Jack Straw
@JackStr42679640
Rule 17 CFR Part 48
RIN 3038-AF37
For the past few months, we have been talking about the Banking System working on their amendments for the Foreign Board of Trade (FBOT) guidelines.
These guidelines come under the heading of the Commodity Futures Trading Commission (CFTC) on the Federal Register.
They have reached their Final Rule. It is a rule that allows those registered with the FBOT to utilize their electronic payment system in foreign currency trade and other assets.
Also, this amendment introduces the utilization of a Broker (IB). A Broker (IB) requires registration with the CFTC. “An introducing broker (IB) is an individual or organization that solicits or accepts orders to buy or sell futures contracts, commodity options, retail off-exchange forex contracts, or swaps but does not accept money or other assets from customers to support these orders.”
A Final Rule is considered the implementation stage. On September 16th, 2024, these new amendments will go into effect.
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