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US forex traders to have greater transparency with respect to execution data

The National Futures Association (NFA), the self-regulatory organization overseeing the activities of the US forex brokers, said its new rules on disclosure of transaction data have been approved by the Commodity Futures Trading Commission (CFTC) and will come into effect as of March 31, 2017. These rules will enable US retail traders to gain access to transaction data and to review the quality of execution.

 

In particular, each forex broker will be required, upon the request of a client regarding a specific forex trade, to provide the customer with specified transaction data for the 15 transactions in the same currency pair that occurred immediately before and after the client's trade (limited to those transactions that occurred 15 minutes before and after the transaction).

 

Transaction data must be provided within 30 minutes of receiving a request, and must include the following:

-         -  Execution date and time (to the nearest millisecond in Eastern time);

-         -  Customer side (i.e., buy or sell);

-          - Quantity;

-         -  Currency Pair;

-          - Execution price (including any mark-up);

-          - Commission and other charges assessed by the broker (if applicable); and

-          - Currency denomination of commission or other charges.

 

In addition, after March 31, each forex broker regulated in the US will be required to inform its customers of their ability to request this information by a notice prominently displayed on the broker's website, on each client's trading portal, and on each transaction statement. Furthermore, brokers will be required to provide NFA with copies of customers’ requests and its responses thereto.

 

The NFA is a self-regulatory organization overlooking at the US derivatives markets, including on-exchange traded futures, retail off-exchange forex and over-the-counter (OTC) derivatives (swaps). It also acts as an external dispute resolution (EDR) organization in case of disputes between its members and their clients in smaller cases with arbitration claims of up to $150,000. 

TAGS: US  forex brokers  NFA  execution data disclosure  regulation 
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