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09.01.2013 Post in Trading
- Forex is based on free currency conversion; it presupposes a state does not interfere in foreign exchange transactions. Nowadays, there is no fixed exchange rate as there are no restrictions on volume of transactions.
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However, some countries establish special rules for brokerage firms. First of all, these rules apply to relationships between brokers and clients.
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Financial Services Authority (FSA) exercises control over financial markets in the United Kingdom.
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Commodity Futures Trading Commission (CFTC) regulates futures and option markets in the United States. National Futures Association (NFA) is an independent self-regulatory organization and watchdog of the commodities and futures industry in the United States. The NFA elaborates trading rules, conditions for brokerage service, and also provides mediation and arbitration for resolving consumer complaints. Besides, the association collects and analyses reports obligatory provided by brokers and its members.
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The Central Bank of the Russian Federation exercises control over the exchange transactions in Russia. However, Russian legislation does not make provisions for free unlimited currency conversions.
