As you all may or may not know, the FX industry in the USA is about to be decimated by moronic CFTC bureaucrats who are seeking to impose a 10-1 leverage limitation. (see http://cftc.gov/newsroom/generalpressreleases/2010/pr5772-10.html )
The only way to stop this is to stand up, take action and be counted. Our voices should be heard!
HERE ARE 3 QUICK, EASY STEPS YOU CAN TAKE TO COMBAT THE CFTC PROPOSAL RIGHT NOW !!!!
1.) USE THIS PRE-WRITTEN FORM TO SEND YOUR OBJECTIONS TO THE CFTC RIGHT NOW! JUST COPY AND PASTE INTO YOUR EMAIL THE FOLLOWING:
SUBJECT HEADLINE : STRONGLY OBJECT TO 10-1 LEVERAGE LIMIT IN REGULATION OF RETAIL FOREX PROPOSAL RIN 3038-AC61
BODY OF EMAIL:
Attn : David Stawick, Secretary, CFTC
and ALL CFTC policymakers:
As a non-affiliated US-based Retail FX trader, please note for the record that I am STRONGLY OPPOSED to the 10-1 leverage limit as proposed in RIN 3038-AC61 relating to the Regulation of Retail Forex.
This senseless limit would in NO way protect, aid or benefit me but rather would greatly harm me since this restriction, if passed,
â€¢ would require that I submit substantially more margin-funds into non-protected, non-FDIC insured, non-SIPC eligible accounts, actually exposing me to increased risk in the event of bankruptcy of my Forex Broker.
â€¢ would NOT divert my business into regulated-Futures trading (as the CFTC is probably hoping), but rather would cause me to seek an unreliable, higher-risk offshore FX broker to trade through, whose practices might be questionable.
â€¢ would eliminate one of the greatest benefits of trading Forex : My ability to efficiently deploy my own trading capital in the way that I choose.
Lower FX vols require far greater leverage
FX volatilities are generally substantially lower than in the Equities or Futures market. Therefore, significantly more leverage is required simply to capture equivalent trading opportunities.
Nanny not needed
I do not want the CFTC to treat me like a child and dictate how I should trade. While 100-1 leverage is available to me - should I choose it - I am never forced to use it.
The bottom line is that OTC Retail Forex trading is NOT Futures trading. Please do not try to treat it as such!
PLEASE IMMEDIATELY STRIKE YOUR PROPOSED 10-1 LEVERAGE LIMITATIONS.
Donâ€™t let proposal RIN 3038-AC61 become an expensive lesson in unintended consequencesâ€¦.
2.) WHEN YOUâ€™RE DONE SENDING YOUR EMAIL, PRINT IT, THEN ALSO FAX IT TO
â€¢ CFTC FAX NUMBER 1 Fax: (202) 418-5521
â€¢ AND ALSO to CFTC FAX # 2 Fax (202) 418-5547
ATTN: CFTC SECRETARY AND POLICY MAKERS
RE: STRONGLY OBJECT TO 10-1 LEVERAGE LIMIT IN REGULATION OF
RETAIL FOREX PROPOSAL RIN 3038-AC61
3.) WHEN YOUâ€˜RE DONE SENDING YOUR FAXES, PICK UP THE PHONE AND PHYSICALLY CALL THE FOLLWING SIX (6) PEOPLE. LETâ€™S FLOOD THEM WITH PHONE CALLS! IF THEYâ€™RE NOT THERE, LEAVE THEM A VOICEMAIL!!!
LIST OF CFTC ACTORS:
David Stawick, Secretary,
Thomas Smith, Chief Accountant and Deputy Director, Division of Clearing and Intermediary Oversight,
Telephone : 202-418-5495;
Jennifer Bauer, Special Counsel, Division of Clearing and Intermediary Oversight, Division of Clearing and Intermediary Oversight,
Commodity Futures Trading Commission
Tel : 202-418-5472;
William Penner, Deputy Director, Division of Clearing and Intermediary Oversight,
Tel : 202-418-5450;
FAX : 202-418-5547;
Christopher Cummings, Special Counsel, Division of Clearing and Intermediary
Tel (202) 418-5450;
Peter Sanchez, Special Counsel, Division of Clearing and Intermediary Oversight,
Telephone (202) 418-5450;
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