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10 to 1 leverage suggestion by the CFTC - a death to the US forex market?
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Elkart

Member Since Aug 01, 2009  941 posts Elkart (Elkart) Feb 17 2010 at 12:46
Guilty....

Chang beer is evil.
GJim

Member Since Feb 25, 2010  14 posts Gentleman Jim (GJim) Feb 25 2010 at 12:55

michigansurveys posted:
    Everyone thinks that they get thousands of emails every day. Did you send one? Do you know anyone that has? They cannot get those thousands of emails if you do not send them. However naive an idea it may be, they are supposed to catalog and post each one here http://www.cftc.gov/lawandregulation/federalregister/federalregistercomments/2010/10-001.html Right now I only count 69 comments. If you really think it is a bad idea, take two minutes and send an email. It won't cost you anything to send it, but not sending in your comments may cost you a great deal more down the road.


Thanks for posting that link.

I did check, and my comment is there - page 412 (of 538) of the comments posted on Jan 20th.

G'Jim c):{-

Aficionado of well-aged cigars, mature women, and very old bourbon (not necessarily in that order)
bizWiz

Member Since Aug 06, 2009  397 posts bizWiz Feb 25 2010 at 13:11

GJim posted:
    
Thanks for posting that link.

I did check, and my comment is there - page 412 (of 538) of the comments posted on Jan 20th.

G'Jim c):{-


you've really searched for you comment among the 5000'ish comments there? must have taken you a couple of hours.. surprise

interesting to see such a low number of mails they've received..i would expect at least 50,000 mails..maybe they haven't published them all? or might it be that most traders don't care if this rule goes through or not?

Sleep is for the weak.
pc8multifx

Member Since Sep 04, 2009  860 posts pc8multifx (pc8multifx) Feb 25 2010 at 13:23
I guess a lot of affected USA traders left already after the 100:1 leverage downgrade by NFA. So only the desperate rest of the gang wrote them. Adios America!
BTW Even not be punished by the new rules, I'm a freetongue European citizen, I wrote them twice and they published it as well

GJim

Member Since Feb 25, 2010  14 posts Gentleman Jim (GJim) Feb 25 2010 at 13:37

biz0101 posted:
    
GJim posted:
    
Thanks for posting that link.

I did check, and my comment is there - page 412 (of 538) of the comments posted on Jan 20th.

G'Jim c):{-


you've really searched for you comment among the 5000'ish comments there? must have taken you a couple of hours.. surprise

interesting to see such a low number of mails they've received..i would expect at least 50,000 mails..maybe they haven't published them all? or might it be that most traders don't care if this rule goes through or not?


Didn't take very long at all. I knew which day that I sent my comment; just opened the document for that day and then did a search for my name.

BTW, not that it will probably do any good, but I'm going to send the same comment to my two senators and our lone congresswoman - not that I have any respect for any of the three, but just as one more 'dog in the fight'.

G'Jim c):{-

Aficionado of well-aged cigars, mature women, and very old bourbon (not necessarily in that order)
pipdetector

Member Since Oct 28, 2009  78 posts pipdetector Feb 25 2010 at 14:55
It looks that some brokers saw the writ on the wall. FXDD is moving their European clients accounts to FXDD Malta...

They started to prepare for it in December 2009.

WhyLose

Member Since Feb 16, 2010  99 posts Lion Asset Management (WhyLose) Mar 08 2010 at 21:32
FXDD emailed me about that last week. Malta is a secure jurisdiction to be registered in. Their MFSA is based on the UK FSA model.

Time is more valuable than money. You can get more money, but you cannot get more time.
pipdetector

Member Since Oct 28, 2009  78 posts pipdetector Mar 08 2010 at 22:05
Let's hope that they will be as reliable as FXDD New York...

WhyLose

Member Since Feb 16, 2010  99 posts Lion Asset Management (WhyLose) Mar 08 2010 at 22:11
If they carry on like FXDD New York IMO they'll be closed pretty soon by the MFSA. Even though I had an account with them which has now been moved to Malta I don't rate them highly but I can now be on their doorstep within 30 minutes most of the year. And the MFSA's complaint desk even quicker!

Time is more valuable than money. You can get more money, but you cannot get more time.
Elkart

Member Since Aug 01, 2009  941 posts Elkart (Elkart) Mar 08 2010 at 23:19
Guys the CFTC ruling will apply to liquidity providers, of which at least half is US. There no hiding in Europe or elsewhere.The CFTCF does this we're all going to be affected.

Chang beer is evil.
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