Hotspot FX registers as FCM with CFTC
TECHNOLOGY NEWS
NEW JERSEY -- Online foreign exchange trading system Hotspot FX has registered with the Commodity Futures Trading Commission (CFTC) as a futures commission merchant (FCM).
The registration allows the firm to trade FX with clients worth less than $10 million in assets, in compliance with CFTC regulations introduced in December 2000.
The regulations were aimed at curbing retail FX trading on the internet (FX Week, March 12 2001), and many firms may struggle to comply, said industry players.
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