Comment Text:
i0-001
COMMENT
CL-04454
From:
Sent:
To:
Cc:
Subject:
Rene Nilo Madrid Cesar
Friday, January 29, 2010 4:01 PM
secretary
[email protected]
RV: Alpari (US) Speaks out about the CFTC Proposal
Well:
I only want tos ay, that I was worked with a FXCM, who since november apply the new margin, and I
can see that don't profit me in any sense, the new leverage only short my operations range, and I can
see how, later this new leverage margin my invest, decrease in profits, in this way my account with
FXCM is inacctive rigth now.
Now I'm trading using Alpari US, were the leverage Still in 100:1, but in accord of my past experience,
maybe I close this account, and move my money to another forex broker placed in England or
Switzerland.
I think that is a precipitated meassure that only can give facilities to this actions :
1 st.- Decrease of market, because so much traders move to another options, and markets.
2nd.-Moving of funds to countries where leverage still high.
3rd.-Decrease of faith in the market, because moving money to another country and without regulation
so much scammers will be hunting for innocent traders.
I'm a mexican trader, that I can feel safe using an American Company, americans feels same, but think
in traders, so much Money will be in the pocket of scammers, this market (forex), Is very weak when
see from outside, and so much people feels that it's a big scam, if we can't trade using US serious
pattaforms, please think in all the people more that will have this comment after take the axe and rejects
to street with his money, where the scammers are ready like wolves.
Thank you.
Sincerely
RENE MADRID
From: Alpa ri_U S_LLC@ ma il.vresp.com
To:
[email protected]
Subject: AIpari (US) Speaks out about the CFTC Proposal
Date: Mon, 25 Jan 2010 21:04:25 +0000i0-001
COMMENT
CL-04454
Alpari (US) Speaks out about the CFTC Proposal
New CFTC Proposed Rule
On January 13, 2010, The Commodity Futures Trading Commission (CFTC)
released a public proposal,
Regulation of Off-Exchange Retail Foreign Exchange
Transactions and Intermediaries,
which imposes new requirements on the U.S.
Forex industry. The proposal significantly changes the leverage permitted on
certain accounts and, if passed, would have a drastic effect on retail investors. In
the CFTC proposed regulation, leverage in retail forex customer accounts would
be subject to a 10-to-1 limitation.
Currently, the CFTC enforces 100:1 leverage (a 1% margin requirement) to
open and maintain a position on a forex transaction. With the 10:1 leverage
proposed, retail traders would be subject to a 10% margin requirement. Retail
traders would have to invest significantly more to place trades of the same size,
ultimately resulting in a decreased return or loss on invested margin.* The risk-
reward ratio that is so appealing to the average investor today under 100:1
leverage would no longer be available if the proposal is passed.
The effect of this change can be summarized through the following example:
Currency Pair Price
Transaction
Current Margin
Proposed Margin
Quote
Size
Requirement
at 100:1
Requirement
at 10:1
EUR/USD
1.4285
1 standard lot =
$1,428.50
$14,285.00
100,000
GBP/USD
1.6370
1 standard lot =
$1,637.00
$16,370.00
Where we stand
Alpari (US) has always been a strong supporter of ethical and fair business
practices and the protections offered to traders through industry regulation.
However, Alpari (US) does not support
this
CFTC proposal.i0-001
COMMENT
CL-04454
Alpari (US) believes that this proposal discourages beginners from developing
and strengthening their trading style. It effectively prevents investors from
evaluating their own appetite for risk and making personal investing decisions.
We place a strong emphasis on educating traders to make informed and
responsible decisions. We believe that, with proper education, it is not necessary
for the U.S. Forex industry to be subject to these regulations. Only recently
have the doors opened for retail investors to trade in this market; these doors
are effectively closed through the proposed rules, once again making the FX
market accessible only to financial institutions.
You have a voice
Our goal is to guide you in understanding the intentions and ramifications of
this proposal and remind you that, as a retail investor, you have a say in how
your freedoms are controlled. We believe that this is a decision to be made by
the traders, not the regulators. You are the largest group who can make these
ramifications heard.
We encourage you to send your comments to the CFTC during the 60 day
period, ending on March 22, 2010. If you have an opinion on whether the CFTC
should restrict leverage across the board to 10 to 1, we want you to voice it.
Send your comments to [email protected]
and include "Regulation of Retail
Forex" as the subject line of the message. Additionally, you can file comments
online, by fax at 202-418-5521 or by mail to:
Secretary of the Commission
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street NW
Washington, DC 20581
Team of Alpari (US)
14 Wall Street Suite 5H
New York, NY 10005i0-001
COMMENT
CL-04454
Tel: 646.825.5760
Fax: 646.825.5761
www.alpari-us.com
NFA ID: 0379678
*The potential of profit is equal to the risk of loss on all leveraged transactions.
Risk Warning: Trading foreign exchange, commodity futures, options, precious
metals and other over-the-counter products carries a high level of risk and may
not be suitable for all investors. The high degree of leverage associated with
such trading can result in substantial losses, as well as gains. The past
performance of any trading strategy or methodology is not indicative of future
results, which can vary due to market volatility; it should not be interpreted as a
forecast of future performance. You should carefully consider whether such
trading is suitable for you in light of your financial condition, level of experience
and appetite for risk, and seek advice from an independent financial advisor, if
you have any doubts. Alpari (US), LLC is registered with the
CFTC as a
Futures Commission Merchant and is a member of the NFA
- Member ID:
0379678.
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CL-04454
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