Comment Text:
i0-001
COMMENT
CL-08548
From:
Sent:
To:
Subject:
hector veliz < [email protected]>
Thursday, March 18, 2010 8:02 PM
secreta ry < secretary@ C FTC. gov >
FW: Take Action on the Proposed CFTC Regulations
Don't do this, is realy bad
idea!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Date: Wed, 17 Mar 2010 17:39:15 -0400
From : [email protected]
To: hectorvelizp@ 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.
¯ Require all retail Forex industry players, including Introducing Brokers, toi0-001
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CL-08548
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) 418-5521
Mail: David Stawick,
Secretary, Commodity Futures Trading Commission,
1155 21st Street, NW,
Washington, DC 20581
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COMMENT
CL-08548
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