use of the third partys pricing and the markup charged to retail forex customers.
These quotes may be provided as part of an electronic trading platform or, after a retail forex customer calls the national bank for a retail forex transaction, by providing both a bid and ask price for the transaction. The commenter read the disclosure to suggest that the national bank cannot seek to recover losses not covered by a customers margin account via an appropriate dispute resolution forum and asked the OCC to confirm that this was not the case. The final rule does not forbid a national bank from seeking to recover a deficiency from a retail forex customer in an appropriate venue.
The disclosure has been revised to make this fact clear. Finally, the commenter said that the disclosure regarding the availability of FDIC-insurance for retail forex transactions should be clarified. The disclosure requires a national bank to state that retail forex transactions are not FDIC-insured.
The commenter agreed with that statement. It noted, however, that margin funds may be insured deposits. The FDIC-insured status of funds held in a retail forex margin account will depend on whether such funds are held in a manner that meets the requirements of the Federal Deposit Insurance Act and its implementing regulations. National banks may accurately disclose the availability of FDIC insurance for retail forex margin accounts in a separate document as permitted by law.
This section also prescribes document maintenance standards. Recordkeeping requirements found in sectthinsp Furthermore, the recordkeeping requirements have been modified to accommodate oral orders and offset instructions. A national bank must create an audio recording of oral orders and offset instructions. The proposed rule contained a provision allowing the OCC to exempt a national bank from the well-capitalized requirement.
This provision has been removed in light of the general reservation of authority in sectthinsp These margin requirements are identical to the requirements imposed by the CFTCs retail forex rule. The proposal requested comments on whether it should define the major currencies in the final rule but did not receive any. The final rule adopts the proposals approach to identifying the major currencies. A major currency pair is a currency pair with two major currencies.
The Start Printed Page major currencies currently are the U. The volatility of the foreign currency markets exposes retail forex customers to substantial risk of loss. High leverage ratios can significantly increase a customers losses and gains. Even a small move against a customers position can result in a substantial loss. Even with required margin, losses can exceed the margin posted and, if the account is not closed out, and, depending on the specific circumstances, the customer could be liable for additional losses.
Given the risks that are inherent in the trading of retail forex transactions by retail customers, the only funds that should be invested in such transactions are those that the customer can afford to lose.
Prior to the CFTCs rule, nonbank dealers routinely permitted customers to trade with 1 percent margin leverage of When the CFTC proposed its retail forex rule in January , it proposed a margin requirement of 10 percent leverage of In response to comments, the CFTC reduced the required margin in the final rule to 2 percent leverage of The proposal requested comment on whether these margin requirements were appropriate to protect retail forex customers.
The commenter did not object to the amount of margin required. However, the commenter suggested that the margin required by this paragraph should be initial margin rather than maintenance margin. The commenter also suggested that national banks be allowed to set maintenance margin levels as a matter of the banks credit and risk policies in a manner that balances i protecting customers from a forced close-put of their positions as soon as an adverse market move erodes margin under the 2 or 5 percent minimum level with ii the need to promptly collect margin and close out positions when a customer fails to meet a margin call.
The commenter also suggested that customers should have some reasonable time to meet margin calls before they are deemed to have defaulted and face a forced liquidation of their positions. Subject to reasonable collection times as described below, a national bank must ensure that there is always sufficient margin in a retail forex customers margin account for the customers open retail forex transactions.
If the amount of margin in a retail forex customers margin account is insufficient to meet the requirements of paragraph a , then sectthinsp Retail forex customers should have a reasonable amount of time to post required margin for retail forex transactions.
Market practice is for retail forex counterparties to make margin calls at the close of trading on a trading day based on margin levels at the end of that day or at the open of trading on the next trading day based on margin levels at the end of that prior day. If the retail forex customer does not post sufficient margin by the end of the next close of trading, then the retail forex counterparty liquidates the customers retail forex account.
In other words, by the close of business on a given trading day, the margin account must be sufficient to meet the margin requirements as at the end of the prior trading day.
Paragraph b specifies the acceptable forms of margin that customers may post. National banks must establish policies and procedures providing for haircuts for noncash margin collected from customers and must review these haircuts annually. It may be prudent for national banks to review and modify the size of the haircuts more frequently.
The OCC requested comment on whether the final rule should specify haircuts for noncash margin. The OCC received no comments on this paragraph and adopts this paragraph as proposed. Paragraph c requires a national bank to hold each retail forex customers retail forex transaction margin in a separate account. This paragraph is designed to work with the prohibition on set-off in paragraph e , so that a national bank may not have an account agreement that treats all of a retail forex customers assets held by a bank as margin for retail forex transactions.
