NFA Forex Dealer Dead Pool

[forex scholar]

The new CFTC Numbers Are Out. Here they are:
Financial Data for FCMs

Above $20 Million
Oanda $159,786,916
RJ O'Brien $101,983,527
FXCM $81,150,191
GFT Forex $68,407,128
Gain Capital $66,579,458
I Trade FX $35,037,710
Interbank FX $25,733,263

Below $20 Million
PFG $17,986,053
FX Solutions $16,140,253
CMS $13,726,169
ODL $12,639,482
GFS Forex $10.4
IFX $12,343,198
CMC $8,773,706
Alpari $9,001,039
Ikon $8,271,674
Easy Forex $7,799,807
Hotspot $7,675,145
MB Trading $8,015,568
Friedberg Mercantile $7,985,613
Forex Club $7,639,479
Money Garden $6,367,331
Bacera $5,554,498
Advanced Markets $5,239,792

[forex scholar]

And so it begins. Switzerland has finally decided to flush their financial system and purge the worst forex dealers from their bloated and cramped bowels. Henceforth, any forex dealer who wishes to do business in Switzerland MUST get a banking license. No longer can firms deceive the public by claiming they are regulated because they have a worthless registration with ARIF or some other anti-money laundering committee. Now they must get an actual license, that comes with an actual license number, which allows the trading public to do an actual background check on them. I congratulate the Swiss on taking this huge step forward and with that, leaving the dark ages and entering the modern era.

For more information on this new law read below. Next week I'll discuss how this law is effecting forex brokers all over Europe. Already two major players are closing their doors (WestCap FX and Northfinance.) Other Swiss brokers are sure to close up shop as well. If you have your money at a Swiss broker you should immediately check with them to see if they plan on complying with the new law. If they do not plan on complying TAKE YOUR MONEY OUT NOW. And if they plan on fleeing to some God forsaken island where there is no regulation TAKE YOUR MONEY OUT NOW.

Switzerland: Foreign exchange traders
Thouvenin Rechtsanwälte, Zurich

International Financial Law Review - Foreign exchange traders March 2008 1 March 2008

The Swiss Federal Banking Commission (SFBC) estimates that about 150 foreign exchange (forex) traders are registered as financial intermediaries in Switzerland, who have not been subject to regulation under Swiss banking and finance legislation. In particular forex traders managing accounts for more than 20 individual clients did not fall under SFBC supervision in the past, as long as those accounts were not interest-bearing and were only used to execute customer orders.

In recent years, the SFBC has seen a growing number of complaints, especially from smaller investors, regarding transparency, liquidity and risk disclosure, let alone the substantial losses sometimes suffered by these investors.

The SFBC took action in November 2007 by proposing an amendment to Article 3a paragraph 3 section c of the Swiss Banking Ordinance. Forex dealers will be required to apply for a banking status under the Swiss Banking Act of 1934, as amended. At the same time, security dealers and precious metal traders continue to be exempted with their client accounts under said Article 3a paragraph 3 section c. A banking status under the Swiss Banking Act requires a minimum paid-in share capital of Sfr10 million ($9 million) and further equity requirements to appropriately cover credit, operational and other risks. Bank management members in Switzerland must meet certain professional standards. A Swiss bank must also meet organisational standards, providing for separate corporate bodies for supervision, management and control.

From April 1 2008, existing forex traders in Switzerland are required to register with the SFBC. The registration process ends on June 30 2008. One year later, that is, on March 31 2009, forex traders must meet the above requirements and must have applied for a banking licence.

It is expected that many forex dealers will not be able to obtain a Swiss banking licence because they may not be able to meet the capital and/or organisational requirements. Instead of applying for a banking licence they may explore other legal avenues, such as teaming up with a Swiss bank or Swiss security dealer for example and acting as an independent asset manager, converting their business model by no longer accepting deposits from the public, or by offering their forex products by means of securities or through mutual funds.

[forex scholar]

There is a great deal of uncertainty in the Swiss Forex Dealer community right now. There is no way of knowing which firms are here to stay and which firms are collecting coins in preparation for their crossing of the river Styx. I have emailed all the major Swiss firms to try and find out if each firm plans on getting a banking license. The responses (or lack thereof) have been quite illuminating.

As such I'm starting a Swiss Dealer Dead Pool to keep the trading public updated and informed about what is going on in Switzerland.

Firms that announced they are applying for a banking license
These firms have confirmed they plan on getting a banking license.

