Francesc Riverola,
Hi everyone
Unfortunately for me from time to time I make mistakes. That is something I’m trying to improve but I can not guarantee that I’ll succeed in it 100%.
But if I must praise something about myself I would say that I’m a person that does not have any problem to recognize that I was wrong and to clarify things as I consider the truth as a keystone in life.
Well, yesterday I informed here that FXDD was fighting NFA’s hedging rule as this was the conclusion I reached after reading FXDD’s Hedging Announcement that was as follows:
FXDD - Hedging Announcement
New York, (May 15, 2009)
To our valued clients.
In our effort to provide the best solution for your trading regarding the NFA’s new rule on hedging, please know that we have been in contact with the NFA and have offered several solutions which we believe will accommodate almost all types of trading strategies and comply with the NFA rules. Our discussions with the NFA are ongoing and we will keep you advised. In the mean time, know that FXDD is making no immediate changes to any platforms and that you will be fully advised prior to any proposed changes.
The FXDD Team.
This morning I received an e-mail from Mr. James Green, Managing Director & General Counsel at FXDD where he left clear FXDD’s position regarding NFA’s hedging rule.
Reading it, it seems pretty clear to me that FXDD is not fighting NFA’s decision but talking with them to see how this rule can be implemented in a way that would minimize the expected negative impact on many traders.
Mr. Green, please accept my apologies for having mislead readers with wrong information about FXDD. I’ll do my best to avoid it to happen again.
Here you have Mr. Green’s feed-back:
“Dear Francesc: It has been some time since we last communicated. Although FXDD enjoys the coverage it (usually) receives on FXstreet, your recent headline was somewhat misleading and I want to state for the record that FXDD is not fighting the NFA on the hedging rule. As you know, FXDD is pending with the NFA and we discuss our application with the designated parties at the NFA. Our discussions with the NFA should not be interpreted as “fighting.” We have had and continue to have very constructive conversations with the NFA in terms of the practical application of the new rule and, for purposes of the rule, what actions are permissible.
I respectfully ask that you clarify our position with your readership.”
Francesc
I appreciate that sense of humility.
I don’t. If you maintain a blog on this industry you should make sure you know what you’re talking about. In your position and your visibility you can’t afford mistakes.
This is not the first time I see mistakes and apologizes on your blog….
However, if you keep publishing posts which more or less seems a recup of the low level low culture chats from the forums on the net I honestly do not understand the meaning of this blog….
I have no problem with a retraction. It happens all the time. This NFA ruling has created pointless confusion with a lot of us, and it’s a bad ruling. I applaud the honesty and desire to maintain good relationship with FXDD. Do mistakes happen? Of course. Anyone who hasn’t made a mistake hasn’t yet invested in forex.
Dear Fracesc,
no hedge, FIFO policy etc., make confuse, does FXDD has the solution, or we have to move out all our clients to non USA brokerage? 1st august isn’t long time.
we have to clearly have solution with this serious situation.
Thank you,
Regards,
Ical
I want to thank FXDD for taking the position that there are better option than to have all of this unjustifiable regulation. I have yet to see any evidence or compelling rationale as to why these new regulations are necessary. While I can appreciate the seemingly overwhelming atmosphere of new regulatory schemes throughout agencies and the government, it is enough. When the economy was going great, most people making a killing; where was all of this regulation. Nowhere! All of these regulations are simply based in fear, and you do not make rationale decisions when you judge based on those fears. Now I am not advocating a return to financial anarchy, but to believe that more regulations will assist in repairing th future is fodder. Further what sense does it make that I can’t close the trade I want when I want to; it severly hurts smaller traders.
In any event thank you, thank you FXDD for your stance and your discussions with the NFA. I know I speak for thousands of customers who are likewise concerned, and that they are also deeply appreciative for not blindly following NFA regulations. I appreciate your discussions with the NFA and hope that a rationale solution can be made. Lastly appreciate that you view this website from time to time as I was certainly unsure how I would be able to possibly reach the possible viewing of this message by the managing director and counsel for FXDD.
Many thanks and to continued success.
CJ