Speak Out" against the Proposed CFTC Leverage Change to 10-1 for all US Brokers.
Just received this e-mail from GFT, let your opinion be heard and stop this new rule change from happening. Even if it does not affect you, they soon may enact a policy that will. SPEAK OUT now!
Dear Valued Trader,
The U.S. Commodity Futures Trading Commission (CFTC) announced on January 13, 2010 that it is seeking public comment on proposed regulations concerning retail forex trading.
As part of the proposed regulations, "leverage in retail forex customer accounts would be subject to a 10-to-1 limitation," which means 10:1 leverage would be the maximum amount allowed for forex traders in the U.S.
An example of how the proposed regulatory restrictions would affect a major currency pair appears below:
Maximum Leverage under
Current Regulations Maximum Leverage under Proposed Changes
100:1 leverage (one percent) 10:1 leverage (10 percent)
1 lot (100,000) 1 lot (100,000)
Margin requirement: $1,000 Margin requirement: $10,000
We believe that all traders should have the right to choose the amount of leverage that is appropriate for his/her risk appetite, and that this basic principle of 'choice' is being threatened by the proposed CFTC regulations.
Should you feel strongly about the proposal, there is still time for you to help determine the outcome of these proposed regulations. You can make an impact by sending comments directly to the CFTC at: <email@example.com>.
Please include 'Regulation of Retail Forex' in the subject line of your message and the identification number
****** in the body of the message.
You can also submit your comments by any of the following methods (include above ID number):
- Fax: (202) 418-5521
- Mail: David Stawick, Secretary
Commodity Futures Trading Commission
1155 21st Street, N.W.,
Washington, DC 20581
- Courier: Use the same as mail above.
In the next few days, GFT and the rest of the U.S. forex industry will be releasing a more formal opinion about the proposed changes. If you wish, you can read further details about the regulation on the CFTC website by clicking here.
In the meantime, we encourage you to voice your opinions to the CFTC and your local U.S. representative.
As always, we thank you for your business.