Those clever yahoos at the CFTC know full well what the ramifications are for the latest proposal – and it looks like they are going ahead anyway.
Now the questions and all the fuss suggest that they are UNAWARE of the consequences of their actions – that this would completely destroy the Forex trading here in the U.S.
But there is just NO WAY that the DON”T know.
So this begs the REAL QUESTION: Who will benefit and how?
Here”s the BIG problem:
“Leverage in retail forex customer accounts would be subject to a 10-to-1 limitation.”
Here”s where you can read the press release about it.
http://www.cftc.gov/newsroom/generalpressreleases/2010/pr5772-10.html
Most importantly, here is how to make your opinions known.
You may submit comments, identified by RIN3038-AC61, by any of the following methods:
1) Federal eRulemaking Portal: Ein neues Casino-Highlight: European Redeal Blackjack ! Heute mochten wir Ihnen ein neues Tischspiel von Microgaming . http//www.regulations.gov/search/ index.jsp Follow instructions for submitting comments.
2) Email : secretary@cftc. gov. Include “Regulation of Retail Forex” in the subject line of the message.
3) Fax (202)418-5521
4) Mail: Send to David Stawick, Secretary, Commodity Futures Trading Commission, 1155 21st Street,. N.W., Washington, DC 20581
Cheers
Brian
P.S. Let”s hope and pray that they really are so blindly ignorant that they didn”t realize what this would do and that receiving truckloads of emails will get them to do the right thing.
P.P.S. Here”s a thread discussing this in more detail