1) ACM
2) Fibo Group
3) Crown Forex

Firms that are fleeing Swiss Regulation
These firms have stated they are registered offshore and don't need to register.

1) Masterforex. Their business office is listed in Switzerland but they are registered in the Seychelles and have stated they do not need to get a banking license.
2) forex-swiss. FXCH, despite the fact they are NAMED "Forex Swiss" claim registration in Dominica. This is an odd company that has claimed multiple office addresses over the years including, Switzerland, Austria, South Africa, Iran, and the United States. Today they are claiming they have offices in Dominica and the United Kingdom. Tomorrow who knows, they could claim a mailing address in Tibet. Beware this firm.
3) Prime4X. Their head office is in Switzerland but they have stated they are applying for a license in Cyprus.

Firms that are no longer accepting customers
These firms are no longer accepting new customers.

1) WestCapFX

Firms that refuse to comment
These firms refuse to comment on the new licensing requirement thus leaving their customers completely in the dark about their future. I strongly recommend anyone who has an account with any of these firms take their money out immediately due to their lack of transparency.

1) GFX Group (Forex.CH)
2) DukasCopy
3) MIGfx
4) Swiss Direkt
5) Tadawulfx
6) Aleccohfx
7) Advised Trading

As always conduct your due diligence and make sure the firm you trade with is regulated and legit.

[forex scholar]

Over the last few years an increasing number of forex firms have been popping up in Cyprus. It appears the Cypriotic authorities are taking notice and have begun to clamp down on rogue forex dealers. Recently The Cyprus Securities and Exchange Commission put out two separate warnings on forex dealers:
Cyprus Securities and Exchange Commission

Note the second warning is in reference to Northfinance. This warning was put out last summer. Since then Northfinance has stopped accepting new customers as per this widely circulated chat in which they claim they are experiencing "server overload."
North Finance .... red light?

NorthFinance Support Team: Hello, My name is Anthony.
NorthFinance Support Team: May I please have your name and North Finance Account Number?
you: hello, my name is (edited)
NorthFinance Support Team: How may I help you?
you: i just want to ask regarding news that i heard, that NF is changing to EURO ORIENT SECURITIES AND FINANCIAL SERVICES LTD.
you: is it true ? and what are the impact to all customer ?
NorthFinance Support Team: Due to the unexpected growth, our trading platform for both REAL and DEMO accounts reached its maximum capacity and the addition of new clients might jeopardize the performance of the platform itself. Therefore, we have decided not to accept new clients on our NF platform to avoid any possible inconvenience or system delays that might be caused and affect existing users. Currently, we are evaluating various options on how to upgrade our platform in order to be able to accept more clients in the near future.
NorthFinance Support Team: To ensure the bests interests of our existing clients and yours as a potential client, we decided to operate as a Master Introducer referring all new clients to FxPro for execution of their trades in Forex and CFDs. This is a European regulated broker with better terms and conditions. More information on FxPro can be found below or by visiting
NorthFinance Support Team: FxPro
NorthFinance Support Team: Existing clients can still enjoy all the benefits of using North Finance
you: so, it is the same company. but not automatically become fxpro member. right ? need to register again, right ?
NorthFinance Support Team: Due to the overwhelming success of North Finance, we have experience incredible growth, and to avoid reaching maximum capacity North Finance will not be accepting any new registrations directly on the North Finance platform
NorthFinance Support Team: It is not the same company, however North Finance does recommend FXPro for new clients
NorthFinance Support Team: North Finance will operate as a Master Introducer referring all new clients to FxPro
NorthFinance Support Team: You can create an FXPro account directly on their website if you wish Sir
NorthFinance Support Team: and you can also continue trading with your current North Finance account.
NorthFinance Support Team: FxPro does differ to North Finance, and FxPro is a European regulated broker with better terms and conditions.
NorthFinance Support Team: You do not automatically become a member of FxPro. You would need to register on the FxPro website
NorthFinance Support Team: You would also be able to withdraw your funds from your North Finance account to your FxPro account if you so wished.
NorthFinance Support Team: You can also to continue trading with your North Finance account as it is if you wish sir
you: oh ... i see. ok, thank you very much for the explanation. good bye.
NorthFinance Support Team: You're welcome
NorthFinance Support Team: Thank you for the chat, Bye for now!

Who is FX Pro? They are the same company that West Cap FX is now referring customers to since the new banking regs got passed in Switzerland. So it appears FX Pro is cleaning up nicely as a result of the increased level of scrutiny for forex dealers.

