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Here is a collection of Forex News Updates, Other Forex Trading System Resources and Information.Hi everyone As you know, we are requesting top U.S Forex executives to give us their view about how new NFA requirements are changing - for good? - the US & Worldwide Retail Forex Industry. After publishing the view of Gary Tilkin, President & CEO at GFT, Drew Niv, CEO at


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Hi everyone

As you know, we are requesting top U.S Forex executives to give us their view about how new NFA requirements are changing - for good? - the US & Worldwide Retail Forex Industry.

After publishing the view of Gary Tilkin, President & CEO at GFT, Drew Niv, CEO at FXCM, and Glenn Stevens, CEO at GAIN Capital (Forex.com), today I have the pleasure to welcome Peter Wong, Chairman and CEO at MG Financial LLC.

Thanks a lot Peter for your collaboration.

Francesc

Dear Francesc,

As you and the general retail forex community may be aware, MG is one of the few companies in the industry that has adopted the FIFO model in our proprietary on-line trading platform almost a decade ago, when the Dealstation 2000 platform was launched. It has always been our goal, to provide the best professional practice and education to our clients, and MG has never compromised its standards by allowing illogical functions such as “hedging” even in the face of their popularity and appeal, and even knowing that not implementing them would cost MG a market share of those customers who believed, or were convinced to believe that such practice is to their best benefits. In our view, this practice only benefits those money managers who would like to have an impressive “report card” for their show of performance. Instead, customers should know there is no perfect hedge in any financial markets, and certainly not in contra positions of the same currency pairs under one account.

We are in general agreement with Mr. Gary Tilkin, President & CEO at GFT as he has covered most of the ethical issues in his answers.

Last but not least, despite the relentless efforts of the regulators, MG believes that in order to truly benefit the foreign exchange industry in the long term, it is all of our industry peers that should uphold their own self discipline and ethical practices as well as put in the effort necessary to educated the customers. The customers should in turn exercise their best due diligence in choosing the right counterparties.