CFTC approves FX anti-fraud rule

"Off-exchange retail foreign currency trading is an area that historically has involved substantial fraudulent activity,” said James Newsome, chairman of the CFTC.

The rule creates a new forex dealer membership category and explicitly prohibits fraudulent or manipulative behaviour by these members. Any dealer that derives 35% or more of its revenue as a counterparty to off-exchange foreign currency futures or options transactions with retail customers is included in the NFA’s new category.

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