EFFECTIVE July 31, 2009
As many of you are aware, this Friday July 31st, NFA Rule 2-43 becomes effective for all US based FDM’s and clients. Starting with Trade date Monday August 3rd, all positions will be closed on a First In, First Out (FIFO) basis. For those clients using IKON Platinum or IKON Viking platforms there will be no change to your normal trading activity. For our Meta Trader clients, however, there will be some changes you should be aware and prepared for:
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The FIFO roll process will begin everyday at 4:30 PM New York (Eastern United States Time)
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From 4:30 until 5:00 PM all Take Profit and Stop Loss orders will be on a not held and contingent basis
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Starting 4:30 PM any Take Profit or Stop Loss orders associated with a FIFO matched position will be automatically cancelled.
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Any Take Profit or Stop Loss orders on open (meaning not totally closed positions) will be working.
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It is your responsibility to verify all Filled/Working and Open/Pending orders for accuracy
We are pleased to have created a solution that meets everyone’s (clients and regulators) requirements. We look forward to your feedback and thank you for your support
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EFFECTIVE MAY 17, 2009
Important changes to your account as per NFA Compliance Rule 2-43(b).
IKON GM, along with all FCM's, has received information from the NFA that we wanted to pass along to our customers. All registered FCM's have received a new Compliance Rule 2-43(b) regarding forex trading. FDMs may not carry offsetting positions in the same account if either of those positions was established after May 15, 2009.
To remedy the current rule, we will be making changes to our Demo and Live accounts that will be effective on all accounts as of the open of trading, Sunday, 5 PM EST, May 17th. All accounts will function as follows:You will be able to go long and short intraday, but at the close of the trade date, or rollover, or 5 PM EST, any long or short positions will be matched and closed by the system resulting in a net position.
To further clarify, as of the open of the Market, Sunday, May 17th, 2009, the changes will take place on all accounts - Demo And Live. If you have any questions please do not hesitate to contact your representative.
Trading Off-Exchange Foreign Exchange Currencies involve significant risk and may not be suitable for everyone. Please read our
RISK DISCLAIMER before investing. Please read our
PRIVACY POLICY.
