Comment Text:
i0-001
COMMENT
CL-08509
From:
Sent:
To:
Cc:
Subject:
Attach:
Grace laCorte
Thursday, March 18, 2010 3:32 PM
secretary
Gensler, Gary ; Chilton, Bart ;
Dunn, Michael ; O'Malia, Scott ;
Sommers, Jill ; [email protected]
Regulation of Retail Forex - RIN 3038-AC61
CFTC ltr. 3-18-2010.pdf
Enclosed please find letter dated March 18, 2010. Hard copy to follow via regular mail.
Grace LaCorte
Administrative Assistant
Traa~tion
75 Park Place, 4th
Floor
New york, Ny 10007
Tel." (212) 791-6676
Fax: (212) 791-6o35
grace.lacorte @traa~tion-na.com
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IRS CIRCULAR 230 NOTICE. Any advice expressed above is not intended as applicable to tax matters and
was neither written nor intended by the sender or Tradition to be used and cannot be used by any taxpayer
for any purpose, including but not limited toavoiding tax penalties that may be imposed under any tax laws.Mr, .Da~qd Stawick
Commc~diw Futures 't.'~adi~g .¢.~ommi.s.siou.
!5521
~'Street
NW
Was,'.'~n~-,ion.
DC 2058
~
[_)ea:{ M !. Stawic.k:
FXDi~'cctDeater. LLC. .~";FXDD
"*}
is a leading: ,':,~tine Foreizn. Exchange ~m~ ¢~-u,
~m~:~dir:~g ct~stomers a reliable, ei~l~c[e~t, {k}uid and ~ranspare~t env*:ronme~t fb~ t~e r tradh~g h'~ the spot
foreign exch.an~e market. YX.)D ~s p~e~sed to subn~,t ~n~s ~et{:c.r ~r ~esp,:mse 1o the reques{ fb~ co~mr~er~ts
We apprec~a~.e d¢.e work done b'v fl~e CFFC ~-~ propose reg-~dat[ons m~p~ementing
r~fb~'m proves ,:m~ ofthe 2008 Farr~ Bi[i ~e{s.~ed. ~.o Forex {radh~g. J:"XDD embraces
T¢
~
Re~lation ~.9 --. Securi.{-y Deposits For Retail Fore:< T-~am~sactkms
'~
(tl~ ] ~,.~,,.~s~o~ ~. ~f'adopled. wil~ have
Tel: ÷1.~! Z79t .3953 [ F~x: ÷I .2::!2;937,3645~e~tima~e and re~ula~ed f;,~g~:~-reg~stered f:orex dealers i~ ~he United K~ngd~m and t~e greater
.,...~on.. ,.s,.e~ ~o ~everage sta~.dards have bee~ imposed by t~e FSA o~" other regulatory authorities.
these ~urisdiction~ rnos~ dealers leverage a~ a ra~e of 200:l. F~d~3err~o~¢. ~:~e C[:'"£(;'s pr~H?osed ~e'~'er'age
rest~clio~ would o~3ly af'~ct Registered Fore~g~ g.x~>~r:.ge Dealers, altowi~g o{he~" c~,~egories of exempt
most H~ves~ors wil! opt to move ~c, a Coreig~-reg~s~ered .t'orex dealer, crea~ng au.
compe~{~ive disadva~a.ge fc, r CF'FC-ce~:istered Forex dealers. U.S.-reg~stered ~:orex deMers will be
4ctvv~y arid jobs, and provides i~rvestmem opportu~ties to cox!stm:~ers bo~h
UniIed S~ates aad a~road. Ai.t)~o~@~. some mav h~;~,~,:, a draco~li~m r~d~.~ct~..,~ ip. lev-era~e ~n ~he spo~
~ra,t~. 5.~v~rca mm'keL .;.,~ ~ ~d~.~ s~mply does not
market wii! co.mpe~ ~rade:rs to move to t~e excha~ge .......
t
,a., .~ ,: ....
Prese~'dv. ~.J,S.~regulated Forex dealer.% under ~he guidat~ce of the CI~'FC a~d the NI:A. provide a
safe. sop1~stica{ed web-based u-adi-~g e~v~ro~n-ten~ w{~ere ~everage is mo~itored ar~.d automatic liquidatio~a
the a~o~m~ sectoring t}~eir mm'gi~. I.everage ~eve~s m'e fu!ly di~c~?sed ~o customers a~3d FXD~.) 13~.s ~.
reaso~abl.e ~andard -~or d~e industD.. {00:i. -which has provided adequate sa*)gt~ards R>r ~he h~d~:~st~2g a~M
i~vestc, rs These meas~res already: work;, to curb {Tr~:;~f a.~d protec~ customers, The ~ropose.d r~.~e ~,~.o~.i~d
,~o~ poor{de addi~icma~ pro~ection, b~ ra{~er ~mde~;naine this vvorki~ag sys~em by driving c~s*c~mers o**~ of
vhe regulated portio~ oi'~l~2 mar~;et.
O-~.ce do0-',.esticaHv reg~.ate,~:ed ~]rms ha~,e be¢~,~ K>rced ou~
of
1he marketplace, i~ will become
di~fi :u~t
~::,r ~'~e
~:rauK~g public to easJ~,,. ide~ti~k." seams a~d co~-artist~, Last year. ~he maior Forex dealers
back arom~d checks. ~."i~)~o~ ~t~is
bra~d
~~ame ~ecog:~iticm, ti~e/;,ub~;c a,-iI~ be fk.~c:ed to so~ t[~r,::g.~gi.~ ~l-~e
FXDDt 75
Park
Place Floor 4. New York NY 10007
wvcw,[xdd,co.m ] Tel: +1.212.79t,3933 I ff'ax ÷1 2!2.937 3~345Micah
G]'een, Pa{to~ Boggs t£..P
