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10 Background: Foreign Currency Exchange Rates, Quotes, and Pricing.A foreign currency exchange rate is a price that represents how much it costs to buy the currency of one country using the currency of another country. Unlike the regulated futures and options exchanges, there is no central marketplace in the retail off-exchange forex market.Foreign exchange trading | ASIC's Money Smart Foreign exchange (FX or forex) trading is when you buy and sell foreign currencies to try to make a profit. Before you put your money on the line, you should find out how forex markets and trading works, do extensive research and consider getting professional financial advice. Note: Average daily net turnover has been adjusted for local inter-dealer double reporting. Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers with Less Than 0 Million in Assets Under Management, and Foreign Private Advisers. dealers Securities and Exchange Commission self-regulatory organization Unfunded Mandates Reform Act of 1995. The published product may be reproduced and distributed in its entirety without further permission from GAO.
(a) Each retail foreign exchange dealer and futures commission merchant offering or engaging in retail forex transactions shall calculate...
However, if the foreign exchange dealer accepts one currency from customers residing or located in New York State at the time of the transaction and, at the customers request, transmits the counter-currency to a third-party, a New York money transmitters license is required. In general, the bank traders are not prepared to deal with other banks at the rates which they post.
If they have dollars, they want to make sure they are available for their normal corporate clients. For purposes of determining the bank's net foreign currency position between reporting periods, the Chief Foreign Exchange Dealer would not need to be concerned about those transactions which have no affect on the net position.
1.2 Under the SFA, FIs that deal in (i) CFDs referenced to underlying shares or debentures are deemed as dealing in securities; (ii) CFDs referenced to underlying currency exchange rates, or foreign exchange traded on a margin basis, are deemed as leveraged foreign exchange trading2. (b) Ensure derivative dealers dealing with retail investors are adequately capitalised to operate as a going concern in compliance with the regulatory requirements, and in the event. Foreign Exchange Dealers May be Required to be Licensed...
In short, when a foreign exchange dealer (spot or forward) accepts one currency from a client and returns counter-currency to the same customer, this activity is not a regulated activity which requires licensing with the Department. FORWARD FOREIGN EXCHANGE Some of the dealers post retail rates, some interbank rates and others just post some rates so that there are numbers on the screen.
This prohibition does not apply to (1) forex transactions with a customer who qualifies as an ECP, or (2) transactions that are spot forex contracts or forward forex contracts irrespective of whether the customer is an ECP. The Board is amending the definition of ECP in section 240.2 of the regulation to incorporate the CFTC's revised definition of ECP.