FXDD - nice honest outfit

[The Leopard]

A dishonest forex bucket shop? Whoever would have thought it?

I've got one word for you:

Chicago Mercantile Exchange.

The benefits of an exchange are many, but one is that the price you see and get relates to something, rather than just being made up with the express intention of stripping the lining from your ass.

 

[rsh01]

A dishonest forex bucket shop? Whoever would have thought it?

I've got one word for you:

Chicago Mercantile Exchange.

The benefits of an exchange are many, but one is that the price you see and get relates to something, rather than just being made up with the express intention of stripping the lining from your ass.

Exchanges do scratch the backs of the big players though - see flash orders, front running by HFTs et al. And CME is f dodge from what I read about its hand in the MF global debacle.

But I get your point.

 

[wackypete2]

Exchanges do scratch the backs of the big players though - see flash orders, front running by HFTs et al. And CME is f dodge from what I read about its hand in the MF global debacle.

Agreed.
Exchange traded markets aren't any better. The difference is in the way you get screwed and who is doing the screwing. What it amounts to is you have to understand the market you are playing in, how it works, who the major players are, what the probable issues are, and in what way that market is disadvantageous to the retail punter. Once you get a handle on all that you can either choose to trade a different market or learn to work around the problems. ANY market you trade in is chock full of shady characters and unfair regulations. Also, I said before, HFT is akin to a legally regulated scam.

Peter

 

[Rhody Trader]

Ah right. PBs post states they got to keep the money they ripped off from foreign clients, this implies that either noone complained to their countries reg body - which seems unlikely, or that the talks between the US and other countries reg bodies didn't come to anything.

No complaints may not be that far fetched. After all, the stuff FXDD is being hit with isn't exactly something that would be visible to the customer. As noted, the NFA spotted this because of an audit. Has the FSA, et al done a comparable audit? Further, the NFA has only just brought this action. To say that talks between regulators haven't amounted to anything seems a bit premature.

 

[rsh01]

Further, the NFA has only just brought this action. To say that talks between regulators haven't amounted to anything seems a bit premature.

I was referring to PBs post - about FXCM.