Comment Text:
i0-001
COMMENT
CL-08379
From:
Sent:
To:
Subject:
Tomas Rodriguez
Wednesday, March 17, 2010 11:58 PM
secretary < secretary@ C FTC. gov >
Proposed CFTC Regulations - Please DONT!
Dear Mr. David Stawick,
The proposed CFTC Regulations will simply drive FX traders in the US to open accounts overseas, and
favor unregulated brokers... Rather than burden you with my rant, I simply ask you to reconsider and
drop that proposed change.
Respectfully,
Tomas Rodriguez
Massachusetts
Date: Wed, 17 Mar 2010 17:39:25 -0400
From : [email protected]
To: rod rigt501@ hotmail.com
Subject: Take Action on the Proposed CFTC Regulations
TAKE ACTION - TIME IS RUNNING OUT!
Recently, the U.S. Commodity 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.i0-001
COMMENT
CL-08379
Unit :Bi~
~0,000
Uni~
Siz~
10~000
Nu:m~:r ~f tet~
l~}
N~:m~b~r
o~ I~t~
1.0
Tra~d~: Size
¯ 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: [email protected]
Fax: (202) 418-5521i0-001
COMMENT
CL-08379
Mail: David Stawick,
Secretary, Commodity Futures Trading
1155 21st Street, NW,
Washington, DC 20581
Commission,
©2010 - FX Solutions, LLC
Privacy Policy I Regulation
I
Co
ntact::
us I
Site
Map
The products offered by FX Solutions are leveraged products which carry a high level of risk to your capital with the
possibility of losing more than your initial investment and may not be suitable for all investors. Ensure you fully
understand the risks involved and seek independent advice if necessary. Depositing more funds and opening more
positions increases your risk.
To the best of our ability, FX Solutions believes the information contained herein is accurate and true. We reserve
the right to make corrections and/or update the material when deemed necessary. Therefore, FX Solutions assumes
no responsibility for errors, inaccuracies or omissions in these materials.
Distributed by: FX Solutions, LLC., Saddle River Executive Centre, One Route 17 South, Suite 260, Saddle River, NJ
07458
This message was sent to [email protected]. If you no longer wish to receive emails from FX Solutions,
you may unsubscribe now.
