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Could 10:1 be the new leverage in US Forex?

  • #621
  • Feb 21, 2010 9:10am Feb 21, 2010 9:10am
Quoting The Fool
http://en.wikipedia.org/wiki/Chase_(bank)

"Chase traces its history back to the founding of The Manhattan Company by Aaron Burr on September 1, 1799, in a house at 40 Wall Street:[1][indent]After an epidemic of yellow fever in 1798, in which coffins...

Well I appreciate your thoughts, but you lost me on that. Personally I don't believe government should involved itself in business.... I don't care to discuss politics. After all, this thread was about opposition to regulation. At least, it started that way.
  • #622
  • Feb 21, 2010 10:17am Feb 21, 2010 10:17am
Quoting zed99
FYI -- if you go with a broker outside the US, don't forget the FBAR -- if you have $10,000 or more in aggregate in foreign accounts you have to tick a very small box on your 1040 and file a separate form with the Treasury Dept (FBAR, and the form is TD 90 22). It's like if at any time during the year the balance of all foreign accounts combined was over $10,000 you have to file this form. It's always confusing to fill out, and not very well known. And, if you don't file it, they can impose fines.

FXDD among others state the funds are still held in Bank of NewYork. Even though your trading account lies in Malta. The funds are held in USD.

To have to check that box don't the funds have to be foreign?

How could the IRS prove they are foreign?

Good luck with that one....

Additionally it could be argued I am buying "foreign" currency so why the hell would it matter if the account is in the US or overseas?
  • #623
  • Feb 21, 2010 1:18pm Feb 21, 2010 1:18pm
Quoting Jade Gate
Sometimes, when confronted with a dilemma, the best solution is to think outside the box. Don't think any of us want the nanny-state to babysit us, but that doesn't mean there might not be new solutions for the OTC market t

http://cftc.gov/ucm/groups/public/@l...10-001c095.pdf
Quoting this for truth...this is exactly the kind of argument I wanted to write.
Hindsight is 20/20
  • #624
  • Feb 22, 2010 10:11pm Feb 22, 2010 10:11pm
Well they are getting swamped with comments, they no longer post each on one link...now the post a pdf file on each link with from 500 to 900 commnets each pdf file. LOL
http://www.cftc.gov/lawandregulation...10/10-001.html

We should do a compilation of this tread and email to them in a pdf file http://cdn.forexfactory.com/images/s..._the_floor.gifhttp://cdn.forexfactory.com/images/s..._the_floor.gifhttp://cdn.forexfactory.com/images/s..._the_floor.gif
  • #625
  • Feb 22, 2010 10:17pm Feb 22, 2010 10:17pm
Quoting wwwin
Well they are getting swamped with comments, they no longer post each on one link...now the post a pdf file on each link with from 500 to 900 commnets each pdf file. LOL
http://www.cftc.gov/lawandregulation...10/10-001.html
Serves them right....maybe their heads will pop off!

(tsk, tsk...how immature of me)
Scarlett
  • #626
  • Feb 23, 2010 12:34am Feb 23, 2010 12:34am
I personally dont think they will change to 10:1 leverage in FX, its obvious why they want to do it as the exchanges are losing out to OTC FX brokers but it will receive to much backlash.
Im based in OZ and the regulators here dont even understand FX so we should be all right here..i hope, otherwise offshore broker here i come..
  • #627
  • Feb 23, 2010 4:38am Feb 23, 2010 4:38am
Quoting wwwin
Well they are getting swamped with comments, they no longer post each on one link...now the post a pdf file on each link with from 500 to 900 commnets each pdf file. LOL
http://www.cftc.gov/lawandregulation...10/10-001.html

We should do a compilation of this tread and email to them in a pdf file http://cdn.forexfactory.com/images/s..._the_floor.gifhttp://cdn.forexfactory.com/images/s..._the_floor.gifhttp://cdn.forexfactory.com/images/s..._the_floor.gif...
Capital idea wwwin. Care to volunteer for the task?

They probably don't have quite enough reading yet. Anything traders can do to further enlighten them would surely be most welcome?

Congrats by the way to all who have contributed to this thread... it's been a fascinating journey into the mind of the CFTC and into the politics that is driving this proposal. So great to see the collective effort brought together here, scraping out the bottom of this particular barrel.
  • #628
  • Feb 23, 2010 5:54am Feb 23, 2010 5:54am
Quoting wwwin
Well they are getting swamped with comments, they no longer post each on one link...now the post a pdf file on each link with from 500 to 900 commnets each pdf file. LOL
http://www.cftc.gov/lawandregulation...10/10-001.html

We should do a compilation of this tread and email to them in a pdf file http://cdn.forexfactory.com/images/s..._the_floor.gifhttp://cdn.forexfactory.com/images/s..._the_floor.gifhttp://cdn.forexfactory.com/images/s..._the_floor.gif...

I am in awe of everyone who has gotten involved in this. It's more than I ever could have hoped for. Thank you very much.

Remember the cut-off date is March 22, there is still time left to go back for 2nds and thirds... or if you're late to the "CFTC-roast" party then come on in and join us.
  • #629
  • Feb 23, 2010 6:06am Feb 23, 2010 6:06am
Quoting pip_seeker
I am in awe of everyone who has gotten involved in this. It's more than I ever could have hoped for. Thank you very much.

Remember the cut-off date is March 22, there is still time left to go back for 2nds and thirds... or if you're late to the "CFTC-roast" party then come on in and join us.
Would you like your Gensler rare, well done, or just plain bloody all over?

