Probably won't happen before the 13th

[creditor63]

Click Here >>> FEDERAL RESERVE POLICY

 

Takes effect May 13 so I doubt we will see the RV before that. 

 

 

Release Date: April 4, 2013

For immediate release

The Federal Reserve Board on Thursday announced the finalization of standards for banking organizations regulated by the Federal Reserve that engage in certain types of foreign exchange transactions with retail customers.

The rule, issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, establishes requirements for risk disclosures to customers, recordkeeping, business conduct, and documentation for retail foreign exchange transactions. Regulated institutions engaging in such transactions will be required to notify the Federal Reserve and to be well capitalized. They will also be required to collect margin for retail foreign exchange transactions.

The types of transactions covered by the rule include foreign exchange transactions that are futures or options on futures, over-the-counter options on foreign currency, and so-called rolling spot transactions. The rule covers entities regulated by the Federal Reserve including state-chartered banks that are members of the Federal Reserve System, bank and savings and loan holding companies, Edge Act and agreement corporations, and uninsured, state-licensed branches and agencies of foreign banks.

The Federal Reserve consulted with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation in developing the rule. The agencies have engaged in separate rulemakings as specified by Dodd-Frank.

The rule will be effective on May 13, 2013.  

For media inquiries, call 202-452-2955.

Federal Register notice: HTML | PDF

[Boozer]

I can wait 6 more Days.

[RVWITHME]

Mostly applies to regs. and authorization for Forex Foceign Currency Options Trading, but doesn’t seem

to cover direct, in-bank currency exchanges, IE: IQD & VND

 

SUMMARY: The Board of Governors of the Federal Reserve System

(``Board'') is adopting a final rule to permit banking organizations

under its supervision to engage in off-exchange transactions in

foreign currency with retail customers. The final rule also describes

various requirements with which banking organizations must comply to

conduct such transactions.

 

DATES: This rule is effective on May 13, 2013.

 

FOR FURTHER INFORMATION CONTACT: Scott Holz, Senior Counsel, Legal

Division, (202) 452-2966.

   The rule is applicable to retail forex transactions engaged in by

banking institutions on or after the effective date.

 

Section 240.2--Definitions

 

    This section defines terms specific to retail forex transactions

and to the regulatory requirements that apply to retail forex

transactions.

    The definition of ``retail forex transaction'' generally includes

the following transactions in foreign currency between a banking

institution and a person that is not an eligible contract participant:

First, certain transactions in foreign currency are not ``retail

forex transactions,'' and therefore are not subject to the prohibition

in section 742(c)(2) of the Dodd-Frank Act. For example, a ``spot''

forex transaction where one currency is bought for another and the two

currencies are exchanged within two days is not a ``future'' and would

not meet the definition of a ``retail forex transaction,'' since actual

delivery occurs as soon as practicable.\17\ Similarly, a ``retail forex

transaction'' does not include a forward contract with a commercial

entity that creates an enforceable obligation to make or take delivery,

provided the commercial counterparty has the ability to make delivery

and accept delivery in connection with its line of business.\18\ In

addition, ``retail forex transaction'' does not include an ``identified

banking product'' or a part of an ``identified banking product,'' as

defined in section 401( of the Legal Certainty for Bank Product Act

of 2000.\19\ Finally, the definition does not include transactions

executed on a securities exchange and banking institutions are

ineligible to effect retail forex transactions on a designated contract

market.

[10 YEARS LATER]

I can wait 6 more Days.

Bingo !! Been all in for 10 years - 6 more days? Fingers crossed. . .

[JMULS31]

YEP!!!!  Lets hope...   

[Silverdinar]

1 more week ..can't wait. wow been here long enuff to see hair on my head turn a different color. wow has it been that long, yeppers. Come on RV that rocking chair not looking too inviting at the front of   "  Ye Ole Folks Home. " Im ready to start the spending. GO RV !!!!!!!!!!!!!!!!!!

[chess]

I wish,too.  But, it just seems the CBI still loves to take in our dollars, as to sell us more of their pretty wallpaper.  GO RV.....anyway!

[fishing]

Great news! Let hope this is the start.

[Nadita]

Fingers crossed, toes checked and let's bring the baby home

[Nelson0528]

How many people actually understand the items they read on here?... just curious.. there is frequently lots of praise for news that does not relate to the events we are watching for... hang in there people. If you don't understand what you are reading, do some research before you post on the relevance of it... It will only serve to make you more knowledgeable and a LOT LESS disappointed at times... that being said... lets remain hopeful, diligent, and optimistically cautious...

[SamDinar]

Nelson0528 is right. They are not talking about the RV, they are only talking about new rules going into effect in the USA and they have nothing to do with the IQd.

If we get lucky then it will happen but I think not until sometime in July.

[rocky808]

Could their currency have been a commodity all along?

[JoeB]

I can wait 6 more Days.

 

Nothing new: It's been supposed to happen next week for as long as I can remember...

[umbertino]

Bingo !! Been all in for 10 years - 6 more days? Fingers crossed. . .

Same here....If only......

Fingers crossed, toes checked and let's bring the baby home

Let's hope, Nadita... Point being if this baby really wants to come home......

[KiaKaha]

Nelson0528 is right. They are not talking about the RV, they are only talking about new rules going into effect in the USA and they have nothing to do with the IQd.

If we get lucky then it will happen but I think not until sometime in July.

 

 

Thank goodness! I read it and thought I was turning really blonde to not see the link!

 

KK

[Nadita]

Same here....If only......

Let's hope, Nadita... Point being if this baby really wants to come home......

Umb,

 

You got it the baby is throwing tantrum and rolling on the floor...