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CALL TO ACTION: CFTC 10:1 - Share what you wrote here

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

  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    If you haven't read the article about the consequences of the new CFTC 10:1 leverage limits, please read it now...

    http://www.forexpeacearmy.com/forex...f-cftc-does-say-goodbye-retail-forex-usa.html

    If you have or are thinking of opening an account at any forex broker in the USA, I want you to write a letter.

    If the USA does this, it is possible that other countries might do the same. Even if you aren't ever planning to open an account at a US forex broker, you can still tell them that this rule will ruin retail forex.

    Here's the contact information and instructions from the article...

    I'd like as many FPA members as possible to write in. Please share what you wrote in this thread. It may give other members ideas about what to write.

    Don't copy other letters, but go ahead and use them for ideas to help you write your own.

    If you've gotten emails from brokers or other forex groups, please click here and share them.

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

    AsstModerator FPA Forums and Reviews Admin

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    Steve L emailed me a copy of what he just sent to the CFTC...

     
  3. AndesOwl

    AndesOwl Recruit

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    Regulation of Retail Forex

    Sir or Madam

    RIN 3038-AC61

    Over-regulation stiffles business and the rules you brought in last year drove thousands of American investers to use offshore companies at the expense of American Forex Dealers. Your new regulation of 10:1 leverage will exacerbate this. The consequences will be a loss of jobs to Americans and a deterioration of the American way of life.

    America is already suffering from a massive increase in Government, Government spending and Government regulation and is now well on it's way to becoming a communist state. Your new regulations will only speed this process up.

    The voting public of Massechusetts yesterday clearly indicate that "We the People" have lost confidence in the present Government and your new regulations will only add to this by further eroding their "Freedom of choice".

    One can only conclude that you are sociopaths, pathological narcissists, control freaks or complete idiots and the consequence of your present Government's actions and over-regulation will eventually drive states leaving the union or another American revolution. Ultimately, you are cutting your own throats at the expense of the public and driving money out of the USA.

    I have been advising my American Forex trader friends to leave the country and settle elsewhere since 20 January 2009. Those with the funds to do so are already leaving because the future for America is becoming bleaker by the moment.

    God help America
     
  4. alvin050

    alvin050 Private, 1st Class

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    Sent to CFTC on 21 Jan

    Dear Sir

    RIN 3038-AC61

    Extract from CFTC proposed regulation:
    "leverage in retail forex customer accounts would be subject to a 10-to-1 limitation,"

    As a retail forex trader, I find the above proposal extremely intrusive and unnecessary. 2 things came to my mind when I read the proposal.

    1) Kill retail forex market = Protect US futures market
    Please don't insult the intelligence of the retail investor community by denying the above. I sincerely hope the US will not adopt this high-handed attitude in dealing with other international trade issues. A better alternative would be to boost both markets through regulations which truly protect all types of investors. Perhaps both markets could offer different trading terms and conditions to cater to different types of investors.

    2) Tremendous increase in risk to the retail investor
    Under your proposal, 90% of retail forex investors would be eliminated immediately. The remaining 10% more highly-capitalised investors would have to greatly increase the funding of their trading accounts. This would expose them to higher risk of massive losses. As everyone knows, the greatest bane of retail forex is the predatory nature of forex brokers, and occasionally, their tendency to disappear/fail together with the customers' funds, irregardless of whether they are regulated by NFA, CFTC or whatnot.

    I am sure your proposal will attact great interest from the forex community. Please take our feedback seriously, afterall, your purpose is to serve us, and not to sever us.


    Regards
    A Yap
    Singapore
     
  5. evroom1

    evroom1 Private

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    good bye job

    Sirs It has come to my attention via an article http://www.forexpeacearmy.com/forex...f-cftc-does-say-goodbye-retail-forex-usa.html that their are certain new regulations being considered for the Forex industry. Release: 5772-10 For Release: January 13, 2010

    Some parts are fine but only the parts that protect US retail investors. This bill will have the effect of driving out of business many good medium and small brokers. Also changing the leverage to a 10 to 1 limit will put most small investors out of business or move their money out of the country. It is clear to me the persons who put this proposal together do not have a clue about trading. I can only imagine how many US jobs will be lost this. At a time when it very hard to find a job, trading is one of those businesses that one can start up with without alot of capital. I for one cannot get a "regular" job and this line of work allows me to have my own business. Please do not take it away from me with ill thought out restrictions. We may need protection from some bad brokers but we do not need you to protect us from ourselves.

