Comment Text:
i0-001
COMMENT
CL-01832
From:
Sent:
To:
Cc:
Subject:
Innocent Nwachukwu
Thursday, January 21, 2010 1:13 PM
secretary
[email protected]
Fw: Proposed CFTC Leverage Change
CFTC,
I am against this proposed CFTC leverage change specified below. I believe a forex trader in the USA should be
allowed the same leverage enjoyed by the rest of the world because forex is a world market.
If this proposed change passes, I will CLOSE all my USA forex accounts and move them to the UK and other countries
with competitive leverage to choose from.
In closing, I do NOT support this change.
Sincerely,
Innocent Nwachukwu
--- On Tue, 1119110, GFT
wrote:
From: GFT
Subject: Proposed CFTC Leverage Change
To: [email protected]
Date: Tuesday, January 19, 2010, 6:31 AM
View this email as a web page.
Dear Valued Trader,
The U.S. Commodity Futures Trading Commission (CFTC) announced on January 13, 2010 that it is seeking public
comment on proposed regulations concerning retail forex trading.
As part of the proposed regulations, "leverage in retail forex customer accounts would be subject to a 10-to-1 limitation,"
which means 10:1 leverage would be the maximum amount allowed for forex traders in the U.S.
An example of how the proposed regulatory restrictions would affect a major currency pair appears below:
Maximum Leverage under
Current Regulations
Maximum Leverage under
Proposed Changes
US D/J PY
US D/J PY
100:1 leverage (one percent)
10:1 leverage (10 percent)i0-001
COMMENT
CL-01832
1 lot (100,000)
Margin requirement: $1,000
1 lot (100,000)
Margin requirement: $10,000
We believe that all traders should have the right to choose the amount of leverage that is appropriate for his/her risk
appetite, and that this basic principle of 'choice' is being threatened by the proposed CFTC regulations.
Should you feel strongly about the proposal, there is still time for you to help determine the outcome of these proposed
regulations. You can make an impact by sending comments directly to the CFTC at:
[email protected].
Please include 'Regulation of Retail Forex' in the subject line of your message and the identification number
RIN 3038-AC61 in the body of the message.
You can also submit your comments by any of the following methods (include above ID number):
¯
Fax: (202) 418-5521
¯
Mail: David Stawick, Secretary
Commodity Futures Trading Commission
1155 21st Street, N.W.,
Washington, DC 20581
¯ Courier: Use the same as mail above.
In the next few days, GFT and the rest of the U.S. forex industry will be releasing a more formal opinion about the
proposed changes. If you wish, you can read further details about the regulation on the CFTC website by
clicking here.
In the meantime, we encourage you to voice your opinions to the CFTC and your local U.S. representative.
As always, we thank you for your business.
Best Regards,
GFT
616 956 9273
US MAIN
800 465 4373
TOLL FREE
IMPORTANT NOTE: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree
of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment
objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and
therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange
trading, and seek advice from an independent financial advisor if you have any doubts. Past performance is not necessarily indicative of future
results. © 2010 Global Futures & Forex, Ltd. All rights reserved. CD05U.504.011810
This email was sent by:
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