1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

CALL TO ACTION: CFTC 10:1 - Share what brokers and other forex groups wrote here

Discussion in 'General Forex Talk' started by AsstModerator, Jan 22, 2010.

  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

    Joined:
    Dec 11, 2007
    Messages:
    5,272
    Likes Received:
    1,021
  2. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

    Joined:
    Dec 11, 2007
    Messages:
    5,272
    Likes Received:
    1,021
    From MBT

    This one was sent in by Steve L, who is a client of MB Trading...

     
    #2 AsstModerator, Jan 22, 2010
    Lasted edited by : Jan 13, 2016
  3. jgmp18

    jgmp18 Recruit

    Joined:
    Sep 4, 2009
    Messages:
    1
    Likes Received:
    0
    My Broker's Comments regarding CFTC proposal

    Please find below my broker's comment on that CFTC proposal:
    Dear MB Trading FX Client,

    On January 13, 2010, the CFTC announced proposed new regulations concerning retail foreign currency transactions. Many of the proposed changes would implement important consumer protection regulations, which MB Trading firmly favors. However, one of the proposed changes would radically lower Forex leverage from 100:1 to 10:1 for all NFA and CFTC regulated Forex firms.

    Under the proposed rule, here are some examples based on trading 10,000 USD:

    Currency Pair Current Margin Requirements* Proposed Margin Requirements
    EUR/USD $142 $1,420
    GBP/USD $163 $1,630
    USD/JPY $100 $1,000

    *Current margin requirements based on rates as of January 19th, 2010

    The impact of these new requirements for a FOREX trader could be significant. Under existing rules and based on present day exchange rates, a $10,000 account could buy or short just over 700,000 EURUSD. With the new proposed rule, the same account would only be able to buy or short 70,000 EURUSD, significantly impacting the results of the trade.

    MB Trading recognizes the importance of regulation that strengthens industry oversight. We agree with policing and regulating the industry, as was Congress' intent when empowering the CFTC to create additional rules. However, we don't agree with policies that might clearly disadvantage firms in the United States which in turn disadvantage you, the client. We encourage you to voice your individual opinion directly to the CFTC. The Public Comment Period is open for 60 days from the date of publication, which was January 13, 2010. You may find the entire draft proposal here: www.CFTC.Gov and you may contact the CFTC directly by sending an email to secretary@www.cftc.gov with "Regulation of Retail Forex" in the subject line.

    Thank you for your support.

    Ross Ditlove
    CEO
    MB Trading
     
    #3 jgmp18, Jan 22, 2010
    Lasted edited by : Jan 13, 2016
  4. chopperdave

    chopperdave Recruit

    Joined:
    Dec 28, 2009
    Messages:
    2
    Likes Received:
    0
    The Saftey Police are out!!!

    Some FX dealers are already REFUSING to accept new US accounts...FXPRO stated: At this time, FX PRO is not accepting any new US accounts. FX PRO wants to focus on its Euro and Emerging Market clientel (i.e. China). If you want to make any money, I would seriously consider moving your account sooner than later!

    -Chopper Dave :mad:

    Here is what FX Solutions sent me:

    Dear FX Solutions Customer,

    Recently, the U.S. Commodity Futures Trading Commission (CFTC) announced that it is seeking public comment on proposed regulations concerning Forex trading. In part, the proposed regulations states:


    “to collect security deposits in a minimum amount in order to prudentially limit the leverage available to their retail customers on such transactions at 10 to 1”

    This means that leverage limits will be reduced from current limits of 100:1 to 10:1 for all Forex trading in the U.S. Below is an example of how the proposed leverage reduction would affect your Forex trading account.




    FX Solutions is a proud registrant of the CFTC and member of the NFA and we will continue to cooperate with the CFTC and NFA in their efforts to eliminate fraud and deception within the Forex Market. However, we believe that you should be given the freedom to choose the appropriate amount of leverage for your individual trading style and risk tolerance.

    If you feel strongly about the proposal, we urge you 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.

