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CFTC

Notapor alfadseta » 14 Oct 2010, 23:01

Hola FXWizard, en un comunicado de la CFTC respecto a la Declaración de Riesgos al hacer trading en cuentas retail informan en una de sus cláusulas algo que me tiene inquieto, cito:

Funds deposited by you with a futures commission merchant or retail foreign exchange dealer for trading off-exchange foreign currency transactions are not subject to the customer funds protections provided to customers trading on a contract market that is designated by the Commodity Futures Trading Commission. Your dealer may commingle your funds with its own operating funds or use them for other purposes.

Bien, según lo anterior ¿de qué nos sirve que el broker esté registrado en la CFTC si nuestros fondos no están protegidos? y en cuanto a que los mezclen y los usen para otros propósitos, ¿esto no estaría en conflicto al hacer retiros de dinero? Por este motivo pregunto dando un ejemplo: ¿Podría suceder que en un tiempo inferior a 30 días un trader X obtenga beneficios de US$100.000, quiera retirar US$95.000 en una cuenta retail pero como los fondos no están protegidos y el broker puede mezclarlos y usarlos para sus propósitos, se nieguen a entregárlos? Entiendo que al broker no le exijan proteger los fondos en caso de bancarrota pero no sabía que si el broker está saludable economicamente la CFTC no garantice que los fondos estén protegidos.
Última edición por alfadseta el 24 Oct 2010, 02:23, editado 1 vez en total
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Re: CFTC

Notapor FXWizard » 15 Oct 2010, 15:14

Interesante cuestión alfadseta, vayamos por partes:

> Lo primero de todo, al margen de la mayor o menor protección que puedas tener, te interesa siempre trabajar con brokers regulados por un organismo de cierto prestigio (NFA, FSA) porque al menos tendrás un sitio al que presentar reclamación en caso de que haya algún problema.

> Efectivamente los fondos depositados para operar en mercados OTC como el de divisas no están protegidos por ningún fondo de garantía, ese tipo de fondos únicamente cubre productos negociados en mercados organizados como Bolsas, mercados de derivados oficiales o participaciones en fondos de inversión registrados.

> Sobre las transferencias, al menos hasta donde yo sé, con brokers regulados en condiciones no deberías tener problemas ya que por lo menos tienes la posibilidad de acudir a alguien si tus fondos no vuelven a tu cuenta. Otro caso es el de los broker regulados en Mauricio o las Islas Vírgenes Británicas, donde sí que he visto varios casos en los que tu dinero simplemente no vuelve. Y no tienes a quien reclamar (sus organismos supervisores y la nada son lo mismo).

Para el que tenga curiosidad, debajo teneis el nuevo Risk Disclosure de la CFTC por si teneís dudas. Y es que el Forex, salvo cuatro casos contados es la selva amigos. O acaso no conoceís la diferencia entre mercados OTC y mercados oficiales? ¿Por qué creeís que es tan importante un mínimo de regulación?


As part of the recent CFTC rules and regulation changes with the forex market, all forex traders must read and agree to the updated risk disclosure document below by October 16, 2010. We are required by the CFTC to disable the account(s) of those who do not agree with the new disclosure by this date. Please take a moment to review the new disclosure below.

................................... ................................... ................................... ................................... ................................... ................................... .....

CFTC RISK DISCLOSURE

CURRENCY TRANSACTIONS INVOLVE THE LEVERAGED TRADING OF CONTRACTS DENOMINATED IN FOREIGN CURRENCY CONDUCTED WITH A FUTURES COMMISSION MERCHANT OR A RETAIL FOREIGN EXCHANGE DEALER AS YOUR COUNTERPARTY. BECAUSE OF THE LEVERAGE AND THE OTHER RISKS DISCLOSED HERE, YOU CAN RAPIDLY LOSE ALL OF THE FUNDS YOU DEPOSIT FOR SUCH TRADING AND YOU MAY LOSE MORE THAN YOU DEPOSIT.

YOU SHOULD BE AWARE OF AND CAREFULLY CONSIDER THE FOLLOWING POINTS BEFORE DETERMINING WHETHER SUCH TRADING IS APPROPRIATE FOR YOU.

(1) TRADING IS NOT ON A REGULATED MARKET OR EXCHANGE—YOUR DEALER IS YOUR TRADING PARTNER WHICH IS A DIRECT CONFLICT OF INTEREST. BEFORE YOU ENGAGE IN ANY RETAIL FOREIGN EXCHANGE TRADING, YOU SHOULD CONFIRM THE REGISTRATION STATUS OF YOUR COUNTERPARTY.

The off-exchange foreign currency trading you are entering into is not conducted on an interbank market, nor is it conducted on a futures exchange subject to regulation as a designated contract market by the Commodity Futures Trading Commission. The foreign currency trades you transact are trades with the futures commission merchant or retail foreign exchange dealer as your counterparty. WHEN YOU SELL, THE DEALER IS THE BUYER. WHEN YOU BUY, THE DEALER IS THE SELLER. As a result, when you lose money trading, your dealer is making money on such trades, in addition to any fees, commissions, or spreads the dealer may charge.

