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

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Singlemalt

Private
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14
Any idea when???

Has anybody heard anything as to when the CFTC is to implement these !@@#$#$! rules? rumors, gossip, anything??
I'm in the process of moving my account out of the country even though I'm happy with my broker (IamFX), and I was wondering?????
 

mik

Recruit
Messages
4
Dear Mr. David Stawick,



Having entered new rules of work on brokers on Forex, you deprive with me work in which I am engaged. I vigorously against a ratio 10:1. Think of that, how many money will leave abroad and how many people will lose their job. How you think, to whom it is favourable?

Sincerely,



:unhappy:
 

5of7

Representative for TheCollectiveFX
Messages
44
From TheCollectiveFX

Here is the email that we sent out to our users. If I posted it in the wrong place, feel free to delete it : - )

And just a personal note. I've been trading forex for over 10 years now, and I like the way I trade. I understand the need for protection, and I think the industry needs a bit of cleaning up. But I don't think legislation should go crazy either.

-5of7-

NOTE: My rants of insanity are purely my own and do not reflect the opinions of any sane individual or company especially TheCollectiveFX.

----------Email Quoted Below --------------

Subject: Dodd-Frank is going to kill us all

Well actually, we will be just fine. We've been planning on it for the last 8 months.

If you haven't heard already, the CFTC has acted on the Dodd-Frank Bill, and closed lots of loopholes that "other brokers" have used by pushing American clients overseas. You know us, we don't play the same way as "any other brokers", we never did, and we aren't this time either.

So any day now, "those other brokers" will have to bring all those clients back to the United States and subject them to FIFO, Hedging, 50:1 etc, etc.

We on the other hand, are obtaining a "STP ONLY LICENSE" which allows our members certain benefits:

1. Hedging. Perfectly fine.

2. FIFO. Nonsense.

3. 100:1. Priceless. Yup, you've still got it.

4. Counter trading against our clients. Our license will be a STP ONLY license. Not that we ever did, or wanted to trade against our members, but now, you don't have to take our word for it, we have auditors breathing down our necks.

If you think this is good news....this is tiny compared to what's coming!

TheCollectiveFX

---------- End Of Quote --------------
 

karlmarx

Recruit
Messages
5
Here is the email that we sent out to our users. If I posted it in the wrong place, feel free to delete it : - )

And just a personal note. I've been trading forex for over 10 years now, and I like the way I trade. I understand the need for protection, and I think the industry needs a bit of cleaning up. But I don't think legislation should go crazy either.

-5of7-

NOTE: My rants of insanity are purely my own and do not reflect the opinions of any sane individual or company especially TheCollectiveFX.

----------Email Quoted Below --------------

Subject: Dodd-Frank is going to kill us all

Well actually, we will be just fine. We've been planning on it for the last 8 months.

If you haven't heard already, the CFTC has acted on the Dodd-Frank Bill, and closed lots of loopholes that "other brokers" have used by pushing American clients overseas. You know us, we don't play the same way as "any other brokers", we never did, and we aren't this time either.

So any day now, "those other brokers" will have to bring all those clients back to the United States and subject them to FIFO, Hedging, 50:1 etc, etc.

We on the other hand, are obtaining a "STP ONLY LICENSE" which allows our members certain benefits:

1. Hedging. Perfectly fine.

2. FIFO. Nonsense.

3. 100:1. Priceless. Yup, you've still got it.

4. Counter trading against our clients. Our license will be a STP ONLY license. Not that we ever did, or wanted to trade against our members, but now, you don't have to take our word for it, we have auditors breathing down our necks.

If you think this is good news....this is tiny compared to what's coming!

TheCollectiveFX

---------- End Of Quote --------------
Exactly what is an STP license? I have not seen that on any NFA site. What FCM will u use for clearing?
 
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