    Thank you your time

    Ernie Vroom
    xxxxxxxxxxxx
    Sarasota Fl.
     
  6. JAIME TOSCANO

    JAIME TOSCANO Private, 1st Class

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    Message sent to CFTC

    Att´n to Mr. David Stawick, Secretary Commodity
    Futures Trading Commision 1155 21st Street, N.W.,
    Washington, DC 20581

    Dear Sir,

    my name is Jaime Toscano. I am Mexican and live in my countrhy or origin.
    I have several Forex accounts in various countries around the world, including the United Kindgon, Switzerland, Cypruss, Panama and the United States of America.
    The account I have in the U.S.A. is held by IBFX (Interbank FX), acct# XXXXXXX in ase you wish to verify it)

    I have learned that it is the FTC´s intention to change the maximum leverage for Forex Retail Services to 10:1 and it is for this reason that I am sending this message.


    My trading strategy requires a leverage of at least 100:1, which means that if this initiative gets approved I will no longer be able to trade using the same strategy with IBFX, and I will move my funds to another country. I assume many traders will do the same thing if the initiative becomes law, with the subsequent impacts on the economy and the creation of jobs within the U.S.

    I want to thank you in advance for the attention paid to this messge.

    Please feel free to contact me if you have any questions or comments.

    Best Regards,

    Jaime Toscano
    My phone number: +XX XX XXXX XXXX (office phone, daytime only)
     
  7. Hoogey

    Hoogey Recruit

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    My 2 cents;

    RIN 3038-AC61

    Mr. David Stawick, Secretary Commodity
    Futures Trading Commision 1155 21st Street, N.W.,
    Washington, DC 20581

    Dear Mr. Stawick,

    The proposal to limit leverage to 10:1 is regulatory overkill and a better solution is to have any retail customer submit a written confirmation document stating they have read the CFTC/NFA literature describing the mechanics and risks of forex to the forex broker opening an account.

    Regulation needs to eliminate the unscrupulous brokers and let the people grow up by taking the necessary risks without criminal interference.

    This regulation will not control but rather supress the level of democratic fiscal activity in a market with so much potential to educate and support many citizens of the world.

    It is risk that creates wealth to the extent we all find necessary to live a self-sufficient life.

    Thank you for your time and attention,

    Chris Hoogendijk
     
  8. Hoogey

    Hoogey Recruit

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    Oops...

    I did spell check my email and caught "Commission" and "suppress"
     
  9. Raymond32

    Raymond32 Recruit

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    My email and the response I received.

    Your submission has been received by the Commodity Futures Trading Commission. Please be advised that this acknowledgement does not constitute either Commission approval of the subject proposal or a determination that the proposal is consistent with the Act and the regulations thereunder.

    From: Raymond [mailto:raymond.kossa@gmail.com]
    Sent: Friday, January 15, 2010 7:23 PM
    To: secretary
    Subject: Regulation of Retail Forex

    Please add my voice to the chorus of those saying "NO" to the proposed new leverage requirements. 10 to 1 in insufficient for any type profit except for those with extemely large pocket books.

    Thank you,

    Raymond Kossa
     
  10. Diaa

    Diaa Recruit

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    2010 is just a start

    I am aware of such changes , many firms in US do not allow leverage
    greater than 1 / 100 , let me put this way even if accounts move out from US firms to others , think about it how the market looks like on a day off in the US , holiday , Market is very very slow , Guess large accounts will be players , others will follow.
    On the other hand many hedgers screwed up financial markets big times and in fact we all pay now , this is the painful fact
     

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