The commenter requested clarification that this paragraph allows national banks to place margin into an omnibus or commingled account for operational convenience, provided that the bank keeps records of each customers margin balance.
A national bank may place margin collected from retail forex customers into an omnibus or commingled account if the bank keeps records of each retail forex customers margin balance. A ldquoseparate accountrdquo is one separate from the retail forex customers other accounts at the bank.
For example, margin for retail forex transactions cannot be held in a retail forex customers savings account. Funds in a savings account pledged as retail forex margin must be transferred to a separate margin account, which could be an individual or an omnibus margin account. The final rule contains slightly modified language to clarify this intent. The FDIC-insured status of funds held in an omnibus account will depend on whether such funds are held in a manner that meets the requirements of the Federal Deposit Insurance Act and its implementing regulations.
Paragraph d requires a national bank to collect additional margin from the customer or to liquidate the customers position if the amount of margin held by the national bank fails to meet the requirements of paragraph a.
The proposed rule would have required the national bank to mark the customers open retail forex positions and the value of the customers margin to the market daily to ensure that a retail forex customer does not accumulate substantial losses not covered by margin. The proposal requested comment on how frequently retail forex customers margin accounts should be marked to market.
The commenter asked that the final rules permit marking to market more frequently than daily if the national banks systems and customer agreements permit. The final rule, like the proposed rule, requires marking to market at least once per day. Nothing in paragraph d forbids a more frequent schedule. Start Printed Page Paragraph e prohibits a national bank from applying a retail forex customers retail forex obligations against any asset or liability of the retail forex customer other than money or property pledged as margin.
Thus, it is more likely that a national bank acting as a retail forex counterparty will hold other assets or liabilities of a retail forex customer, for example a deposit account or mortgage, than a retail forex dealer regulated by the CFTC.
The OCC believes that it is inappropriate to allow a national bank to leave trades open and allow additional obligations to accrue that can be applied against a retail forex customers other assets or liabilities held by the national bank.
However, should a retail forex customers retail forex obligations exceed the amount of margin he or she has pledged, this rule does not forbid a national bank from seeking to recover the deficiency in an appropriate forum, such as a court of law. Paragraph e does not apply to debts a retail forex customer owes to a national bank as recognized in a judgment of a court of competent jurisdiction.
The commenter suggested that retail forex customers should be able to pledge assets other than those held in the customers margin account. For example, a customer could nominate a deposit account as containing margin for its retail forex transactions. Nothing in this rule prevents retail forex customers from pledging other assets they have at the bank as margin for retail forex transactions.
However, once those assets are pledged as margin, the national bank must transfer them to the separate margin account. For example, if a retail forex customer pledges in her checking account as margin, then the bank must deduct from the checking account and place in the margin account. The OCC believes this transfer appropriately alerts retail forex customers to the nature of the pledge.
A national bank may not evade this requirement by merely taking a security interest in assets pledged as margin: The proposal sought comment on whether this section provides for statements that would be useful and meaningful to retail forex customers or whether other information would be more appropriate.
The commenter sought clarification that the statements may be provided electronically, and also suggested that retail forex customers would be better served with continuous online access to account information rather than monthly statements.
The OCC encourages national banks to provide real-time, continuous access to account information. This rule does not prevent national banks from doing so. However, the OCC believes it is valuable to require national banks to provide retail forex account information to retail forex customers at least once per month.
Monthly statements may be provided electronically as permitted under the Electronic Signatures in Global and National Commerce Act. This section also prohibits a national bank from implying or representing that it will guarantee against or limit retail forex customer losses or not collect margin as required by sectthinsp This section does not prohibit a national bank from sharing in a loss resulting from error or mishandling of an order.
Guaranties entered into prior to effectiveness of the prohibition would only be affected if an attempt is made to extend, modify, or renew them. This section also does not prohibit a national bank from hedging or otherwise mitigating its own exposure to retail forex transactions or any other foreign exchange risk.
The commenter said that requiring specific written authorization from a retail forex customer before effecting a retail forex transaction for that customer would be burdensome and detrimental to the customers interests, if, for example, the customer cannot convey written instructions because of technical difficulties.
The OCC agrees with this concern and further notes that the CFTCs retail forex rule does not require written authorization for each retail forex transaction. The final rule requires a national bank to obtain a retail forex customers specific authorization written or oral to effect a particular trade. National banks must keep records of authorizations to trade pursuant to this rule.
Under paragraph a , a national bank engaging in retail forex transactions is required to establish and enforce internal rules, procedures, and controls 1 to prevent front running, a practice in which transactions in accounts of the national bank or its related persons are executed before a similar customer order and 2 to establish settlement prices fairly and objectively.
