If you want to say your No to proposed 1:10 leverage madness

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noone22
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If you want to say your No to proposed 1:10 leverage madness

Postby noone22 » Wed Jan 27, 2010 8:19 am

InterbankFX wrote: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 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@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.


I have received this today from my InterbankFX broker.
Surprisingly, this is the only one of the US brokers,
who is worried about new leverage changes
(others probably don't care about such a small traders,
as I'm and who cannot afford accounts of more than $10K).

I personally would move all my Forex accounts from US
on the first day, should this madness be introduced.

You can help make an impact by sending comments directly
to the idiots at CFTC:
secretary@cftc.gov

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adaseb
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Postby adaseb » Wed Jan 27, 2010 8:29 am

Alpari did a similar thing.

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newschool
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Postby newschool » Wed Jan 27, 2010 2:20 pm

Economy and basically a progressive society is built by people who take risk to achieve great goals. America is targetting those exact same people, and telling them they need to support the state and are not really free.

Seriously, its over. Start looking for that small Costa Rica house.

EDIT: The comparison I was looking for : they are shooting themself in the foot.

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bredin
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Postby bredin » Wed Jan 27, 2010 6:54 pm

I got one from mbt as well.
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