Comment Text:
i0-001
COMMENT
CL-00992
From:
Sent:
To:
Subject:
[email protected]
Wednesday, January 20, 2010 2:12 PM
secretary
Regarding RIN: 3038-AC61
To whom it may concern:
I and I'm sure other traders are against the new proposed legislation regarding new margin requirements(S10,000 instead
of $1,000)! Voting No to new proposal. Thank you for your time and consideration on this matter.
Terry Hopkins in Chicago, IL.
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
USD/JPY
100:1 leverage (one percent)
1 lot (100,000)
Margin requirement: $1,000
Maximum Leverage under
Proposed Changes
USD/JPY
10:1 leverage (10 percent)
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.i0-001
COMMENT
CL-00992
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 21 st 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
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GFT
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