FX Pro is regulated in Cyprus by the Cyprus Securities & Exchange Commission. In fact, you can check the regulatory status of any Cyprus based broker by going to the Cyprus SEC's website here:
Cyprus Securities and Exchange Commission

You'll see FX Pro (under Euro Orient) and other firms such as Easy Forex and Windsor Brokers. This is verification that the firm is registered. I can't speak for the quality of regulation that Cyrpus provides but clearly any firm that is not registered here with their own license number should be avoided if they are claiming a residence in Cyprus. I see that Northfinance never had such a license number. Is it a coincidence then that they are no longer accepting new customers? I guess we'll never know for sure...

[forex scholar]

Another Swiss Broker Implodes

Regulation can’t come soon enough to Switzerland . Yet another Swiss Forex Broker is going through its death throes right now. After posting my Swiss Dealer Dead Pool a reader told me that one of the firms on my list, Aleccoh FX (naturally it was one of the firms that never responded to my email) was in dire straits and spitting up blood on a gurney over in Switzerland.

It took me a while but I eventually dug up a thread over at Forex TSD that details the whole sordid story. I will condense everything below but if you want the ugly blow by blow of how this firm has gone rigamortis click here:

first 200 pips on me , the rest , we will share - Page 175 - Forex Trading

Aleccoh FX is one of the many unheard of firms that use Meta Trader. Sadly, the Meta Trader community has to play Russian roulette whenever a trader picks a forex broker since most Meta Trader Brokers are merely different sized turds in the MT4 toilet bowl. Sooner or later a stable and regulated firm will offer MT4 but until then MT4 traders will have to keep pulling that trigger hoping they don’t get their heads blown off. Sadly for the traders at Aleccoh FX the chamber was full when they pulled the trigger.

So who are these guys? Well it appears this firm got started back in the spring of 2007. Someone calling themselves “Aleccoh” appeared on the popular MT4 bulletin board Forex TSD claiming that if you sent him a couple hundred bucks he’d make you 200 pips free of charge. Things just took off from there as people poured on to the thread and starting sending him money left and right.

But then things came to a crash in January of this year. Mr. Aleccoh suddenly disappeared from the board. Nobody at Aleccoh answered customer calls anymore. Rumors abounded about another firm taking over Aleccoh that goes by the creepy name of “Spacevision.” Then Aleccoh appeared again in late Feb to state he had retained legal counsel to fight Spacevision (or the Swiss Gov’t? It’s hard to tell this Aleccoh is so shady) and that he was under some kind of gag order and couldn’t reveal anymore information. Then it became public that the Swiss Government had taken over Spacevision and that Monica Favre (no relation to Brett) of the SFBC was heading up the investigation of the whole sordid affair. In short, Aleccoh had become another Tradex Swiss AG.

What this case shows is that the Swiss retail forex market is in complete chaos right now. All my warnings about doing business with Swiss brokers are coming true. The Government is rumored to be conducting over a dozen investigations of forex dealers in Switzerland . In short, sending money to Switzerland has never been so dangerous. More to come tomorrow…

[forex scholar]

What really burns me up about this Aleccoh guy at the Forex TSD thread is his out and out lies about how his firm was supposedly regulated. A customer asked him specifically in December of 2007 if his company was regulated and asked him if he had a registration number. Mr. Aleccoh stated, “Aleccohfx SA is regulated and run according to the Swiss law under OAR-G Swiss Regulation Official Body Funded by GSCGI.” As I have demonstrated on this thread numerous times OAR-G, ARIF, etc does not mean jack squat in terms of forex regulation. Those are mere certifications stating the firm will abide by Swiss money laundering laws. That’s it! It is not legit “regulation” and traditionally there has been no regulatory agency checking in on these brokers (hence the reason these brokers all now have to get a bank license or close.) These Swiss brokers know that but they continue to lie to the public and claim they are regulated WHEN THEY CLEARLY ARE NOT.

When another trader calls him out on this “Aleccoh” claims, no OAR-G is just like the NFA. He also went on to say that Aleccoh FX would be applying for a banking license. Then shortly after that claimed he didn’t need to get a banking license since the new law in Switzerland only applied to “liquidity providers” and not retail brokers.