The commenter requested clarification that the prohibition on front running applies only when the person entering orders for the banks account or the account of related persons has knowledge of unexecuted retail customer orders, and that a national bank may comply with this provision by erecting a firewall between the retail forex order book and other forex trading desks.
The final rule requires national banks to establish reasonable policies, procedures, and controls to address front running. This provision is designed to prevent the national banks from unfairly taking advantage of information they gain from customer trades. Effective firewalls and information barriers are reasonable policies, procedures, and controls to ensure that a national bank does not take unfair advantage of its retail forex customers.
The final rule clarifies paragraph a accordingly. Paragraph b prohibits a national bank engaging in retail forex transactions from disclosing that it Start Printed Page holds another persons order unless disclosure is necessary for execution or is made at the OCCs request. Paragraph c ensures that related persons of another retail forex counterparty do not open accounts with a national bank without the knowledge and authorization of the account surveillance personnel of the other retail forex counterparty with which they are affiliated.
Similarly, paragraph d ensures that related persons of a national bank do not open accounts with other retail forex counterparties without the knowledge and authorization of the account surveillance personnel of the national bank with which they are affiliated. The commenter requested confirmation that national banks may rely on a representation of potential customers that they are not affiliated with a retail forex counterparty. Paragraph c prohibits a national bank from knowingly handling the retail forex account of a related person of a retail forex counterparty.
To the extent reasonable, national banks may rely on representations of potential retail forex customers. If, however, a national bank has actual knowledge that a retail forex customer is a related person of a retail forex counterparty, then no representation by the customer will allow the bank to handle that retail forex account.
A national bank should inquire as to whether a potential retail forex customer is related to a retail forex counterparty to avoid violating paragraph c through willful ignorance. The commenter also requested clarification that these paragraphs apply only to employees of firms that offer retail forex transactions, and, in the case of banks, only employees of the retail forex business and not any employee of the bank that offers retail forex transactions.
The OCC agrees that the prohibitions in paragraph c and d should only apply to employees working in the retail forex business paragraphs c and d are designed to prevent evasion of the prohibition against front running.
The final rule clarifies this point. Paragraph e prohibits a national bank engaging in retail forex transactions from 1 entering a retail forex transaction to be executed at a price that is not at or near prices at which other retail forex customers have executed materially similar transactions with the national bank during the same time period, 2 changing prices after confirmation, 3 providing a retail forex customer with a new bid price that is higher or lower than previously provided without providing a new ask price that is similarly higher or lower as well, and 4 establishing a new position for a retail forex customer except to offset an existing position if the national bank holds one or more outstanding orders of other retail forex customers for the same currency pair at a comparable price.
Paragraph e 3 does not prevent a national bank from changing the bid or ask prices of a retail forex transaction to respond to market events. The OCC understands that market practice among CFTC-registrants is not to offer requotes but to simply reject orders and advise customers they may submit a new order which the dealer may or may not accept. Similarly, a national bank may reject an order and advise customers that they may submit a new order.
The proposal sought comment on whether paragraph e 3 appropriately protected retail forex customers or whether a prohibition on re-quoting would be simpler. The commenter argued that the prohibition on re-quoting in paragraph e 3 is overly broad and should permit new bids or offers to reflect updated spreads.
In the alternative, the commenter suggested prohibiting re-quoting and requiring that, in the event an order is not confirmed, the customer must submit a new order at the then-currently displayed price. As stated above, rather than allowing requotes, a national bank may reject orders and request that customers submit a new order. Paragraph e 4 requires a national bank engaging in retail forex transactions to execute similar orders in the order they are received.
The prohibition prevents a national bank from offering preferred execution to some of its retail forex customers but not others. The proposal requested comment on whether this section imposed requirements not already encompassed by safety and soundness standards. Having received no comments to this section, the OCC adopts it as proposed. Generally, a national bank must provide retail forex customers 30 days prior notice before transferring or assigning their account.
Affected customers may then instruct the national bank to transfer the account to an institution of their choosing or liquidate the account. There are three exceptions to the above notice requirement: A national bank that is the transferee of retail forex accounts must generally provide the transferred customers with the risk disclosure statement of sectthinsp For example, this section would restrict a national banks ability to require mandatory arbitration for such disputes.
The OCC received no comments to this section and adopts is as proposed. The OCC understands the need for flexibility as foreign exchange products or foreign exchange trading procedures develop and to ensure that such products or trading procedures are subject to appropriate customer protection and safety and soundness standards. The RFA provides that an agency is not required to prepare and publish an initial regulatory flexibility analysis if the agency certifies that the proposed rule will not, if promulgated as a final rule, have a significant economic impact on a substantial number of small entities.
