Comment Text:
i0-001
COMMENT
CL-04752
From:
Sent:
To:
Subject:
Andrew
Monday, February 1, 2010 6:00 PM
secretary
'Regulation of Retail Forex'
Dear David Stawick,
I have been informed of the new proposed margin change. Please do not allow this to happen, if this goes thru,
than it will destroy my chance to be in the Forex market.
Thankyou,
Andrew Aldrich
po box 836
North Berwick, Maine 03906
Dear valued GFT customer,
The recently proposed margin changes by the U.S. Commodity Futures Trading Commission (CFTC) could
increase the minimum margin requirement to 10 percent (10-to-1 leverage), which could destroy the U.S. retail
foreign exchange industry.
If you were trading a major currency pair, this is how the CFTC's proposed regulatory restrictions would affect
your margin requirement:
Maximum Leverage under
Current
Regulations
USD/JPY
1 lot (100,000)
100:1 leverage (one percent)
Margin requirement: $1,000
Maximum Leverage under
Proposed
Changes
USD/JPY
1 lot (100,000)
10:1 leverage (10 percent)
Margin requirement: $10,000
Based on the above example, positions will require much more capital, and eliminate a large number of potentiali0-001
COMMENT
CL-04752
and existing market participants.
As the March 22, 2010
deadline for public comments
nears, the CFTC needs to know that the proposed
leverage regulation would be devastating to forex traders in the U.S. You can voice your comments directly to the
CFTC at [email protected].
Please include 'Regulation of Retail Forex' in the subject line of your message and the ID 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.
We feel that it's important that as a forex trading customer, you must make your feelings known to the CFTC that
this 10:1 leverage rule must not stand, or your ability to trade forex on a leverage basis will end.
As always, we thank you for your business and support.
Best Regards,
GFT
