Six weeks ago I reported on the danger of trading with FXDD because they were the only forex firm in the United States that had neglected to get a license from the NFA.
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Well it appears FXDD took my criticism to heart.
Quote:
FXDD Announces Pending NFA Approval
NEW YORK, NY May 7, 2008 – FXDD, a global leader in online foreign exchange trading, today announced its applications for becoming a National Futures Association (NFA) member and for registration as a Futures Commission Merchant (FCM) with the CFTC are pending approval. Clients may follow FXDD progress through the registration process by logging on to the NFA’s website (National Futures Association - NFA is a regulatory service provider for the derivatives markets) and searching the BASIC system under its NFA ID number 0397435.
“The pending reauthorization legislation for the CFTC will fill the gaps left by previous legislation and narrow the playing field for entities in the Forex space. The value of companies as registered entities and non-registered entities is driven by many factors; registration is certainly one of those factors,” commented James E. Green, FXDD’s chief legal counsel. “FXDD is always interested in increasing its business under the appropriate circumstances by providing professional service and promoting certainty and clarity as to the government and private agencies responsible for regulating Forex dealers.”
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All I can say is, it's about time! Count that as another victory for retail forex traders. The Savior's work goes on...