Interbank FX Announces Compliance with the New NFA FIFO Rule, Retaining All Platform Order Functionality Including Expert Advisors
Interbank FX's proprietary backoffice solution offsets positions adhering to FIFO rule
Salt Lake City, July 20, 2009 — Interbank FX (IBFX.com), a worldwide provider of online foreign currency (Forex/FX) trading, announced today a solution for NFA Compliance Rule 2-43 affecting all NFA regulated Forex brokers.
Using our proprietary backoffice solutions, Interbank FX will allow our Meta Trader 4 platform to remain 100 percent compliant, while retaining order functionality and flexibility for customers trading. The MT4 platform will continue to function as our customers have experienced over the last several years. This includes the ability for customers to use fully functional Expert Advisors, Stops Losses, Take Profits, Trailing Stops and Limit Orders without making any needed adjustments.
"Certain US competitors have decided that their solution to the new FIFO rules are to move their customers overseas, rather than being compliant," said Todd Crosland, Chairman and President of Interbank FX. "At Interbank FX, we have embraced the NFA's efforts to help protect customers and provide a seamless solution without any changes to their current trading strategies."
The only modification for customers will be their daily and monthly account statements, coming directly from the proprietary Interbank FX backoffice system using NFA FIFO offsetting procedures. The FIFO rule takes effect beginning July 31/August 1, 2009.
Frequently Asked Questions
Q
Does FIFO apply to all of my trades?
A
First in / First out applies ONLY to trades of the same currency pair and position size.
Q
Will my Expert Advisor still work?
A
All of your Expert Advisors will continue to work with all of your pre-programmed stops, limits and trailing stops.
Q
Will I still be able to use Stops and Limits, Trailing Stops and Take Profits?
A
Absolutely - With the IBFX solution, you won't have to make any changes from the way that you are currently using MetaTrader4. No need to make any adjustments to Stops and Limits, Trailing Stops or Take Profits in your MetaTrader 4 platform. FIFO offseting will occur for all of your trades and proper accounting will be managed by Interbank FX's proprietary back office and reporting system.
Q
Will I still be able to close any of my orders of the same currency pair in any order in MetaTrader4?
A
With the IBFX solution, your trade management will still be fully functional in the MetaTrader 4 platform without you having to make any changes to your current trading strategies. Interbank FX's proprietary back office and reporting system will offset your trades FIFO as required by NFA Compliance Rule 2-43.
Q
How will this affect my daily statements?
A
Interbank FX Official Statements will come directly from Interbank FX’s proprietary back office system using our FIFO offsetting and accounting procedures. These statements will be accessible through a client’s Web Site Login. You will still be able to pull an Unofficial Trade Journal using the Trade Journal feature within the IBFX website. You will also be able to produce Unofficial Trade Journals using MetaTrader 4 as your Trade Manager. You will notice on the Interbank FX Official Statements that the trades have been opened and closed in a FIFO compliant manner, while this may not be the case on your Unofficial Trade Journal.
Q
Does this NFA rule apply to all U.S. based brokers?
A
Yes, this rule affects any broker in the U.S. that is a member of the NFA. Other brokers have attempted different approaches to this new ruling. We at Interbank FX strive to make trading in the forex market as simple as possible for our clients, all the while in full compliance with the NFA.
Interbank FX's proprietary backoffice solution offsets positions adhering to FIFO rule
Salt Lake City, July 20, 2009 — Interbank FX (IBFX.com), a worldwide provider of online foreign currency (Forex/FX) trading, announced today a solution for NFA Compliance Rule 2-43 affecting all NFA regulated Forex brokers.
Using our proprietary backoffice solutions, Interbank FX will allow our Meta Trader 4 platform to remain 100 percent compliant, while retaining order functionality and flexibility for customers trading. The MT4 platform will continue to function as our customers have experienced over the last several years. This includes the ability for customers to use fully functional Expert Advisors, Stops Losses, Take Profits, Trailing Stops and Limit Orders without making any needed adjustments.
"Certain US competitors have decided that their solution to the new FIFO rules are to move their customers overseas, rather than being compliant," said Todd Crosland, Chairman and President of Interbank FX. "At Interbank FX, we have embraced the NFA's efforts to help protect customers and provide a seamless solution without any changes to their current trading strategies."
The only modification for customers will be their daily and monthly account statements, coming directly from the proprietary Interbank FX backoffice system using NFA FIFO offsetting procedures. The FIFO rule takes effect beginning July 31/August 1, 2009.