    You can contact the CFTC through any of the following methods:

    Email: secretary@www.cftc.gov
    Fax: (202) 418-5521
    Mail: David Stawick,
    Secretary, Commodity Futures Trading Commission,
    1155 21st Street, NW,
    Washington, DC 20581
    Web: Federal eRulemaking Portal

    FX Solutions is currently reviewing these proposed rules and along with the U.S. Forex Dealer Coalition will publish our opinion in the coming days. For more details on the proposed regulation visit the CFTC.

    FX Solutions is a global Forex company which is committed to providing our clients with the utmost in transparency and client service. Our clients have the option to open accounts in either the UK or Australia which offer flexible leverage and are not impacted by CFTC rules. For information about FX Solutions regulated outside the United States, please visit Trading with Higher Leverage or contact Customer Service.


    Sincerely,
    FX Solutions


    http://links.mkt1422.com/servlet/Ma...&r=NDE2NzQ1NzE0NwS2&j=NjQ3Mjk1NjUS1&mt=1&rt=0
     
    #4 chopperdave, Jan 22, 2010
    Lasted edited by : Jan 13, 2016
  5. Pedro Rivas

    Pedro Rivas Private

    Joined:
    Jan 9, 2009
    Messages:
    9
    Likes Received:
    0
    Interbank FX email

    CFTC's Proposal of Leverage Changes: How You Can Help‏

    Dear Valued Customer,

    As many of you are aware, 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, it is stated: "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 all 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
    USD/CHF
    100:1 leverage (one percent)
    1 lot (100,000)
    Margin requirement: $1,000

    Maximum Leverage under Proposed CFTC Changes
    USD/CHF
    10:1 leverage (10 percent)
    Margin requirement: $10,000

    We stand behind the belief that you should be given the freedom and right to choose the amount of leverage that is appropriate for your individual desired risk, and that this basic principle of 'choice' is in jeopardy by the proposed CFTC regulations.

    If you feel strongly about the proposal, we encourage you to help determine the outcome of these proposed regulations. You can help make an impact by sending comments directly to the CFTC at: secretary@www.cftc.gov.

    Please include 'Regulation of Retail Forex' in the subject line of your message and the identification number RIN 3038-AC61 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 Commision 1155 21st Street, N.W.,
    Washington, DC 20581
    Courier: Use the same as mail above.
    In the upcoming days, Interbank FX and the rest of the U.S. Forex Dealer Coalition will be releasing a more formal opinion about the proposed changes. Please feel free to read further details about the regulation on the CFTC website by clicking here. In the interim, we encourage you to voice your opinions to the CFTC and your local U.S. representative.

    As always, we want the best for our traders. We hope you’ll join forces with us to prohibit the proposed leverage requirements.

    The Interbank FX Team
     
    #5 Pedro Rivas, Jan 22, 2010
    Lasted edited by : Jan 13, 2016
  6. skydiver

    skydiver Recruit

    Joined:
    Apr 19, 2009
    Messages:
    3
    Likes Received:
    0
    From MB Trading FX

    Dear MB Trading FX Client,

    On January 13, 2010, the CFTC announced proposed new regulations concerning retail foreign currency transactions. Many of the proposed changes would implement important consumer protection regulations, which MB Trading firmly favors. However, one of the proposed changes would radically lower Forex leverage from 100:1 to 10:1 for all NFA and CFTC regulated Forex firms.

    Under the proposed rule, here are some examples based on trading 10,000 USD:

    Currency Pair Current Margin Requirements* Proposed Margin Requirements
    EUR/USD $142 $1,420
    GBP/USD $163 $1,630
    USD/JPY $100 $1,000

    *Current margin requirements based on rates as of January 19th, 2010

    The impact of these new requirements for a FOREX trader could be significant. Under existing rules and based on present day exchange rates, a $10,000 account could buy or short just over 700,000 EURUSD. With the new proposed rule, the same account would only be able to buy or short 70,000 EURUSD, significantly impacting the results of the trade.

