In next month’s Euromoney, there is an article which examines whether there is a level regulatory playing field in the US for the FX platform providers. Further ammunition for those who believe it is not comes this week in an announcement from the National Futures Association (NFA). Titled, “Effective Date of Amendments to the Interpretive Notice Regarding Forex Transactions,” the NFA says that effective June 1, 2008, any forex dealer members (FDMs which act as counterparties to trades must disclose prominently, “in uppercase letters in at least 10 point size type,” that they may profit from the trade. Exchanges don’t have to do this. Of course, it could be argued that the exchange itself does not profit from trades which move against the client, the ultimate counterparty does. There are numerous conspiracy theories on the bulletin boards in the US and the NFA is right to examine some of the activities of the OTC platforms. In the past, there is no doubt that prices were shaded on occasions massively when clients came to exit positions. There’s far too much transparency and choice for that to happen on a widespread scale now and it seems that the NFA’s action is an example of too much too late.