(2) AN ELECTRONIC TRADING PLATFORM FOR RETAIL FOREIGN CURRENCY TRANSACTIONS IS NOT AN EXCHANGE. IT IS AN ELECTRONIC CONNECTION FOR ACCESSING YOUR DEALER. THE TERMS OF AVAILABILITY OF SUCH A PLATFORM ARE GOVERNED ONLY BY YOUR CONTRACT WITH YOUR DEALER.

Any trading platform that you may use to enter off-exchange foreign currency transactions is only connected to your futures commission merchant or retail foreign exchange dealer. You are accessing that trading platform only to transact with your dealer. You are not trading with any other entities or customers of the dealer by accessing such platform. The availability and operation of any such platform, including the consequences of the unavailability of the trading platform for any reason, is governed only by the terms of your account agreement with the dealer.

(3) YOUR DEPOSITS WITH THE DEALER HAVE NO REGULATORY PROTECTIONS.

All of your rights associated with your retail forex trading, including the manner and denomination of any payments made to you, are governed by the contract terms established in your account agreement with the futures commission merchant or retail foreign exchange dealer. Funds deposited by you with a futures commission merchant or retail foreign exchange dealer for trading off-exchange foreign currency transactions are not subject to the customer funds protections provided to customers trading on a contract market that is designated by the Commodity Futures Trading Commission. Your dealer may commingle your funds with its own operating funds or use them for other purposes. In the event your dealer becomes bankrupt, any funds the dealer is holding for you in addition to any amounts owed to you resulting from trading, whether or not any assets are maintained in separate deposit accounts by the dealer, may be treated as an unsecured creditor’s claim.

(4) YOU ARE LIMITED TO YOUR DEALER TO OFFSET OR LIQUIDATE ANY TRADING POSITIONS SINCE THE TRANSACTIONS ARE NOT MADE ON AN EXCHANGE OR MARKET, AND YOUR DEALER MAY SET ITS OWN PRICES.

Your ability to close your transactions or offset positions is limited to what your dealer will offer to you, as there is no other market for these transactions. Your dealer may offer any prices it wishes, and it may offer prices derived from outside sources or not in its discretion. Your dealer may establish its prices by offering spreads from third party prices, but it is under no obligation to do so or to continue to do so. Your dealer may offer different prices to different customers at any point in time on its own terms. The terms of your account agreement alone govern the obligations your dealer has to you to offer prices and offer offset or liquidating transactions in your account and make any payments to you. The prices offered by your dealer may or may not reflect prices available elsewhere at any exchange, interbank, or other market for foreign currency.


(5) PAID SOLICITORS MAY HAVE UNDISCLOSED CONFLICTS

The futures commission merchant or retail foreign exchange dealer may compensate introducing brokers for introducing your account in ways which are not disclosed to you. Such paid solicitors are not required to have, and may not have, any special expertise in trading, and may have conflicts of interest based on the method by which they are compensated. Solicitors working on behalf of futures commission merchants and retail foreign exchange dealers are required to register. You should confirm that they are, in fact registered. You should thoroughly investigate the manner in which all such solicitors are compensated and be very cautious in granting any person or entity authority to trade on your behalf. You should always consider obtaining dated written confirmation of any information you are relying on from your dealer or a solicitor in making any trading or account decisions.

FINALLY, YOU SHOULD THOROUGHLY INVESTIGATE ANY STATEMENTS BY ANY DEALERS OR SALES REPRESENTATIVES WHICH MINIMIZE THE IMPORTANCE OF, OR CONTRADICT, ANY OF THE TERMS OF THIS RISK DISCLOSURE. SUCH STATEMENTS MAY INDICATE POTENTIAL SALES FRAUD.


THIS BRIEF STATEMENT CANNOT, OF COURSE, DISCLOSE ALL THE RISKS AND OTHER ASPECTS OF TRADING OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS WITH A FUTURES COMMISSION MERCHANT OR RETAIL FOREIGN EXCHANGE DEALER.
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Aviso Legal: La negociación de divisas con apalancamiento conlleva un alto nivel de riesgo y podría no ser apropiada para todo tipo de inversores. El alto grado de apalancamiento del mercado puede jugar tanto a favor como en contra del inversor. Por lo tanto, antes de negociar divisas, Vd. debe considerar cuidadosamente sus objetivos de inversión, nivel de experiencia y tolerancia al riesgo. Recordamos que existe la posibilidad de perder una parte o toda la inversión inicial por lo que no debe invertir dinero que no pueda permitirse perder. Se debe tener conocimiento previo de todos los riesgos asociados a la negociación de divisas y, en caso de que se tenga alguna duda, buscar la ayuda de un asesor financiero independiente.

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