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|Overview – In response to the 2008-2009 Financial Crisis, The Dodd-Frank Act changed the regulatory structure, such as creating a host of new agencies (while merging and removing others) in an effort to streamline the regulatory process, increasing oversight of specific institutions regarded as a systemic risk, amending the Federal Reserve Act, promoting transparency, and additional changes. The Act purports to provide rigorous standards and supervision to protect the economy and American consumers, investors and businesses, purports to end taxpayer funded bailouts of financial institutions, claims to provide for an advanced warning system on the stability of the economy, creates rules on executive compensation and corporate governance, and eliminates some loopholes that led to the 2008 economic recession. The new agencies are either granted explicit power over a particular aspect of financial regulation, or that power is transferred from an existing agency. All of the new agencies, and some existing ones that are not currently required to do so, are also compelled to report to Congress on an annual (or biannual) basis, to present the results of current plans and to explain future goals. Important new agencies created include the Financial Stability Oversight Council, the Office of Financial Research, and the Bureau of Consumer Financial Protection. Globally, since the financial crisis impacted the global financial community and given the inter-connected global financial market, numerous financial regulatory bodies such as the EU and the FSA in the United Kingdom not only issued their own oversight authority but also allowed to some degree UK financial firms and business to fall under SEC scrutiny as well to combat risks. Although FCM360 global reach in the FX business has created numerous opportunities with value leading products and services for many clients and marketplace participants such as traders, brokers, liquidity providers, bridge providers, and exchanges, it is very important to FCM360 that our services adhere to requirements set forth by the Dodd-Frank Act. FCM360 Products and Services allow for increased visibility, improve gonernance and reduces risks within the financial sector – all of which encompass the sprirt of the Dodd-Frank Act.||How FCM360’s Products and Services Complies with the Dodd-Frank Act –
• The Americas – all FCM360s hardware, infrastructure and adjoining software (such as Windows OS) is created or implemented from distributors who are compliant with the current Dodd-Frank Act if this service is deemed essential to rules set out by the FDIC, the SEC, the OCC, the Federal Reserve and the SIPC
• The United Kingdom – FCM360 understands that many FSA financial firms and business can fall under jurisdiction of both the FSA and SEC, thus as long as we (FCM360) and our vendors comply with SEC provisions of Dodd-Frank, compliance will be achieved. Additionally, since FCM360 has senior leadership in London, any variant perspectives within FSA laws in accordance with Dodd-Frank is scrutinized first hand.
• The European Union (ESMA/EMIR) – although Basel III and EU regulation following the 2008-2009 financial crisis does not adhere exactly to Dodd-Frank, the purpose is the same – transparency, increased governance and reduced risk. FCM360 complies with EU initiatives where and when possible thus EU FX market participants can grow their business with compliant state-of-the-art products and services
• Japan/Australia/China – FCM360 Products and Services when possible allows for adherence to Japanese, Australian, and Chinese regulations derived from the aftermath of the 2008-2009 financial crisis.