Comment Text:
i0-001
COMMENT
CL-08128
From:
Sent:
To:
Cc:
Subject:
Todd Hendricks
Wednesday, March 17, 2010 3:28 AM
secretary
[email protected]
Regulation of Retail Forex
RIN 3038-AC61
From: Todd Hendricks in Providence, Utah
The proposed rule by the CFTC requiring IB's to be guaranteed by one broker for forex is contradictory to the
current CFTC rule allowing futures IB's to remain independent - which by the way is in the best interest of our
clients. Just who are you trying to protect here? IB's that are independent provide a valuable service to clients by
offering different choices of FCM's & RFED's. We currently have clients that have their futures account at one FCM
and their forex account at another because that is in their best interest to do so. This would not be possible if the
proposed rule changes are implemented as written. Furthermore, these new proposed changes are sending
conflicting messages, as in, you trust us as an independent futures IB, but you do not trust us as an independent
forex IB to meet our regulatory obligations. The rules should be the same just as the regulatory oversight should
be the same. Many of the products FCMs/brokers offer vary widely regarding spreads, roll cost, customer service,
trading platforms etc. Customers such as ours want an independent party to research and explain these differences.
Please make the guaranteed IB rule consistent with the current futures rules for independent IB's and allow the NFA
to continue to regulate these activities consistently.
Please change your stance on the matter.
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