Frequently Asked Questions
Q
Does FIFO apply to all of my trades?
A
First in / First out applies ONLY to trades of the same currency pair and position size.
Q
Will my Expert Advisor still work?
A
All of your Expert Advisors will continue to work with all of your pre-programmed stops, limits and trailing stops.
Q
Will I still be able to use Stops and Limits, Trailing Stops and Take Profits?
A
Absolutely - With the IBFX solution, you won't have to make any changes from the way that you are currently using MetaTrader4. No need to make any adjustments to Stops and Limits, Trailing Stops or Take Profits in your MetaTrader 4 platform. FIFO offseting will occur for all of your trades and proper accounting will be managed by Interbank FX's proprietary back office and reporting system.
Q
Will I still be able to close any of my orders of the same currency pair in any order in MetaTrader4?
A
With the IBFX solution, your trade management will still be fully functional in the MetaTrader 4 platform without you having to make any changes to your current trading strategies. Interbank FX's proprietary back office and reporting system will offset your trades FIFO as required by NFA Compliance Rule 2-43.
Q
How will this affect my daily statements?
A
Interbank FX Official Statements will come directly from Interbank FX’s proprietary back office system using our FIFO offsetting and accounting procedures. These statements will be accessible through a client’s Web Site Login. You will still be able to pull an Unofficial Trade Journal using the Trade Journal feature within the IBFX website. You will also be able to produce Unofficial Trade Journals using MetaTrader 4 as your Trade Manager. You will notice on the Interbank FX Official Statements that the trades have been opened and closed in a FIFO compliant manner, while this may not be the case on your Unofficial Trade Journal.
Q
Does this NFA rule apply to all U.S. based brokers?
A
Yes, this rule affects any broker in the U.S. that is a member of the NFA. Other brokers have attempted different approaches to this new ruling. We at Interbank FX strive to make trading in the forex market as simple as possible for our clients, all the while in full compliance with the NFA.
Visit http://www.ibfx.com/ for more details
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About IBFX / Interbank FX
Headquartered in Salt Lake City, UT, Interbank FX, LLC (IBFX) is a provider of online Forex trading services, offering individual traders, money managers and institutional customers proprietary technology, tools and education to trade spot foreign currency online.
Unlike other off-exchange retail foreign currency brokers, IBFX has distinguished itself among industry leaders with its unique multi bank liquidity feed, proprietary tools and services, and remarkable focus on customer care. This has led to longer term relationships and to numerous awards and industry accolades, including Best Online FX Provider, Best Foreign Exchange Broker, Best Chairman, Ernst and Young Entrepreneur of the Year, and Inc 500.
IBFX serves more than 35,000 clients from more than 140 countries around the world and has supported a trading volume in excess of US$80 billion in a single month. The company is regulated as a member of the National Futures Association and is also registered with the Commodity Futures Trading Commission as a Futures Commission Merchant. Trading in the off-exchange retail foreign currency market is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose. With all major news releases, there is the possibility of significant price volatility. IBFX is not liable for any loss or damage, including without limitation any loss of profit, which may arise from the use of Dow Jones FX Select or reliance on such information.
Headquartered in Salt Lake City, UT, Interbank FX, LLC (IBFX) is a provider of online Forex trading services, offering individual traders, money managers and institutional customers proprietary technology, tools and education to trade spot foreign currency online.
Unlike other off-exchange retail foreign currency brokers, IBFX has distinguished itself among industry leaders with its unique multi bank liquidity feed, proprietary tools and services, and remarkable focus on customer care. This has led to longer term relationships and to numerous awards and industry accolades, including Best Online FX Provider, Best Foreign Exchange Broker, Best Chairman, Ernst and Young Entrepreneur of the Year, and Inc 500.
IBFX serves more than 35,000 clients from more than 140 countries around the world and has supported a trading volume in excess of US$80 billion in a single month. The company is regulated as a member of the National Futures Association and is also registered with the Commodity Futures Trading Commission as a Futures Commission Merchant. Trading in the off-exchange retail foreign currency market is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose. With all major news releases, there is the possibility of significant price volatility. IBFX is not liable for any loss or damage, including without limitation any loss of profit, which may arise from the use of Dow Jones FX Select or reliance on such information.
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1 comment:
Hi Forex Geek Squad,
My name is Abigail (an IBFX employee), and I just wanted to thank you for pushing our message out!
Happy Trading,
Abigail~
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