Comment Text:
i0-001
COMMENT
CL-08394
From:
Sent:
To:
Subject:
Abdulrahman AI-Saleh
Thursday, March 18, 2010 1:07 AM
secretary
Re: Take Action on the Proposed CFTC Regulations
Hello
I am sending this e-mail to you regarding the e-mail I received from FXSOL that can be found in the bottom.
My personal opinion about the new rule is that is it going to force the trader to open FX trading account outside of USA to
overcome that 10:1 rule. 10:1 is going to decrease the number of traders especially those with limited budget.
So I am really against that new rule.
With My Regards,
Abdulrahman A1Saleh
From:
FX Solutions
To:
[email protected]
Sent: Thu, March 18, 2010 12:39:47 AM
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.
¯ 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 oll~hore.
¯ 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 ori0-001
COMMENT
CL-08394
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 sofbvare 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:
Fax: (202) 418-5521
Mail: David Stawick,
Secretary, Commodity Futures Trading Commission,
1155 21st Street, NW,
Washington, DC 20581