    MB Trading recognizes the importance of regulation that strengthens industry oversight. We agree with policing and regulating the industry, as was Congress' intent when empowering the CFTC to create additional rules. However, we don't agree with policies that might clearly disadvantage firms in the United States which in turn disadvantage you, the client. We encourage you to voice your individual opinion directly to the CFTC. The Public Comment Period is open for 60 days from the date of publication, which was January 13, 2010. You may find the entire draft proposal here: www.CFTC.Gov and you may contact the CFTC directly by sending an email to secretary@www.cftc.gov with "Regulation of Retail Forex" in the subject line.

    Thank you for your support.

    Ross Ditlove
    CEO
    MB Trading




    Explore the
    MB Trading Difference:

    Unique ECN for FOREX, award-winning stock trading technology, and 24-hr support, all at low commissions:

    FOREX

    $2.95 per
    100,000 USD traded

    STOCKS

    $4.95 per trade
    up to 10,000 shares

    FUTURES

    $0.95 per contract
    plus exchanged fees

    OPTIONS

    $0.95 per contract
    No minimum





    Want to know more about
    MB Trading?
    Visit our website.






    You are receiving this email because you have a live account with MB Trading or have signed up for a Demo of our software. If you would no longer like to receive these emails, please click here: Unsubscribe me from this contact list.

    Disclosure:

    Securities products are offered through MB Trading, member FINRA, SIPC. MB Trading Futures, Inc. (MBTF) is CFTC registered FCM and member of NFA. MBTF offers execution and settlement services for futures based products, as well as offer off-exchange foreign currency (FOREX) products through MB Trading. Trading in futures, options and forex is speculative in nature and not appropriate for all investors. investors should only use risk capital when trading futures, options and forex because there is always the risk of substantial loss. Account access, trade executions and system response may be adversely affected by market conditions, quote delays, system performance and other factors.

    MB Trading | 1926 E. Maple Ave | El Segundo, CA 90245

    MB Trading - Stocks Options Futures Forex Online Discount Trading | 866.628.3001

    I never expected this to happen in this country: The state to run my own business. Get the F***En gov off my back.
    Socialism=SLAVERY!
     
    #6 skydiver, Jan 22, 2010
    Lasted edited by : Jan 13, 2016
  7. SharCuda

    SharCuda Recruit

    Joined:
    Oct 4, 2009
    Messages:
    2
    Likes Received:
    0
    FX SOULTIONS: CFTC new rules proposal

    Dear FX Solutions Customer,

    Recently, the U.S. Commodity Futures Trading Commission (CFTC) announced that it is seeking public comment on proposed regulations concerning Forex trading. In part, the proposed regulations states:

    “to collect security deposits in a minimum amount in order to prudentially limit the leverage available to their retail customers on such transactions at 10 to 1”

    This means that leverage limits will be reduced from current limits of 100:1 to 10:1 for all Forex trading in the U.S. Below is an example of how the proposed leverage reduction would affect your Forex trading account.



    FX Solutions is a proud registrant of the CFTC and member of the NFA and we will continue to cooperate with the CFTC and NFA in their efforts to eliminate fraud and deception within the Forex Market. However, we believe that you should be given the freedom to choose the appropriate amount of leverage for your individual trading style and risk tolerance.

    If you feel strongly about the proposal, we urge you 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.

    You can contact the CFTC through any of the following methods:

    Email: secretary@www.cftc.gov
    Fax: (202) 418-5521
    Mail: David Stawick,
    Secretary, Commodity Futures Trading Commission,
    1155 21st Street, NW,
    Washington, DC 20581
    Web: Federal eRulemaking Portal

    FX Solutions is currently reviewing these proposed rules and along with the U.S. Forex Dealer Coalition will publish our opinion in the coming days. For more details on the proposed regulation visit the CFTC.

    FX Solutions is a global Forex company which is committed to providing our clients with the utmost in transparency and client service. Our clients have the option to open accounts in either the UK or Australia which offer flexible leverage and are not impacted by CFTC rules. For information about FX Solutions regulated outside the United States, please visit Trading with Higher Leverage or contact Customer Service.


    Sincerely,
    FX Solutions
     
    #7 SharCuda, Jan 22, 2010
    Lasted edited by : Jan 13, 2016
  8. guspapa

    guspapa Recruit

    Joined:
    Sep 5, 2009
    Messages:
    1
    Likes Received:
    0
    Here is what I received from my broker, coincidence? I don't think so.

