Thanks to Dodd-Frank, where do you Americans plan on emmigrating to?

[DickP]

I figure to avoid these Draconian new policies that are just bound to get worse and worse here in the states, Dodd-Frank, whatever finance reform bill is on the table this week, next week, and the week after, all affecting how you the little guy who just wants to make extra living in Forex trades.

Dick Armey gets it right, "its an outrageous piece of legislation"

http://www.youtube.com/watch?v=oLem3nJzdKg
<iframe title="YouTube video player" class="youtube-player" type="text/html" width="480" height="390" src="http://www.youtube.com/embed/oLem3nJzdKg?rel=0" frameborder="0"></iframe>

Google Dodd + Countrywide, Clinton + Savings and Loans


I personally am looking in to moving to the Cayman Islands, it's a british protectorate so I can trade with FXCM UK at least:

The Cayman Islands (pronounced /ˈkeɪmæn/ or /ˈkeɪmən/) is a British Overseas Territory located in the western Caribbean Sea. The territory comprises the 3 islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica. It is considered a part of the geographic Western Caribbean Zone. The territory is a major world offshore financial centre.

http://upload.wikimedia.org/wikipedia/commons/thumb/d/dc/LocationCayman_Islands.svg/250px-LocationCayman_Islands.svg.png

[Jones]

Thank God I wasn't born American :D

[Uweee]

I don't plan on moving anywhere....

[MuadDib]

No where, i'm staying put, 50:1 leverage isn't so bad.

[DickP]

Satement Modified for my friend above:
50:1 leverage isn't so bad if you are a millionaire :D

[progresso]

Is 50:1 leverage really that bad?

[TopTrader]

This claim of moving offshore to trade is largely a non issue at this point because all brokerages regardless of where they may be located will be required to register with the CFTC and subject itself to their rules and oversign in order to even have USA clients. Anything else is a trader trying to get higher leverage by going around (or breaking the law) and depositing at an unregulated broker and you have no recourse in the event of fraud whatsoever!

So Dodd-Frank will not kill the Forex Industry in America, rather save it.

[DickP]

Is 50:1 leverage really that bad?

Dodd-Frank Forex Trading Rules Explained - YouTube (http://www.youtube.com/watch?v=_mA1zbZ83m0&feature=related)

[ACE]

Here it is from the horses' mouth

Gensler Discusses Dodd-Frank at Public Citizen - YouTube (http://www.youtube.com/watch?v=OSmHDugx2JI)

[mk3fx]

Dodd-Frank's not the only reason to emigrate.

[ttx2011]

they cut off my margin just before I could make a fortune so I can't move anywhere, its back to mowing lawns

[ForexThinktank]

Dodd-Frank actually did nothing to the major players which is what is was Meant for. Dodd-Frank did obliterate tiny players out of the market altogether though starting from day 1.




WASHINGTON -- A full year after the official deadline came and went, key regulations necessary to enforce the Dodd-Frank financial reform law remain unwritten, leaving vast areas of the financial market still vulnerable to self-destruction and failing to discourage corrupt practices overseas.


Among the overdue regulations from the Securities and Exchange Commission alone are complicated rules, like those that would rein in the derivatives market, and simple rules, like the pending requirement that companies publicly reveal the median compensation of all their employees, the compensation of their CEO, and the ratio of the two.

There are also long-delayed but important anti-corruption regulations, including one that would instruct publicly traded companies listed on U.S. stock exchanges to start disclosing exactly how much they pay foreign governments to acquire drilling and mining rights. The idea is to make it more difficult for foreign leaders to abscond with secret stashes of billions of dollars they received from energy and mining companies.

The Dodd-Frank legislation specifies that the anti-corruption provision and many others should be implemented within nine months of the bill becoming law -- namely, by April 15, 2011. Now another whole year has passed.

There is reason to hurry, said Bartlett Naylor, financial policy advocate for the consumer group Public Citizen. "Our financial industry has developed an ability to blow itself up very quickly, apparently unbeknownst to its regulators," he said. "It's unclear when the next bomb will explode. But I think defusing it sooner is certainly better."

http://www.huffingtonpost.com/2012/04/17/sec-dodd-frank-rules-year-overdue_n_1432839.html