CFTC Publishes Public Comments on Ten to One Leverage Proposal
The CFTC has now published details of how to comment on its new ten to one leverage proposals for retail forex accounts. If you click the link at the bottom of that page you can also read the initial comments that the CFTC has received.
At the time of writing there are 11 published public comments. Here are some extracts from those comments:
It is an unwelcome attempt to "save me from myself", that will only curtail my personal trading. I am sending a copy of this email to both of my US Senators.
STAY OUT OF TRYING TO RUN MY PERSONAL LIFE!!!!!!
This regulation will stifle small business by making small scale trading unprofitable.
I have reason to believe changes restricting leverage will delay my achievement of financial independence.
There are reasons why professional traders abandoned Futures in droves over the past decade. This won't get them back.
This piece of legislation would be disastrous to not only the economic recovery, but to future economic health as well.
Are you trying to allow only the rich people [to be] the only ones to trade forex?
To summarise, not one of the commentators approved of the 10 to 1 leverage proposal. Most of them pointed out that if implemented it would damage or destroy their income from trading if they didn't move their accounts offshore. Some got rather heated about it!
If you feel you would like to comment on the proposal yourself you can use the email address we mentioned yesterday or the new online form.
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Comments on CFTC Publishes Public Comments on Ten to One Leverage Proposal
It seems like Big Brother is regulating your life – but this time not in Russia but in the USA…..
The post-modern capitalism of USA approaches the Communism of Soviet Union from the past. This is a great paradox!
No worries. Go to FXCM UK or Dukascopy SWFX.
UK and Swiss will more than welcome USA's
hell bent attempt to ruin forex business model
in US. I hope the retard regulators in US ruin
the financial market here. When you handcuff
the financial market here and choose to punish
not only the entire industry but the very inherent
nature of the financial instruments inner workings;
you ruin your economy. Why would big companies
want to do business with US financial companies
when they can go to non-hampered companies
in perfectly regulated countries like UK, Germany,
and Swiss? Even Canada would be a better choice.
Please… US regulators. Ruin your economy with
useless regulators. UK firms will thank you immensely.
Hi Jon,
It now sounds as though emailing your Congressman might have some effect, even if emailing the CFTC doesn't. Check out the grilling Gary Gensler got from the House Agriculture committee.
Jim