It’s not a news anymore that CFTC has sued 14 foreign brokers (and IBs) on January 26 in what they call a ”nationwide sweep”. But only now I’ve really understood how stupid it all is, and not without the help of CFTC representatives (kudos to them for that!).
According to the
- EuroForex Development LLC, a Delaware LLC;
- FIG Solutions Limited, Inc., a Delaware corporation;
- ForInvest, a Delaware corporation;
- FXOpen Investments Inc., a foreign entity with various business operations located throughout the United States;
- FXPRICE, a Delaware LLC;
- GIGFX, L.L.C., a Delaware company;
- InovaTrade, Inc., a company with purported offices in Florida;
- InstaTrade Corporation d/b/a InstaForex, a British Virgin Islands company;
- InvesttechFX Technologies, Inc., a Canadian corporation located in Toronto;
- J&K Futures, Inc., a company with purported offices in California and New York;
- Kingdom Forex Trading and Futures, Ltd., a Nevada company;
- Prime Forex, LLC, a Delaware LLC;
- Wall Street Brokers, LLC, a Delaware LLC;
- ZtradeFX LLC, a Connecticut LLC — an alleged IB for InstaForex.
This Friday, CFTC has tried to make me a part of this process. Their Senior Trial Attorney
While I was quite happy to see such names as InvestTechFX and Prime Forex on the list, seeing InstaForex and FXOpen (brokers that brought a lot of innovation and competition into the online Forex market) is rather sad. Now, I really hope that this “nationwide sweep” fails, creating some good precedent court cases for the future of the better US Forex market. Although I and the majority of this blog’s readers believe that some regulation of the Forex market should exist, what happens now is an obvious
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