Under regulations issued by the Start Printed Page Small Business Administration, a small entity includes a commercial bank with assets of million or less. Pursuant to section b of the RFA, the OCC certified that this rule, as proposed, would not have a significant economic impact on a substantial number of the small entities it supervises.
Accordingly, a regulatory flexibility analysis was not required. In making this determination, the OCC estimated that there were no small banking organizations currently engaging in retail forex transactions with their customers. Therefore, the OCC estimates that no small banking organizations under its supervision would be affected by this final rule. The comments indicated that OMB was withholding approval at that time. The Agencies were directed to examine public comment in response to the NPRM and include in the supporting statement of the information collection request ICR to be filed at the final rule stage a description of how the agency has responded to any public comments on the ICR, including comments maximizing the practical utility of the collection and minimizing the burden.
The information collection requirements contained in this final rule have been submitted by the OCC to OMB for review and approval under 44 U.
In accordance with section of the PRA, 44 U. The information collection requirements are found in sectsectthinsp Comments continue to be invited on: All comments will become a matter of public record. Comments should be addressed to: In addition, comments may be sent by fax to , or by electronic mail to regsmentsocc. For security reasons, the OCC requires that visitors make an appointment to inspect comments.
You may do so by calling Upon arrival, visitors will be required to present valid government-issued photo identification and submit to security screening in order to inspect and photocopy comments.
Retail Foreign Exchange Transactions. Businesses or other for-profit. National banks and Federal branches and agencies of foreign banks. Reporting Requirements The reporting requirements in sectthinsp In order to obtain a supervisory non-objection letter, a national bank must have written policies and procedures and risk measurement and management systems and controls in place to ensure that retail forex transactions are conducted in a safe and sound manner.
The national bank must also provide other information required by the OCC, such as documentation of customer due diligence, new product approvals, and haircuts applied to noncash margins. A national bank already engaging in a retail forex business may continue to do so, provided it requests an extension of time. Disclosure Requirements Section The customer provides specific written instructions on how the offsetting transaction should be applied.
It also requires the disclosure by a national bank of its fees and other charges and its profitable accounts ratio. It also requires a national bank to which retail forex accounts or positions are assigned or transferred to provide the affected customers with risk disclosure statements and forms of acknowledgment and receive the signed acknowledgments within 60 days. The customer dispute resolution provisions in sectthinsp Policies and Procedures Recordkeeping Sections If a budgetary impact statement is required, section of the Unfunded Mandates Act also requires an agency to identify and consider a reasonable number of regulatory alternatives before promulgating a rule.
The OCC has determined that this rule will not result in expenditures by State, local, and tribal governments, or by the private sector, of million or more in any one year.
Section 2 c 2 E ii of the CEA would prohibit national banks from engaging in retail forex transactions unless this final rule becomes effective on July 16, This final rule would relieve that restriction and allow national banks to continue to engage in retail forex transactions without delay.
Furthermore, under 5 U. The OCC finds such good cause, as the day delayed effective date is unnecessary under the provisions of the final rule. The OCC finds good cause that this final rule should become effective on July 15, , as it would be in the public interest to require the disclosure and consumer protection provisions in this rule to take effect at this earlier date.
If the rule did not become effective until October 1, , then national banks would not be able to provide retail forex transactions to customers to meet their financial needs. Authority, purpose, and scope.
A national bank may engage in retail foreign exchange transactions. A national bank engaging in such transactions must comply with the requirements of this part. This part establishes rules applicable to retail foreign exchange transactions engaged in by national banks and applies on or after the effective date.
Except as provided in paragraph d of this section, this part applies to national banks. With respect to those transactions, the foreign branch remains Start Printed Page subject to any disclosure, recordkeeping, capital, margin, reporting, business conduct, documentation, and other requirements of foreign law applicable to the branch.
In addition to the definitions in this section, for purposes of this part, the following terms have the same meaning as in the Commodity Exchange Act: Identified banking product has the same meaning as in section b of the Legal Certainty for Bank Products Act of 7 U. Introducing broker means any person that solicits or accepts orders from a retail forex customer in connection with retail forex transactions. Related person, when used in reference to a retail forex counterparty, means: Retail foreign exchange dealer means any person other than a retail forex customer that is, or that offers to be, the counterparty to a retail forex transaction, except for a person described in item aa , bb , cc AA , dd , or ff of section 2 c 2 B i II of the Commodity Exchange Act 7 U.
