Comment Text:
i0-001
COMMENT
CL-01895
From:
Sent:
To:
Subject:
Phil Nelson
Thursday, January 21, 2010 2:39 PM
secretary
Strongly Disagree - New Forex Regulations
We strongly disagree with the change in Forex leverage. This would greatly impact our organization
and it's charity work.
President Phil Nelson
Worship United
763-300-9509
On January 13, 2010, the CFTC announced proposed new
regulations concerning retail foreign currency transactions.
Many of the proposed changes would implement important
consumer protection regulations, which MB Trading firmly
favors. However, one of the proposed changes would
radically lower Forex leverage from 100:1 to 10:1 for all
NFA and CFTC regulated Forex firms.
Under the proposed rule, here are some examples based on
trading 10,000 USD:
*Current margin requirements based on rates as of January 19th, 2010
The impact of these new requirements for a FOREX trader
could be significant. Under existing rules and based on
present day exchange rates, a $10,000 account could buy
or short just over 700,000 EURUSD. With the new proposed
rule, the same account would only be able to buy or short
70,000 EURUSD, significantly impacting the results of the
trade.i0-001
COMMENT
CL-01895
Phil Nelson
763-300-9509
[email protected]
