Comment Text:
i0-001
COHMENT
CL-08266
From:
Sent:
To:
Subject:
Don Faith
Wednesday, March 17, 2010 6:22 PM
[email protected]; secretary
Take Action on the Proposed CFTC Regulations
I absolutely agree with FX Solutions on this matter.
I am a 55 yr degreed accountant with a dynamic and diverse background.., and have not
been hired for work for 10 yrs this June. THanks to all the various issues that have
happened since my father died in March 2000, there are plenty of generated reasons.
Im a trying to trade FOREX to sustain my family, and have had some of the most
generous help from the FOREX trading community. I have oil and
gas/banking/entertainment/public service/construction/tax/remodeling experience and
helped others all my life. This community is generous, honest, and as concerned about
the riff-raff as you could expect and hope for.
To be able to get involved with little money to steadily gain personal wealth that sustains
ones family CAN NOT be dissolved. I am bailing out banks who have stolen my home
with 150,000 PLUS in equity EVEN by paying a surcharge of 33% of the original note.
they "abided" by the govnt demands to reduce the illegal surcharge to 25% if I would
LOCK in to the agreement for the duration of the loan.., after breeching their own
agreement over collecting the added on surcharge for an extra 6 months (30 vs 24).
Middle class America HAS to have a means; especially when it is constantly called upon
to BAIL OUT everything and everyone who irresponsibly fails at our expense. Its not even
that our fruit is being eaten from our tree .... our roots are being cut out as well. We dont
have jobs to even have the income to bail everything out. The banks wont even help us.
Changing this changes everything in a much deeper tone.
WAKE UP and help us the middle class, since everything and everyone DEPENDS ON the
MIDDLE CLASS to cover their asses.
WE are the economy and the backbone of America.
Choke us and you choke you.
Donald Faith
From: FX Solutions
To:
[email protected]
Sent:
Wed, March 17, 2010 4:39:40 PM
Subject: Take Action on the
Proposed CFTC
Regulationsi0-001
COIMMENT
CL-08266
TAKE ACTION- TIME IS RUNNING OUT!
Recently, the U.S. Commodi~ Futures Trading Commission (CFTC) announced that it is seeking public
comment on proposed regulations concerning Forex trading.
WHAT ARE THE PROPOSED CHANGES?
¯ Require retail foreign exchange dealers to limit the leverage available to their retail customers to 10 to 1.
Below is an example of how the proposed leverage reduction would affect your Forex trading account.
Setll i~,~i~
$109,47
Sell Pri=.e
$3.09,47
Ul::it ,_qize
l:0~Ca-.t0
U~.iit Size
lO~O00
"~m:dL~ Size
$I00:000,00
Trade
Si~'
$IC~,.O00,O0
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ............................................................
.... ~:~,::~ :::L~:~:~ .......................................................................
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
¯ Require all retail Forex industry players, including Introducing Brokers, to register with the CFTC.
¯ Implement a $20 million minimum net capital standard, with an additional volume-based minimum
capital threshold.
HOW WILL THESE CHANGES AFFECT FOREX TRADERS AND THE AMERICAN ECONOMY?
Should the 10 to 1 leverage rule proposed by the CFTC be adopted:
¯ Funded accounts currently in the U.S. system can be expected to go offshore.
¯ Forex fraud may worsen, not improve. Unregulated dealers from around the world will thrive, while operating
without requirements for capital adequacy, risk management models, marketing ethics, dealing practices or
even returning of customers funds.
¯ The United States may cost itself millions of dollars in trade revenue.
¯ Thousands of white collar jobs that require an advanced education and range from software developers to
accountants to foreign exchange dealers may be eliminated, or move out of the United States.
TAKE ACTION!
Please take a moment to submit your comments directly to the CFTC. In order to ensure that your voice
is heard, please send your comments to the CFTC by March 22, 2010 and be sure to include
"Regulation of Retail Forex" in the subject line and identification number RIN 3038-AC61 in the body
of your message.
Email: secretar'[email protected]
Fax: (202) 418-5521
Mail: David Stawick,i0-001
COIMMENT
CL-08266
Secretary, Commodity Futures Trading Commission,
1155 21st Street, NW,
Washington, DC 20581
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