Comment Text:
i0-001
COMMENT
CL-04695
From."
Sent."
To,"
Subject,"
me here
Sunday, January 31, 2010 9:44 PM
secretary
Regulation of Retail Forex
RIN 3038-AC6:~
To whom it may concern,
I am very alarmed by the proposed by the regulations, as it would prevent me from continuing to
provide for my family the way I have over the past few years. I would be forced to either make far
less to support my family and give to charities, or I would have to start doing my trading through
brokerages outside the US and hence decrease the overall GDP for the US, as the businesses I would
be working with would not be paying taxes in the US, just I would. But I would prefer to continue to
use US based brokerages, and so I plead with you to not make such a drastic drop in leverage. I know
some brokers advertise 200:1 or 100:1, and maybe we could bring those down some, but not lower
than 50:1 PLEASE! Not thatI regularly use 50:1, butIdo regularly use about 40:1 at times, so 10:1
leverage would really hurt my ability to trade on non major pairs that don't make such big jumps as do
the majors.
Please, please, PLEASE don't make those changes. Instead, use your time to go after all the scare
brokerages out there, and letting people know which foreign brokers are scares. That would be a lot
more helpful. Thanks for your time to read this!
If you have more questions for me, please feel free to write me back and ask! :)
Date: Wed, 20 Jan 2010 21:05:56 -0500
From: [email protected]
To: [email protected]
Subject: CFTC's Proposal of Leverage Changes: How You Can Help
Dear Valued Customer,
As many of you are aware, 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, it is stated: "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 all 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/CHF
100:1 leverage (one percent)
1 lot (100,000)
Margin requirement: $1,000
Maximum Leverage under Proposed CFTC Changes
USD/CHF
10:1 leverage (10 percent)
1 lot (100,000)
Margin requirement: $10,000
We stand behind the belief that you should be given the freedom and right to choose the amount of leverage that is
appropriate for your individual desired risk, and that this basic principle of 'choice' is in jeopardy by the proposed CFTC
regulations.
If you feel strongly about the proposal, we encourage you to help determine the outcome of these proposed regulations.
You can help 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-04695
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 Commision 1155 21st Street, N.W.,
Washington, DC 20581
¯
Courier:
Use the same as mail above.
In the upcoming days, Interbank FX and the rest of the U.S, Forex Dealer Coalition will be releasing a more formal
opinion about the proposed changes. Please feel free to read further details about the regulation on the CFTC website by
clicking here. In the interim, we encourage you to voice your opinions to the CFTC and your local U.S. representative.
As always, we want the best for our traders. We hope you'll join forces with us to prohibit the proposed leverage
requirements.
The Interbank FX Team
International
US and Canada 866.468.3739 Australia 1.800.884.912 Indonesia 001.803.017.9112 Malaysia 1.800.813.776
New Zealand 0800.446647 Singapore 800.101.2097 United Kingdom 0.808.120.1966 International +1.801.930.6800
Interbank FX
TM
LLC I IBFXTM I IBFXUTM I Registered FCM, Member NFA
Interbank FX I 3165 Millrock Drive STE 200 I Salt Lake City, UT 84121 I Tel: 1.866.468.3739
To opt-out of future emails from Interbank FX, click here.
Trading in the off exchange retail foreign currency market is one of the riskiest forms of investment available in the financial markets and
suitable for sophisticated individuals and institutions. The leveraged nature of FX trading means that any market movement will have an
equally proportional effect on your deposited funds. This may work against you as well as for you. The possibility exists that you could sustain
a total loss of initial margin funds and be required to deposit additional funds to maintain your position. If you fail to meet any margin call
within the time prescribed, your position will be liquidated and you will be responsible for any resulting losses.
Your E-mail and More On-the-Go. Get Windows Live Hotmail Free.
Sign up now.
