Via El Universal found a very interesting article on the forex currency market which explains the situation that exists in Mexico with investments in the forex market
The article makes mention of the regulation that exists in Mexico for investments in the Forex market
Condusef Mexico and are not responsible for losses because they are responsible only when investments are made within the Mexican territory.
This is because most of the brokers (if not all) are of foreigners and mexico is not responsible for investments in foreign countries.
Still, as mentioned in the statement, the brokers are duly registered .. “In the United States regulates the Commodity Futures Trading, Luxembourg in Europe there is also some kind of regulation, while in London a part is regulated by the Security Association Futur.” The statement said ..
Given that there is no reason for alarm has always to say about the risk involved in investing in forex as well as the high returns, certainly at the time in mexico rules apply to investments in the forex currency market will be for the benefit of all.
It’s just that for one reason Mexico so far desconosco is “hiding” the existence of the currency market in the eyes of the people, for example in the news, eh NEVER heard the word “Forex” “Foreign Exchange” etc. .. I only hear it called “market exchange” is not, perhaps a way to “disguise” the existence of forex to the Mexicans.
At the moment I leave the following article found in the original Universal newspaper and is as follows:
“Are you truly seeking high returns? In Forex you can earn 200% in a month “, this sentence corresponds to the propaganda that uses one of the companies that provide” advice “to invest your money, from a thousand dollars, equivalent to 10 thousand 760 pesos in foreign exchange market (Foreign Exchange Market). In the past year and a half this market has had a “boom”, but the downside is that Mexico does not have legislation to regulate its operation, says José María Alonso Aramburu, president of Market Research of the National Commission for Protection and Defense of Users of Financial Services (Condusef).
“Forex is a world market which is trading one currency for another large-scale, fully electronic and available 24 hours a day through financial centers around the world, so it has no physical location operation, “as explained in the web pages of companies operating funds.
In this market, participating financial institutions that operate as brokers or brokers, which are usually found in the U.S., Europe or Asia. In Mexico there are only business “advice” they receive a commission for it.
In an interview with El Universal online, José María Alonso Aramburu said that these companies are virtually the only contact in Mexico. “
Here the client delivers a certain amount to the office, which in turn establishes the commission will be paid via an engagement letter. You can give two types of documents: Brokerage Contract, which is always in a language other than Spanish or a commission contract and Sale of Securities Companies, which also is in Spanish.
“The client signs this document, but signed with a broker-dealer or financial and foreign financial institution. Then the contractual relationship between the client and the foreign financial institution, which could range from a brokerage firm in London or New York to a brokerage in Malaysia, “said the official.
The difference of these brokers and invest in a brokerage house in Mexico is that the latter is invested in dollar values Cetes or whatever, but most importantly it is an operation with a legally authorized financial institution in Mexico. But in the case of the Forex market the contract is with a financial institution abroad.
It is a market purely speculative, but said that will only buy foreign currency on instructions from the client or firm who has contacts in Mexico.
There are different offices, but among those mentioned by Jose Maria Aramburu is Billion Group, www.forexbillion.com, and another company called foreign investments www.forex.com.mx But the official clarified that both clarifies the Condusef not responsible.
These companies have engaged in fraud
We have no knowledge, being an activity that is financial networks. So we want to launch a warning that the market is highly speculative and changing to any economic and social factor where there can always be lost resources.
Do you know how many Mexicans are in this market?
The Forex market is not supervised or monitored by the Ministry of Finance or by the Commission Nacional Bancaria y de Valores. Not being governed by regulations and by the authority’s very difficult to finance a number or a fact about it. And therefore can not intervene Condusef.
Are there talks to regulate this activity in Mexico
It should, but for now Condusef not aware that you are working in a regulation about it.
Are regulated in other countries?
In the United States regulates the Commodity Futures Trading, Luxembourg in Europe there is also some kind of regulation, while in London a part is regulated by the Futur Security Association.
Based on these regulations is expected in Mexico lawmakers and financial authorities to reach agreement in Mexico to also regulate the matter, the official confided.
“The truth of this is that the Forex market is a reality, is operating well worth issuing a law about it, he said.
And in the meantime to do in case of dispute
For example, if it is a contract with a broker in Malaysia, there are probably a clause that says in case of dispute will have to go to the courts of that country, or the same if the broker is in London. “In case of dispute the people in Mexico is in a defenseless because you have to submit dispute to go to another country.”
Meanwhile where do I find out more about the risks?
You can go to the National Banking and Securities, a brokerage firm and Condusef to guide them with any questions.
What fees do you charge?
The commission varies depending on the volume traded, but go for 10% of the value of surgery.
However, at sites of companies that operate such funds in Mexico say they charge three dollars per “operation”, if the investment is less than $ 4,000 (43 pesos), but if the amount is greater than this number are charged six dollars per operation.
Source: El Universal