Then it all hits the fan and he states, “I am not in charge anymore of aleccohfx because of the fact that the new Swiss regulations forbid me to be in charge or any of my team since we are traders and that it is forbidden to be traders and brokers.” He then claimed to be applying for registration with the NFA in the United States …

Reading through this thread is maddening. You simply can’t trust a single word that comes out of the mouths of these Swiss Forex Dealers. And don’t think this is an aberration. Every Swiss broker has been lying to the public about their regulatory status. DukasCopy, MIG, ACM have all been bamboozling traders about their regulatory status claiming their membership in limp wristed organizations like “ARIF” were somehow the equivalent of being regulated by regulatory agencies like the FSA and NFA.

But the fact is as it stands today none of these firms have real registrations with a real regulatory body. Not ACM. Not DukasCopy. Not MIG. Until they actually GET a banking license don’t put money on deposit with them. They have not been straight with the public and as the Aleccoh FX scam proves a broker’s words don’t mean squat unless they are backed up by the rule of law.

[scottdkuehne]

I applaud your efforts and enjoy reading the informative posts on this thread, and I think I speak for many others when I say this. However your latest post which attacks all Swiss based Forex dealers because of the actions of one is illogical. By this rationale because the NFA allows one of the many bucket shops in the US to operate it means all the other brokers in the U.S. are bad. Obviously this is a case of stereotyping. As you have stated on a previous post only three firms have said they intend to become a bank. I can confirm that both Crown and Dukascopy will be becoming banks in time to meet the new regulations. I wholeheartedly agree that there are many bucket shop operations in Switzerland and a house cleaning is certainly in order and I am happy to see it. Good riddance to bad rubbish in the form of Alceeho and North Finance and soon many others like them.

I think when you hear that these Swiss firms are regulated you get the wrong impression, taking it to mean that they regulated the same way the NFA regulates firms. What Dukascopy means is that they are regulated against money laundering, I am quite positive they never told you they were regulated to the same degree the NFA does, or the way Alchecco claimed they were being regulated. To lump a pure ECN like DukasCopy who does much more volume than FXCM or Alcheeo, who has NEVER traded against a client in with trash like Alchecco is madness. You make the claim that no broker will tell the truth unless they are regulated, however I have and still do work with firms who are honest which are not regulated beyond some arbitrary money laundering laws. Meanwhile companies who are registered lie regularly and get away with it . When a company like Interbank FX for example claims that all customer orders are going straight through to the bank when they in reality were being routed to the dealing desk at FXLQ. The bottom line is, I would open an account with Dukascopy long before I would open one with Interbank FX, NFA regulated or not.

Personally I think the reason people want to see a firm is regulated before they invest with them is because they are to lazy to look into a firm themselves and see if they are solid. It's just another example of people relying on the government (or in the case of the NFA a private organization) to do their thinking and decision making for them. So in the end in this case as is often the case in similar circumstances the government and/or self serving regulatory body lets the people it is supposed to protect down and lets the crooks continue to operate, as long as they pay their dues and fines from time to time.

[forex scholar]

Originally Posted by scottdkuehne

I applaud your efforts and enjoy reading the informative posts on this thread, and I think I speak for many others when I say this. However your latest post which attacks all Swiss based Forex dealers because of the actions of one is illogical. By this rationale because the NFA allows one of the many bucket shops in the US to operate it means all the other brokers in the U.S. are bad. Obviously this is a case of stereotyping. As you have stated on a previous post only three firms have said they intend to become a bank. I can confirm that both Crown and Dukascopy will be becoming banks in time to meet the new regulations. I wholeheartedly agree that there are many bucket shop operations in Switzerland and a house cleaning is certainly in order and I am happy to see it. Good riddance to bad rubbish in the form of Alceeho and North Finance and soon many others like them.

I think when you hear that these Swiss firms are regulated you get the wrong impression, taking it to mean that they regulated the same way the NFA regulates firms. What Dukascopy means is that they are regulated against money laundering, I am quite positive they never told you they were regulated to the same degree the NFA does, or the way Alchecco claimed they were being regulated. To lump a pure ECN like DukasCopy who does much more volume than FXCM or Alcheeo, who has NEVER traded against a client in with trash like Alchecco is madness. You make the claim that no broker will tell the truth unless they are regulated, however I have and still do work with firms who are honest which are not regulated beyond some arbitrary money laundering laws. Meanwhile companies who are registered lie regularly and get away with it . When a company like Interbank FX for example claims that all customer orders are going straight through to the bank when they in reality were being routed to the dealing desk at FXLQ. The bottom line is, I would open an account with Dukascopy long before I would open one with Interbank FX, NFA regulated or not.