Here's something for all of us.... maybe you have to trade this market to understand how deep the bond is between traders, all of us blooded into this fraternity the hard way...

Inserted Video
  • #630
  • Feb 23, 2010 6:30am Feb 23, 2010 6:30am
Quoting scottik187
Move your account overseas.

I find it amazing these new proposals. I do not trade with a US broker, so I only see these restrictions from the outside , but why would they ruin an industry just to get a few extra futures trades? Having said that, I dont understand why people would want to trade with 500 leverage!
  • #631
  • Feb 23, 2010 7:20am Feb 23, 2010 7:20am
I am amazed at the response but even more amazed that the cftc crooks posted them. I read through snippets of a couple of the larger pdfs there were some great comments.
  • #632
  • Feb 23, 2010 7:34am Feb 23, 2010 7:34am
Quoting wwwin
Nah, by definition OTC cannot be traded on an exchange as it would not longer be OTC...which is much better...unregulated is better, remember what Pirrong said.."the trader's have voted with their pocket book".

Stop rationalizing that maybe is not so bad...you are becoming victims of the Stockholm Syndrone.

Before you people fall for the regulated is not so bad crap....I advise you to do some forex futures trading. The medicine is far worse than the disease, which you can avoid by living a healthy life style... i.e. choose a good broker and...
Thank you for the slap of reality. I was one of those hoping this could still work, but now looking at the numbers, it is very clear.
  • #633
  • Feb 23, 2010 7:56am Feb 23, 2010 7:56am
I'm interested in what the Big 3 (GFT, FXCM, GAIN) had to discuss with CFTC chairman on Jan 25. Why weren't there more big brokers involved in discussion.

http://www.cftc.gov/ucm/groups/publi...10-001b001.pdf
  • #634
  • Feb 23, 2010 8:43am Feb 23, 2010 8:43am
Quoting wwwin
I am afraid that you are 100% correct...this is not going to end well, maybe not right away but soon enough...my account is out of here as of friday's closing time...I am a least getting a temporary relief from this madness...but I am still concerned as to how predatory they want to get...there are letters from Gensler to Congress indicating that the OTC Act must contain provisions forcing foreign trade boards to register with the CFTC if they allow US clients to open accounts in their jurisdiction ...now that is really scary stuff.
Hate to say this WWWINNIE but I told ya!!

But don't get too scared yet, because things yet to come will leave you just like that song.....slack jaw and not much too say

When all this is set and done I just hope you have the decency to admit that I was after you guys best interest, alerting people while time was still on their side.

But anyways...just go ahead and mock the Platypus while you guys can
  • #635
  • Feb 23, 2010 8:49am Feb 23, 2010 8:49am
Quoting wwwin
Well they are getting swamped with comments, they no longer post each on one link...now the post a pdf file on each link with from 500 to 900 commnets each pdf file. LOL
http://www.cftc.gov/lawandregulation...10/10-001.html

We should do a compilation of this tread and email to them in a pdf file
How do we do it? It is a terrific idea...Does anybody know how to copy this thread and send it...(I want to see their heads pop off)
Scarlett
  • #636
  • Feb 23, 2010 10:45am Feb 23, 2010 10:45am
Quoting Jhig
I'm interested in what the Big 3 (GFT, FXCM, GAIN) had to discuss with CFTC chairman on Jan 25. Why weren't there more big brokers involved in discussion.

http://www.cftc.gov/ucm/groups/publi...10-001b001.pdf

They wwere probably talking about how all the brokers will submit to this regulation simultaniously.

Some one said it earlier and I fear it's true, that forex dealer coalition will give in.
ok Friendo? This is madness!?!? - THIS, IS, FOREX!!!
  • #637
  • Feb 23, 2010 12:35pm Feb 23, 2010 12:35pm
Quoting Liger86
They wwere probably talking about how all the brokers will submit to this regulation simultaniously.

Some one said it earlier and I fear it's true, that forex dealer coalition will give in.
I wouldn't be surprised if they did. I said it in the beginning, if the government wants this to happen, well it's going to happen. Thinking out it, I doubt the goverment will let these big brokers faulter because of their decision, so I would have to believe most brokers will be offered to trade futures with the government's full backing and subsidies.
  • #638
  • Feb 23, 2010 12:55pm Feb 23, 2010 12:55pm
Just gonna have to trade with companies that are not in the US
  • #639
  • Feb 23, 2010 2:08pm Feb 23, 2010 2:08pm
I got this response from one of the clerks who pick up the questions on those "chats" that are available on the web pages of the larger brokers.
He probably doesn't know much but take it for what it's worth:

"I do know that the coalition met with the CFTC this last week and we were advised that all the feedback the CFTC has received from individual traders and all the US brokers fight against the leverage change - was well taken by the CFTC. I think that with all the broker's lawyers and lobbyists fighting it - the proposal won't go into effect. "

Dunno
Scarlett
  • #640
  • Feb 23, 2010 2:52pm Feb 23, 2010 2:52pm
Quoting Platypus
Hate to say this WWWINNIE but I told ya!!

But don't get too scared yet, because things yet to come will leave you just like that song.....slack jaw and not much too say

When all this is set and done I just hope you have the decency to admit that I was after you guys best interest, alerting people while time was still on their side.

But anyways...just go ahead and mock the Platypus while you guys can
Yes, Nostradamus, you were right. But no slack jaw here...I am thinking of opening a "MailBoxes etc" franchise in Costa Rica to provide US retail clients an overseas address so they can open a foreing account when the jaw dropping really starts...LOL
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