Retail forex account means the account of a retail forex customer, established with a national bank, in which retail forex transactions with the national bank as counterparty are undertaken, or the account of a retail forex customer that is established in order to enter into such transactions. Retail forex account agreement means the contractual agreement between a national bank and a retail forex customer that contains the terms governing the customers retail forex account with the national bank.
Retail forex business means engaging in one or more retail forex transactions with the intent to derive income from those transactions, either directly or indirectly. Retail forex counterparty includes, as appropriate: Retail forex customer means a customer that is not an eligible contract participant, acting on his, her, or its own behalf and engaging in retail forex transactions.
Retail forex obligation means an obligation of a retail forex customer with respect to a retail forex transaction, including trading losses, fees, spreads, charges, and commissions. Retail forex proprietary account means: A retail forex account carried on the books of a national bank for one of the following persons a retail forex account of which 10 percent or more is owned by one of the following persons or a retail forex account of which an aggregate of 10 percent or more of which is owned by more than one of the following persons: Retail forex transaction means an agreement, contract, or transaction in foreign currency, other than an identified banking product or a part of an identified banking product, that is offered or entered into by a national bank with a person that is not an eligible contract participant and that is: A Results in actual delivery within two days or B Creates an enforceable obligation to deliver between a seller and buyer that have the ability to deliver and accept delivery, respectively, in connection with their line of business or iii An agreement, contract, or transaction that the OCC determines is not functionally or economically similar to: A A contract of sale of a commodity for future delivery or an option on such a contract or B An option, other than an option executed or traded on a national securities exchange registered pursuant to section 6 a of the Securities Exchange Act of 15 U.
No national bank or its IAPs may, directly or indirectly, in or in connection with any retail forex transaction: If a national bank can cause retail forex transactions to be effected for a retail forex customer without the retail forex customers specific authorization, then neither the national bank nor its affiliates may act as the counterparty for any retail forex transaction with that retail forex customer.
Before commencing a retail forex business, a national bank must provide the OCC with prior notice and obtain from the OCC a written supervisory non-objection. A national bank that is engaged in a retail forex business on July 15, , may continue to do so for up to six months, subject to an extension of time by the OCC, if it requests the supervisory non-objection required by paragraph a of this section within 30 days of July 15, , and submits the information required to be submitted under paragraph b of this section.
A national bank that is engaged in a retail forex business on July 15, and complies with paragraph c of this section will be deemed, during the six-month or extended period described in paragraph c of this section, to be acting pursuant to a rule or regulation described in section 2 c 2 E ii I of the Commodity Exchange Act 7 U. Application and closing out of offsetting long and short positions. In all instances in which the short or long position in a customers retail forex account immediately prior to an offsetting purchase or sale is greater than the quantity purchased or sold, the national bank must apply such offsetting purchase or sale to the oldest portion of the previously held short or long position.
Notwithstanding paragraphs a and b of this section, to the extent the national bank allows retail forex customers to use other methods of offsetting retail forex transactions, the offsetting transaction must be applied as directed by a retail forex customers specific instructions. These instructions may not be made by the national bank or an IAP of the national bank. No national bank may open or maintain open an account that will engage in retail forex transactions for a retail forex customer unless the national bank has furnished the retail forex customer with a separate written disclosure statement containing only the language set forth in paragraph d of this section and the disclosures required by paragraphs e and f of this section.
The national bank must receive from the retail forex customer a written acknowledgment signed and dated by the customer that the customer received and understood the written disclosure statement required by paragraph a of this section. The disclosure statement may be attached to other documents as the initial page s of such documents and as the only material on such page s.
The language set forth in the written disclosure statement required by paragraph a of this section is as follows: Risk Disclosure Statement Retail forex transactions involve the leveraged trading of contracts denominated in foreign currency with a national bank as your counterparty.
Because of the leverage and the other risks disclosed here, you can rapidly lose all of the funds or property you pledge to the national bank as margin for retail forex trading. You may lose more than you pledge as margin. If your margin falls below the required amount, and you fail to provide the required additional margin, your national bank is required to liquidate your retail forex transactions.
Your national bank cannot apply your retail forex losses to any of your assets or liabilities at the bank other than funds or property that you have pledged as margin for retail forex transactions. However, if you lose more money than you have pledged as margin, the bank may seek to recover that deficiency in an appropriate forum, such as a court of law.
You should be aware of and carefully consider the following points before determining whether retail forex trading is appropriate for you. The retail forex transaction you are entering into is not conducted on an interbank market nor is it conducted on a futures exchange subject to regulation as a designated contract market by the Commodity Futures Trading Commission.
The foreign currency trades you transact are trades with your national bank as Start Printed Page the counterparty. When you sell, the national bank is the buyer.