Personally I think the reason people want to see a firm is regulated before they invest with them is because they are to lazy to look into a firm themselves and see if they are solid. It's just another example of people relying on the government (or in the case of the NFA a private organization) to do their thinking and decision making for them. So in the end in this case as is often the case in similar circumstances the government and/or self serving regulatory body lets the people it is supposed to protect down and lets the crooks continue to operate, as long as they pay their dues and fines from time to time.

I'm willing to give firms like Dukascopy the benefit of the doubt after they get a banking license. But for years they have been confusing customers by telling them they are regulated by these anti-money laundering committees which do not in any way shape or form regulate forex. This is misleading advertising in my opinion. Are they fraudsters like Alecco? No. But they have taken advantage of Switzerland's pourous regulatory environment for years and they deserved to be called out on it.

[forex scholar]

As I have illustrated on this thread there is no shortage of colorful con artists in the forex business. Yet there is one criminal mastermind in particular who always seems to skate away from his on ice thuggery with more dexterity than one of the Hanson Brothers. His name is Robert Gray. And when he wields the high stick more than just a few teeth go flying into the blood splattered night...

So who is this guy? How has he been able to cut such a swath through the forex industry for all these years? And how was he able to con, not just ordinary traders, but top U.S. Regulatory Agencies themselves? Well, he was able to do it using that old American adage that "Practice makes Perfect."

The Rob Gray story starts back in the go go 80's on that notorious stretch of highway running from Boca Raton to Miami known to the Feds as "Maggot Mile." It was December 11, 1986, when our goodfella to be got started in the futures industry by applying to be an associate member of the NFA with the firm Multivest Options Inc and International Precious Metals Corp Inc in Fort Lauderdale.
BASIC Details

But Gray's career with these two firms would be short lived and by the summer of 1987 he was no longer licensed by the NFA and had apparently left these brokerages. Multivest itself would eventually be closed down for gross fraud within a few years.

Let's role the tape and see how Gray got his start as a forex huckster:

Multivest Options Inc was one of the many futures industry orifices oozing with criminality during the decade of greed. The firm all by itself had over 120 Reparations Cases with the CFTC.
BASIC Details

In 1988 the NFA settled a case with Multivest in which numerous salesmen were cited for fraud and high pressure sales tactics.
BASIC Case Summary

And then in 1990 the CFTC shut them down for good stating:
BASIC Case Summary

"from June 1987 through October 1989, MultiVest, while soliciting almost 15,000 customers to invest in commodity options, misrepresented the likelihood of profit in trading commodity options, MultiVest's success rate, the risks in trading commodity options, the expertise and experience of MultiVest's sales people, and the extent and quality of MultiVest's market research. MultiVest was also charged with failing to supervise the handling of commodity options accounts by its salespeople."

So this is the firm that gave birth to Robert Gray, a fraudulent futures firm that sold bogus options to the gullible Senior Citizens of Seizure World, USA.
The trail goes cold in the 1990's although rumor has it he gravitated over to the stock market (I can't imagine Gray missed out on the greatest con off them all, the Internet Stock Bubble...) But his grand debut in the forex world appears to be in 2000 at FXCM of all places. According to a hilarious story I picked up at the New York Traders Expo a couple months ago Gray was the head of sales at FXCM and in a feat of treachery worthy of an Italian Opera he bolted the company with all FXCM's clients on a floppy disk and went to work at FX Solutions! Well done Rob, Lord Vader from MultiVest trained you well...

But it appears FX Solutions was not all the grateful as he lasted all of three months in their employ according to the NFA's Registration Records.
BASIC Details

Where to next for this Son of the Sith? Well, how about Director of Global Forex Operations for GFS Forex & Futures. Good Lord, how on earth did Robert Gray land this gig? Doesn't ANYONE do background checks anymore? Apparently not. Check out this article from 2003 which discusses the growing popularity of mini trading in FX:
The road to mini-success. (Online Trading). | Software Services & Applications (301) from AllBusiness.com

GFS Securities & Futures got on board a few months ago in March. "It was very much a client-driven decision," says Robert Gray, director of global forex operations for GFS. "The regulatory environment that the markets exist in now is really fueling forex in general."

Ok for Robert Gray of all people to speak glowingly about the "regulatory environment" for forex is to redefine the meaning of "Chutzpah." Call it "Grayzpah." And how about this for Grayzpah. In this lawsuit filed by the State of Colorado in 2004 Robert Gray is listed as a "Compliance Officer" with GFS. What on earth does Robert Gray know about compliance?That's the equivalent of having Michael Jackson as your babysitter.
http://www.dora.state.co.us/securiti...int%20rpt.pdf.

