Tham khảo tài liệu 'getting started in currency trading winning in today's forex market_3', tài chính - ngân hàng, đầu tư chứng khoán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Chapter Regulation Past Present and Future The foreign exchange market has no central clearinghouse as do the stock market and the commodity futures market. Nor is it based in any one country it is a complex often freewheeling loosely woven worldwide network of banks. This network is referred to as the Interbank system. Retail FOREX brokers in different ways tap into this network to fill their customers orders. These facts permeate every aspect of currency trading especially the regulatory environment. It is difficult if not impossible to get a firm regulatory grip on such an entity. That fact cuts both ways. The market is laissez-faire but it is also a caveat emptor enterprise. If you wish to trade currencies you must accept these facts from the beginning. Regulation in the FOREX Market In the second edition of Getting Started in Currency Trading I wrote The retail FOREX regulatory picture continues to evolve slowly. Three years ago some broker-dealers proudly advertised they were not NFA members. Curiously one of those was REFCO which failed soon thereafter. Today all of the major broker-dealers have joined the NFA National Futures Association and come under the watchful government eye of the CFTC Commodity Futures 29 30 GETTING STARTED Trading Commission . My first advice to you Do not trade with an unregistered broker-dealer. Every broker-dealer should have his NFA registration number on the web site s home page. Regulation is seldom proactive it usually is the result of a crisis. An NFA spokesman confessed to me that their hands were somewhat tied until a crisis provoked additional legislation. The NFA does host a booth at most FOREX trade shows. If you attend one of these you might want to ask questions or voice your concerns to the people staffing them. They seem to be good listeners and keep close tabs on the pulse of the FOREX marketplace. Broker-dealers register as Futures Commission Merchants FCMs . Currently Introducing Brokers IBs can be covered by the