When you buy, the national bank is the seller. As a result, when you lose money trading, your national bank is making money on such trades, in addition to any fees, commissions, or spreads the national bank may charge. It is an electronic connection for accessing your national bank.
The terms of availability of such a platform are governed only by your contract with your national bank. Any trading platform that you may use to enter into off-exchange foreign currency transactions is only connected to your national bank. You are accessing that trading platform only to transact with your national bank. You are not trading with any other entities or customers of the national bank by accessing such platform.
The availability and operation of any such platform, including the consequences of the unavailability of the trading platform for any reason, is governed only by the terms of your account agreement with the national bank. Your ability to close your transactions or offset positions is limited to what your national bank will offer to you, as there is no other market for these transactions. Your national bank may offer any prices it wishes, including prices derived from outside sources or not in its discretion.
Your national bank may establish its prices by offering spreads from third-party prices, but it is under no obligation to do so or to continue to do so. Your national bank may offer different prices to different customers at any point in time on its own terms. The terms of your account agreement alone govern the obligations your national bank has to you to offer prices and offer offset or liquidating transactions in your account and make any payments to you.
The prices offered by your national bank may or may not reflect prices available elsewhere at any exchange, interbank, or other market for foreign currency. The national bank may compensate introducing brokers for introducing your account in ways that are not disclosed to you.
Such paid solicitors are not required to have, and may not have, any special expertise in trading and may have conflicts of interest based on the method by which they are compensated. You should thoroughly investigate the manner in which all such solicitors are compensated and be very cautious in granting any person or entity authority to trade on your behalf.
You should always consider obtaining dated written confirmation of any information you are relying on from your national bank in making any trading or account decisions. Finally, you should thoroughly investigate any statements by any national bank that minimize the importance of, or contradict, any of the terms of this risk disclosure. These statements may indicate sales fraud. This brief statement cannot, of course, disclose all the risks and other aspects of trading off-exchange foreign currency with a national bank.
I hereby acknowledge that I have received and understood this risk disclosure statement. Signature of Customer e 1 Disclosure of profitable accounts ratio. Immediately following the language set forth in paragraph d of this section, the statement required by paragraph a of this section must include, for each of the most recent four calendar quarters during which the national bank maintained retail forex customer accounts: Immediately following the language required by paragraph e of this section, the statement required by paragraph a of this section must include: If, with regard to a retail forex customer, the national bank changes any fee, charge, or commission required to be disclosed under paragraph f of this section, then the national bank must mail or deliver to the retail forex customer a notice of the changes at least 15 days prior to the effective date of the change.
The disclosures required by this section must be clear and conspicuous and designed to call attention to the nature and significance of the information provided.
This section does not relieve a national bank from any other disclosure obligation it may have under applicable law. A national bank engaging in retail forex transactions must keep full, complete, and systematic records, together with all pertinent data and memoranda, pertaining to its retail forex business, including the following 6 types of records: For each retail forex account: For each retail forex transaction: A The price quoted on the trading platform when the order was placed, or, in the case of an option, the premium quoted B The date and time the order was transmitted to the trading platform and C The date and time the order was executed.
If a trading platform is used, daily logs showing each price change on the platform, the time of the change to the nearest second, and the trading volume at that time and price. Any method or algorithm used to determine the bid or asked price for any retail forex transaction or the prices at which customer orders are executed, including, but not limited to, any markups, fees, commissions or other items which affect the profitability or risk of loss of a retail forex customers transaction.
Written acknowledgments of receipt of the risk disclosure statement required by sectthinsp All deposits and withdrawals of funds made by the retail forex customer during the quarter must be excluded from the computation of whether the retail forex account was profitable or not profitable during the quarter. Computations that result in a zero or negative number must be considered a retail forex account that was not profitable. Computations that result in a positive number must be considered a retail forex account that was profitable.
A national bank engaging in retail forex transactions must make a record of all communications received by the national bank or its IAPs concerning facts giving rise to possible violations of law related to the national banks retail forex business. The record must contain: The name of the complainant, if provided the date of the communication the relevant agreement, contract, or transaction the substance of the communication the name of the person that received the communication and the final disposition of the matter.
A national bank must maintain a record of all noncash margin collected pursuant to sectthinsp The record must show separately for each retail forex customer: The order ticket must include: Specific identifiers for Start Printed Page retail forex accounts included in bunched orders need not be recorded at time of order placement or upon report of execution as required under paragraph e 1 of this section if the following requirements are met: A The general nature of the post-execution allocation methodology the national bank will use B Whether the national bank has any interest in accounts that may be included with customer accounts in bunched orders eligible for post-execution allocation and C Summary or composite data sufficient for that customer to compare the customers results with those of other comparable customers and, if applicable, any account in which the national bank has an interest.