    Dear Client
    FINAL Reminder for closing your Trading Account(s) at the end of 29 January 2010

    I can't post the email as it is protected by a client confidentiality clause at the end of the email. They are closing all US Resident Client accounts and give the reason that they are focusing on their European client base.

    I really liked this Broker but think they are being pressured by our Patriot Act maggots to keep us contained here in the good ol' US.

    I hate the ScumBags in DC. Vote them all out in 2010!

    FXPro is the Broker BTW based in Cyprus, I really like this Broker but apparently our Government doesn't think we should be doing business with an outside the CFTC blanket Broker, I am pissed...

    I don't think that I can accommodate much more protection by my Government
     
  9. fahd

    fahd Recruit

    Joined:
    Jan 2, 2008
    Messages:
    6
    Likes Received:
    0
    This one's from forex traders daily: CFTC Proposes Oppressive Forex rule - Take Actio

    Dear Fahd,

    As you may or may not be aware off, at the end of last week the CFTC released a proposed rule that would affect your Retail Forex Broker and your trading ability.

    The CFTC proposal, made public on Thursday, came out with a big headline rule as a leverage restriction across the board to 10 to 1 leverage. This is a rule proposal not law yet but if it become law, your leverage will go from 100:1 or better DOWN to 10:1. This means you would now need $1000 to trade one mini lot or $10,000 to trade one standard lot.

    I can not find better words to describe my position on all this than those of Andrei Pehar, Chief Currency Strategist at fxKnight.

    Andrei says: "I am not opposed to regulation nor regulatory agencies. But that regulation needs to be fair, transparent, and open to public input. Otherwise it becomes corrupt and self-serving. Sure high leverage can get you into trouble if used thoughtlessly. Sure hedging when not done properly turns one loss into two. But I believe the cure is EDUCATION, not restricting what people can and cannot do with their investment decisions. Guide, don't dominate - government was invented to protect people and their property, not to limit their potential."

    TAKE ACTION!

    We at ForexTradersDaily.com STRONGLY disagree with the CFTC proposal. If you disagree as well, you may submit your comments to secretary@www.cftc.gov. Make your trading voice heard on this matter!

    Include "Regulation of Retail Forex" in the subject line of the message and the identification number RIN 3038-AC61 in the body of the message.

    Also, with the identification number RIN 3038-AC61, you can submit your comments by any of the following methods:

    * Fax: (202) 418-5521.

    * Mail: Send to David Stawick, Secretary, Commodity Futures Trading Commission, 1155 21st Street, N.W., Washington, DC 20581.

    * Courier: Same as Mail above.

    All comments received will be posted without change to U.S. Commodity Futures Trading Commission, including any personal information provided.

    Please, help us to spread the word!

    I think this is a very important matter that affects us all and that we should try our hardest to ensure that things will be done for the best of the trading community.

    Thanks for your help!

    Dedicated to Your Trading Success,
     
    #9 fahd, Jan 23, 2010
    Lasted edited by : Jan 13, 2016
  10. kajsa

    kajsa Recruit

    Joined:
    Nov 18, 2008
    Messages:
    6
    Likes Received:
    0
    Message from IBFX

    Dear Valued Customer,
    As many of you are aware, 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, it is stated: "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 all 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 CFTC Changes
    USD/CHF USD/CHF
    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 stand behind the belief that you should be given the freedom and right to choose the amount of leverage that is appropriate for your individual desired risk, and that this basic principle of 'choice' is in jeopardy by the proposed CFTC regulations.
    If you should you feel strongly about the proposal, we encourage you to help determine the outcome of these proposed regulations. You can help make an impact by sending comments directly to the CFTC at: secretary@www.cftc.gov.
    Please include 'Regulation of Retail Forex' in the subject line of your message and the identification number RIN 3038-AC61 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.,
     
    #10 kajsa, Jan 23, 2010
    Lasted edited by : Jan 13, 2016

Share This Page