Hey peeps, can someone please give me some insight as to why FOREX will be prohibiting US residents from OTC trading of PM's? The problem I have with this is the plain language of "US Residents". Does this exclude entities such as corporations? What impact will this have? Any thoughts?
And why is it that I received this AFTER FRIDAY closing!?
We wanted to make you aware of some upcoming changes to FOREX.com’s product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011.
In conjunction with this new regulation, FOREX.com must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading at 5pm ET. As a result, all open metals positions must be closed by July 15, 2011 at 5pm ET.