A national bank must retain a copy of each monthly statement and confirmation required by sectthinsp The records required by this section must clearly and accurately reflect the information required and provide an adequate basis for the audit of the information. A national bank must create and maintain audio recordings of oral orders and oral offset instructions. Record maintenance may include the use of automated or electronic records provided that the records are easily retrievable and readily available for inspection.
A national bank must keep each record required by this section for at least five years from the date the record is created. A national bank offering or entering into retail forex transactions must be well capitalized as defined by 12 CFR part 6.
A national bank engaging, or offering to engage, in retail forex transactions must collect from each retail forex customer an amount of margin not less than: Margin collected under paragraph a of this section or pledged by a retail forex customer for retail forex transactions must be in the form of cash or the following financial instruments: A national bank must establish written policies and procedures that include: Margin collected by the national bank from a retail forex customer for retail forex transactions or pledged by a retail forex customer for retail forex transactions must be placed into a separate account.
A national bank may not: Required reporting to customers. Each national bank must promptly furnish to each retail forex customer, as of the close of the last business day of each month or as of any regular monthly date selected, except for accounts in which there are neither open positions at the end of the statement period nor any changes to the account balance since the prior statement period but, in any event, not less frequently than once every three months, a statement that clearly shows: Money, securities, or property received from or disbursed to such customer realized profits and losses and fees, charges, spreads, and commissions.
Start Printed Page 2 For each retail forex customer engaging in retail forex transactions that are options: Damit Ihr Gesamtverlust 90 sein würde.
So haben Sie Ihre erste Einzahlung von minus , so dass Sie mit Ohne die Rettung Bonus hättest du alle verloren, aber mit dem speziellen Margin Bonus hast du dich selbst in Verlusten gespart, was definitiv hilft.
Es gibt viele Broker, die den Margin Bonus anbieten. Ein Volumen-Bonus erlaubt den Händlern zu erhalten. Bis zu ihrer Anzahlung, für den Rücktritt zur Verfügung stehen, nachdem der Händler das eingestellte Volumen erfüllt. Diese Art von Bonus ist besser geeignet für langfristige Händler. Die wichtigsten Punkte, um über die meisten forex Willkommen Bonus Promotionen erinnern ist: Dies ist eine einmalige Bonus angeboten, um Händler, wenn sie sich für ein Live-Konto mit dem Makler, können Sie es nicht mehr als einmal oder auf spätere Einzahlungen.
Der Willkommensbonus ist nicht für Rücktritt verfügbar, wird aber für Handelskapital verwendet. Wenn Sie die Voraussetzungen nicht erfüllen, können Sie eine Strafgebühr für Ihren Rücktritt berechnen, so dass es wichtig ist, die Bedingungen sorgfältig zu lesen, um versehentliche Strafen zu vermeiden. Sie sollten zunächst prüfen, wie zuverlässig der Broker ist, was andere Boni der Broker bietet, und welche Regeln regeln die Broker s Promotions. Forexbonus wird Ihnen helfen, in diesen Bereichen, wie wir nur die besten Broker mit den besten Promotions Liste.
Verschiedene Forex Broker bieten verschiedene Rabattsätze, so dass Sie möglicherweise mehrere Broker zu überprüfen, um die maximale Rabatt verfügbar zu bekommen. Während die meisten bieten einen Cash-Rabatt von 2 bis 3 pro Los, aber einige können so hoch wie 10 pro Los gehen.
XM bietet diese Arten von Rabatten an. Diese frühen Binary Brokers erkannten, dass der beste und effektivste Weg, um neue Kunden mit ihnen zu registrieren und machen Einlagen wäre, indem sie ihnen kostenlos Geld zu bekommen. Wenn auf der anderen Seite haben Sie mehr Erfahrung im Handel. Sie tun gut mit einem Einzahlungsbonus. Können Sie mit einer höheren Hebelwirkung handeln. Rabatt zu erhöhen Forex Trader Gewinne.
Keine Einzahlung Forex Bonus haben sehr hohe Volumen Anforderungen mit einigen Brokern, die wirklich schwer zu erfüllen sind. Manchmal sind die Anforderungen an Boni aren t eindeutig, und Sie können verlieren Eigenkapital am Ende weshalb s es wichtig, die Bedingungen aller Boni zu lesen Welche anderen bietet Ihnen auf unserer Website 1 Forex finden Wettbewerbe Diese Arten von Wettbewerbe sind sehr attraktiv, vor allem für neue Händler, da Sie nicht zu riskieren kein Geld und Sie können gewinnen einiges an Erfahrung in Forex Trading.
