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100:1 leverage will change.. speak out!!

  • #81
  • Mar 2, 2010 2:37pm Mar 2, 2010 2:37pm
i pray that this rule don't go into effect, i have a house in the bahamas and a bahamas resident permint so i can switch to any broker, but at the moment i have a u.s.a. broker that offer ECN and is very large and they are very good i hate to leave a good thing behind because of these a$$ holes
  • #82
  • Edited 4:50pm Mar 3, 2010 4:33pm | Edited 4:50pm
Just found this article

"House Lawmakers Concerned On CFTC Retail Forex Leverage Proposal"
http://www.easybourse.com/bourse/act...roposal-805409

Here are some highlights:

Several lawmakers at a House Agriculture farm commodities subcommittee hearing Wednesday grilled CFTC Chairman Gary Gensler about a provision in the commission's proposal that would restrict retail forex investors to a 10 to 1 leverage ratio, thereby forcing them to post much higher collateral.

"I don't get what we are trying to accomplish here by lowering this to 10 to 1," said House Agriculture Chairman Collin Peterson (D., Minn), saying the proposal appears to put investors' money even more at risk. "Who are you trying to protect here?"


And Congressman Marshall:

"If our leverage rules are 10-to-1 and leverage rules elsewhere are 100-to-1, the business is going to move elsewhere," Marshall said, adding that investors could be even less protected if business moves to a country with lax regulations.


And again from Chairman Peterson:

"I don't think it's well thought out," he said. "I think they are trying to fix a problem that doesn't really exist."



Edit: Not to steal someone else's thunder, also see Goodboy had this article posted in the Trading Discussion thread a couple of hours ago http://www.forexfactory.com/showpost...&postcount=711
  • #83
  • Mar 3, 2010 5:03pm Mar 3, 2010 5:03pm
This is wonderful news! The congress is AGAINST the CFTC rule proposal! They are LISTENING! Our comments have not been in vain. Check out this article I just found:

http://www.iowapolitics.com/index.iml?Article=187545

“I am pleased that the CFTC Chairman acknowledged our concerns and appeared open to changes to the leverage requirement,” Boswell said. “The CFTC has received over 5,600 comments on the foreign exchange proposed rule and I am hopeful that this input will help the Commission to find a common ground that won’t chase business overseas, while still protecting consumer interests.”

http://cdn.forexfactory.com/attachme...8&d=1266343460
  • #84
  • Edited Mar 5, 2010 10:32am Mar 4, 2010 11:06pm | Edited Mar 5, 2010 10:32am
thanks for letting us know that congress is AGAINST lowering the leverage... this news made my day.... im going to write again and send another comment... come on guys lets keep it sending comments even from other emails if you can...

email complaints to: s[email protected]


with "Regulation of retail Forex" as the subject line








Quoting sullyforex
This is wonderful news! The congress is AGAINST the CFTC rule proposal! They are LISTENING! Our comments have not been in vain. Check out this article I just found:

http://www.iowapolitics.com/index.iml?Article=187545

“I am pleased that the CFTC Chairman acknowledged our concerns and appeared open to changes to the leverage requirement,” Boswell said. “The CFTC has received over 5,600 comments on the foreign exchange proposed rule and I am hopeful that this input will help the Commission to find a common ground that...
  • #85
  • Mar 6, 2010 6:03pm Mar 6, 2010 6:03pm
Does anyone know when the decision on this change will be made? I'm getting ready to open a new account will wait before opening in US if it's soon.
Enter Signature
  • #86
  • Mar 7, 2010 5:23am Mar 7, 2010 5:23am
Anyone know if this affects Canada as well, and Oanda.
  • #87
  • Mar 8, 2010 12:50pm Mar 8, 2010 12:50pm
Quoting Zeroh
Anyone know if this affects Canada as well, and Oanda.
http://www2.oanda.com/cgi-bin/msgboa...;f=17;t=005179
  • #88
  • Mar 10, 2010 3:46pm Mar 10, 2010 3:46pm
Check out this article in the Wall Street Journal where a CFTC Commissioner says they have been overwhelmed with trader comments:

http://online.wsj.com/article/SB1000...googlenews_wsj

"The proposal in its entirety is intended to allow us to get on with our job of protecting customers and ensuring the financial integrity of firms engaging in retail forex transactions," said Bart Chilton, a CFTC commissioner. He said the comments from the public—largely centering on the leverage proposal—have come down on the agency "like a winter blizzard," noting that it was more than at any time in the agency's history.


http://cdn.forexfactory.com/attachme...8&d=1266343460
  • #89
  • Mar 11, 2010 4:06am Mar 11, 2010 4:06am
I just sent em my 5th letter.


When it rains it pours. Lets give them the blizzard of the century!


11 DAYS LEFT PEOPLE.... DOGPILE ON THE RABBIT!!!


send your comments to:

[email protected]

Put "Regulation of Retail Forex" in subject header.


start your letter off with this:

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

RE: RIN 3038-AC61

Dear Mr. Stawick,
  • #90
  • Mar 11, 2010 8:59am Mar 11, 2010 8:59am
Look at the picture below it was taken off the comments from the forex leverage proposal. It is a comment from Senator Orin Hatch from Utah. Interesting that a senator gets in the mix, but for some reason I cannot see what the comment was, has anyone had better luck seeing the comment and what it was about?
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  • #91
  • Mar 11, 2010 10:49am Mar 11, 2010 10:49am
Quoting ranger
Look at the picture below it was taken off the comments from the forex leverage proposal. It is a comment from Senator Orin Hatch from Utah. Interesting that a senator gets in the mix, but for some reason I cannot see what the comment was, has anyone had better luck seeing the comment and what it was about?
Here is the link to the letter. Go Orin!!!

http://www.cftc.gov/ucm/groups/publi...10-001c172.pdf
  • #92
  • Mar 11, 2010 11:02am Mar 11, 2010 11:02am
Quoting sullyforex
Here is the link to the letter. Go Orin!!!

http://www.cftc.gov/ucm/groups/publi...10-001c172.pdf

Thanks Sully!! It was not coming up on my computer for some reason! Like you said Go Orin! From a state that I am moving to , UTAH, happy to hear they know what the deal is.
  • #93
  • Mar 16, 2010 12:13pm Mar 16, 2010 12:13pm
Next Monday is the deadline for submitting comments to the CFTC. Speak now or forever live with 10:1 leverage! Email [email protected] today!


http://cdn.forexfactory.com/attachme...8&d=1266343460
  • #94
  • Mar 17, 2010 12:59pm Mar 17, 2010 12:59pm
This is just one of the many illuminating quotes from Rob Booker, who just did a fantastic webinar on the CFTC's leverage proposal. For those of you who don't know Rob he is a regular speaker at the forex trade shows and knows this industry inside and out. Great info, have a look:

http://www.screencast.com/users/robb...3-565868d632c4


http://cdn.forexfactory.com/attachme...8&d=1266343460
  • #95
  • Mar 22, 2010 12:46pm Mar 22, 2010 12:46pm
This is it folks. Speak now about 10 to 1 leverage or forever hold your peace. Email [email protected] right now! This is your last chance!!!

http://cdn.forexfactory.com/attachme...8&d=1266343460
  • #96
  • Last Post: Mar 23, 2010 7:50am Mar 23, 2010 7:50am
times up i guess... when do we know the decision?
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