Comment Text:
i0-001
COMMENT
CL-08674
From:
Sent:
To:
Cc:
Subject:
oscarlee
Saturday, March 20, 2010 7:10 AM
[email protected]
secretary
[] ~,: Take Action on the Proposed CFTC Regulations
David Stawick:
Strongly opposed to this legislation~ supervision of financialinstitutionsnot ha~e any effecti but restrictions on the
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manipulate and affect the overall economic health of the worldiOn the U.S. economy will benefit.
Oscarlee
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~_: Take Action on the Proposed CFTC Regulations
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TAKE ACTION - TIME IS RUNNING OUT!
Recently, the U.$. Commodity Futures Trading Commission (CFTC) announced that it is seeking public
comment on proposed regulations concerning Fore× 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 Fore× 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 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.i0-001
COMMENT
CL-08674
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: ~##.[~.[y @#~t~£~g.gy
Fax: (202) 418-5521
Mail: David Stawick,
Secretary, Commodity Futures Trading Commission,
1155 21 st Street, NW,
Washington, DC 20581