Und viele Forex-Broker bieten Geldpreise. Diese Preise können entweder auf ein Live-Konto gesetzt oder zurückgezogen werden, aber Regeln und Vorschriften variieren von Broker zu Broker. Mit Forex Live-Handel Wettbewerbe. Diese Art von Wettbewerb ist für erfahrene Händler empfohlen, da Händler mit tatsächlichen Kapital, anstatt virtuellen Geld.
Es gibt auch Webinare und Seminare auf erfahrene Händler ausgerichtet, mit erweiterten Strategien und Tipps, um Händler helfen, das Beste aus ihrer Hauptstadt. Eines unserer wichtigsten Ziele auf Forex Bonus ist es, Händler bieten eine gute, ehrliche Überprüfung der Arten von Forex Brokers gibt, bietet die besten Boni sowie erstklassigen Kundenservice. Wenn Sie einen guten Vermittler finden, der unserer Aufmerksamkeit entgangen ist, die Sie denken, sollte auf unserer Website verzeichnet werden, gefallen uns eine Linie und informieren Sie uns.
Beachten Sie jedoch, dass viele dieser Bonus-Boni mit Einschränkungen und Anforderungen kommen, so stellen Sie sicher, zu beachten, ob Sie diese Anforderungen erfüllen, um die Vorteile dieser Zeichnungen zu nutzen.
Alles, was Sie tun müssen, um zu gewinnen, ist die genaueste Prognose. Diese Punkte können dann für Preise und oft Cash-Boni gedreht werden. Verschiedene Broker bieten Mengen sowie unterschiedliche Anforderungen wie Ihr Freund möglicherweise eine Mindesteinzahlung zu machen oder handeln eine minimale Anzahl von Losen.
Was sollte ich prüfen, wenn ein Bonus Auswahl Bevor Sie mit einem Broker für einen Bonus anmelden müssen Sie sicher sein, dass der Makler eine legitime Makler mit einer Geschichte von zufriedenen Händler ist. Es gibt neue Makler kommen auf der Bühne jeden Tag, und nicht alle von ihnen sind legitim. Ein Weg, um Betrüger Broker zu vermeiden, ist mit forexbonus Wir haben bereits die notwendige Forschung für Sie getan, und Sie haben nicht finden, ein Betrug Website hier aufgelistet.
Manchmal sind die Anforderungen für den Bonus, während nicht betrügerisch, nicht-die-weniger unverschämt. Natürlich machen wir jeden Versuch, jene Arten von Brokern auszusortieren, aber Sie sollten immer noch die Begriffe vor der Anmeldung für jede Art von Bonus lesen.
Warum es so wichtig ist, die allgemeinen Geschäftsbedingungen zu lesen Auch legitime Vermittler haben manchmal Bedingungen und Bedingungen zu ihren Prämien, die es fast unmöglich machen, sogar überhaupt sogar diesen Bonus zurückzuziehen, wie das Bilden der erforderlichen Lose so hoch, es könnte ein neueres nehmen Oder sogar eine etablierte Händler Jahre, um tatsächlich erfüllen die Anforderung, vor allem, wenn eine Anzahlung von weniger als Sie sollten das Kleingedruckte sorgfältig lesen, um sicherzustellen, können Sie tatsächlich erfüllen die Anforderungen, um den Bonus zu erreichen.
Sie müssen nicht weiter suchen, wenn Sie sich für den Handel interessiert sind. Forex-Bonus hat die besten Forex Broker nur hier. Broker bieten kostenlose Boni mit echtem Geld. Sie sind frei, müssen aber bestimmte Tätigkeiten ausführen, um sie zu empfangen und zurückzuziehen.
Kann ich keinen Einzahlungsbonus zurückziehen, hängt davon ab. Einige Boni können ausgezahlt werden und andere nicht. Auf der anderen Seite, fast immer Gewinn ist ausschiebbar. Was ist der Unterschied zwischen keine Einzahlungsboni und Einzahlungsboni Keine Einzahlungsbonusse sind Anreize, die sehr selten sind. Dies bedeutet, dass der Broker ist die Beschaffung von etwas, um den Investor ohne eine Einzahlung zu erhalten.
Jedoch ist es am besten, das Kleingedruckte auf irgendeine Anzeige zu lesen und die Informationen zu klären, bevor man über dieses entscheidet. Im Gegensatz zu den keine Einzahlungsbonus, sind Forex-Einzahlungsbonus Promotionen, die an neue Händler gegeben werden, die Investitionsgelder für das erste Mal einzahlen.
Es gibt einige Broker, die dieses Angebot jedes Mal, wenn zusätzliches Geld auf dem Konto hinterlegt ist.