New forex law

You're referring to the new regulations and laws that are being implemented in the foreign exchange (forex) market. Here are some recent updates:

Recent Developments:

  1. Global Financial Stability Report (GFSR): The International Monetary Fund (IMF) released its GFSR in April 2022, which highlighted the need for greater transparency and regulation in the forex market.
  2. FX Global Code: The FX Global Code is a set of principles and guidelines for the foreign exchange market, aimed at promoting transparency, fairness, and integrity. The code was launched in 2016 and has been adopted by many major banks and financial institutions.
  3. ESMA's Guidelines on FX: The European Securities and Markets Authority (ESMA) published guidelines on FX in 2020, which set out requirements for FX trading platforms and brokers operating in the European Union.
  4. US CFTC's FX Regulations: The Commodity Futures Trading Commission (CFTC) in the United States has implemented regulations for FX trading, including requirements for FX dealers and brokers.

New Laws and Regulations:

  1. EU's Markets in Financial Instruments Directive (MiFID II): MiFID II, which came into effect in January 2018, introduced stricter regulations for FX trading platforms and brokers operating in the European Union.
  2. US Dodd-Frank Act: The Dodd-Frank Act, passed in 2010, introduced regulations for FX trading in the United States, including requirements for FX dealers and brokers.
  3. Australian Securities and Investments Commission (ASIC) Regulations: ASIC, the regulatory body in Australia, has implemented regulations for FX trading platforms and brokers operating in the country.
  4. Singapore's Monetary Authority of Singapore (MAS) Regulations: The MAS has implemented regulations for FX trading platforms and brokers operating in Singapore.

Key Changes:

  1. Increased Transparency: Many regulations now require FX trading platforms and brokers to provide greater transparency around their trading practices, including the disclosure of spreads, commissions, and other fees.
  2. Stricter Risk Management: Regulators are now requiring FX trading platforms and brokers to implement stricter risk management practices, including limits on leverage and margin requirements.
  3. Enhanced Customer Protection: Regulations are now requiring FX trading platforms and brokers to provide enhanced customer protection, including the segregation of client funds and the implementation of robust customer identification and verification procedures.
  4. Increased Regulation of FX Derivatives: Regulators are now paying closer attention to FX derivatives, including options and futures, and are implementing regulations to ensure that these products are traded fairly and transparently.

These are just a few examples of the new laws and regulations in the forex market. It's essential for traders and investors to stay informed about these changes to ensure compliance and to protect their interests.