FXCM starts shifting accounts to London

http://forexforums.dailyfx.com/nfa-no-hedging-rules-starting-may-17-2009/74526-1-faqs-nfa-rules.html

FAQs for NFA rules

Video: Trading Under the New NFA No-Hedging Rules

What the new rules mean:

• Q. Why is the NFA imposing these new rules?
  A. When it comes to the restriction on hedging, NFA believes that hedging eliminates any opportunity to profit on a transaction, and it increases the customer's financial costs (Ex: customers entering hedged positions will pay the entire spread twice, doubling the expense of entering and exiting the transaction.) NFA's position is that "customers do not understand either the lack of financial benefit or the financial costs involved" in carrying long and short positions in the same currency in the same account
  
• Q. What will happen with my existing positions?
  A. All positions that are opened before 4pm ET on May 15th will not be affected. If you place an opposing order after it will net out any positions regardless of when they were opened.
  
• Q. I am an MT4 user, how will my account be affected?
  A. MetaQuotes, the developer of the MetaTrader platform, is working to put through a patch that will disallow hedging. If you wish to keep the same functionality that you currently have you can move your account to FXCM UK by filling out the opt-in form found here http://www.fxcm.com/mt4-hedging-transfer-form.jsp
  
• Q. I use the Forex System Selector platform, how will my account/portfolio be affected?
  A. Tradency, the company behind the Forex System Selector software will also be putting through a patch to comply with the new rules. If you are concerned about how this will affect your FSS portfolio, you can fill out the opt-in form to have your account transferred to FXCM UK which can be found here http://www.fxcm.com/fss-hedging-transfer-form.jsp The new restrictions do not apply to accounts with FXCM UK so submitting that form will ensure that there are no changes to your account.
  

Transferring to FXCM UK:

• Q. If I switch my account to FXCM UK what protection is available?
  A. The Financial Services Authority (FSA) is the government agency that overseas spot FX trading in the United Kingdom. The market has been regulated in the UK much longer then it has been in the US. Accounts with Forex Capital Markets LTD (FXCM UK) are fully segregated in accordance with UK financial regulations. The FSA, one of the world's most respected financial regulatory bodies, administers these regulations. In the unlikely event of FXCM UK's bankruptcy, clients of FXCM UK would be considered secured creditors and receive priority in bankruptcy proceedings.
  
• Q. With my account at FXCM UK, will I need to phone the UK to get support?
  A. FXCM's global offices are open 24 hours a day, seven days a week. You may continue contacting the same office and support staff you have been accustomed to, through the same familiar telephone, chat, and email methods, regardless of where your trading account is set up.
  
• Q. How may I deposit to my account if it is housed with FXCM UK?
  A. FXCM UK provides for bank wire, debit card, credit card, and check deposits and withdrawals. Please note there are different website links and funding details associated with accounts at FXCM UK . Visit FXCM - Depositing Funds Options for full details. Please also note that we are in the process of updating our bank information for FXCM UK to include US bank accounts and debit/credit card deposit functionality.
  
• Q: Do I need to download any new software if my account is with FXCM UK?
  A: No, you will use the same trading station. No additional download is required.
  
• Q:. What is the cutoff date to opt in to transfer my account to FXCM UK?
  A: MT4 clients must submit the opt-in form by Wednesday May 6th. Forex System Selector clients must submit the opt-in form by Wednesday May 13th. Clients using the regular FXCM TS II platform must submit the opt-in form by May 27th
  
• Q: What happens if I don't transfer before the deadline? Can I transfer after? How?
  A: We highly encourage clients to transfer before the deadline so that your account can be moved over will all open positions. If you choose to move over after the deadline you will have to close out all open positions before we can move your account.