Another interesting note from this lawsuit is the admission that GFS cleared all its trades through Interbank FX. Which brings us to Part II of Dirty Rotten Scoundrel, stay tuned...

[forex scholar]

When last we left off Robert Gray was busy handing over the financial records of a shady managed funds firm operating under his nose at GFS to government prosecutors. As the court document described GFS was clearing its trades through Interbank FX.

The marriage between Gray and IBFX then became fully consummated in 2005. In March of that year according to the NFA Gray applied to be a Principal with Interbank FX. No telling if he ran over to IBFX with all GFS' clients but in any case he appears to have officially stayed at IBFX for about six months.

Unofficially? This is where things get very murky. Gray withdrew his license with IBFX on October 1, 2005 and applied for a new one with a newly created FCM, Forex Liquidity, on October 28, 2005. It was at FXLQ where Gray would cook up his piece de resistance, concocting an imaginary $35 million bond out of thin air and using that to pad FXLQ's official adjusted net capital number.
I won't rehash the collapse of FXLQ again but if you would like a full recap feel free to go here:
Forex Forum - FXstreet.com - View Single Post - NFA Forex Dealer Dead Pool

While Gray officially cut his ties to IBFX in 2005 there was still a business relationship between the two as evidenced by the fact that FXLQ was a prime provider of liquidity to IBFX. A debate has risen on the bulletin boards as to how dependent IBFX was on FXLQ in providing it with liquidity. In particular one dubious poster on FX Street claims IBFX for a long time was merely a white label of FXLQ and was somehow bound to Robert Gray for life:
Forex Street Weblog: InterbankFX related to FXLQ?.... I do not think so

From: Dan Campbell, Pipland, USA
Date of Post: 2007-12-05

Review: I've been trying to warn folks for over 2 years now (read my threads below, I used to work there), but justice is finally being servered, "to some degree". Forex Liquidity (FXLQ) is finally under investigation from the NFA. To recap: InterbankFX (IBFX) is a white label of FXLQ. Hense they are able to say "no dealing desk". Because in fact "IBFX" does not have a dealing, but rather it's at FXLQ where all IBFX customers clear their trades...
Sadly, as with most NFA "investigations", nothing will be done, but this should be a hugh warning bell for everyone using IBFX. Following the bread crumbs folks...
BASIC Details
BASIC Case Summary
To our Valued Clients:

The white label charge comes off as a bit of conspiracy mongering on the part of this Dan Campbell as IBFX continues to operate for the most part without incident even as FXLQ has been shut down. But it does beg the question how on earth did Robert Gray accrue so much influence in this industry?

Gray has been linked to numerous firms from FXDD, to Spencer Financial to Velocity FX. Google him and his name appears all over the bulletin boards like a plague bacillus.
Forums - Any Recommendation for MT4 based Fx Broker
http://forexbastards.com/forum/inde...96&min=0&num=15
MoneyTec Traders Community Forum

So deep is his influence that he even pops up in China heading up another fx brokerage called MultiBank FX (great mugshot of Gary on page 7):
http://www.fxmultibank.com/pdf/brochure.pdf

And while IBFX may still be up and running their relationship with Robert Gray has cost them dearly as FXLQ owes Interbank over $10 million in frozen assets according to FXLQ's own Receiver:
http://www.robbevans.com/pdf/forexlqreport01.pdf

It's my hope that the new NFA Capital Requirement increase to $5 million will help weed out the Robert Grays of the FX World. Gray flourished in the weeds of the industry at small firms that never seemed to get the NFA's attention. But with the industry reduced to 24 domestic firms and with new rules set to require all Introducing Brokers be licensed his time will have come and gone and none too soon.

I read at one of these links that Robert Gray has an Irish passport and that if things ever get too rough he can always hop on Aer Lingus and live out his days shepherding sheep on a quiet farm outside Galway. Well, should that day come I'm sure the forex trading community will sing in unison:

Oh Robbie Boy, the pipes, the pipes are calling
From glen to glen, and down the mountainside.
The summer's gone, and all the flowers are dying.
'Tis you, 'tis you must go and we gladly say goodbye.

But come ye not back when summer's in the meadow
Or when the valley's hushed and white with snow,
'Tis we'll dread you be there in sunshine or in shadow.
Oh Robbie Boy, Oh Robbie Boy, we loathe you so...