Comment Text:
i0-001
COMMENT
CL-08890
From:
Sent:
To:
Subject:
[email protected]
Monday, March 22, 2010 4:19 PM
secretary
Regulation of Retail Forex IBs
Hello,
I am writing to complain about possible new rulings requiring IBs to
work with only 1 Forex Dealer Member.
We develop trading software that works on all markets, stocks,
futures, Forex, oil, gold and hundreds more.
We currently give our software away free to traders at 3 Forex Brokers
in exchange for commissions from their trading. Our traders love the
fact that if they do not like ONE broker they are free to trade at
others we represent.
It not only hurts our business by requiring IBs work with 1 FDM but it
also removes the choice from our customers and worse if that FDM
provides poor service the customer is out of luck, they have no
choice.
As we operate now we get a few complaints about various brokers and
customers leave one to go and trade at another. You are completely
removing this trader benefit and this serves nobody. Before this
new ruling we had planned on registering and then representing all the
US FDM's and providing MORE choice to our customers.
Instead require IBs to become registered, take any necessary tests,
put up capital if need be as futures IBs must. It doesn't make any
sense that futures IBs can register and represent many futures brokers
and yet Forex IBs can only represent one.
Chris Donnell
LeverageFX.com
