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

mettall
Jan 26 2010 at 20:49
27 posts
but this is world currency... tell this to Shahe Mohamed - he is gonna cut your head off. The world currency should be stable as rock. Thats why there are so many proposals to change the world currency.
https://en.wikipedia.org/wiki/World_currency#Hypothetical_single_supranational_currency


PipCollector
Jan 27 2010 at 09:41
92 posts

mettall posted:
    but this is world currency... tell this to Shahe Mohamed - he is gonna cut your head off. The world currency should be stable as rock. Thats why there are so many proposals to change the world currency.
https://en.wikipedia.org/wiki/World_currency#Hypothetical_single_supranational_currency


It's just like world peace - it's a nice idea but will never happen.

Patience is a virtue.
AussieTrader
michigansurveys
Jan 27 2010 at 23:57
31 posts
However you feel about the proposed changes, it is a BAD idea. Please take the time to send an email opposing the proposed rule. From the CTC website:
DATES: Comments must be received on or before March 22, 2010.

ADDRESSES: You may submit comments, identified by RIN 3038-AC61, by any

of the following methods:

Federal eRulemaking Portal: https://www.regulations.gov/

search/index.jsp. Follow the instructions for submitting comments.

E-mail: secretary@cftc.gov. Include ``Regulation of Retail

Forex'' in the subject line of the message.

Fax: (202) 418-5521.

Mail: Send to David Stawick, Secretary, Commodity Futures

Trading Commission, 1155 21st Street, NW., Washington, DC 20581.

Courier: Same as Mail above.

All comments received will be posted without change to https://

www.cftc.gov, including any personal information provided.


bizWiz
Jan 28 2010 at 10:06
397 posts
do you really think they even open the thousands of emails they get on a daily basis? i'm sure the verdict is already decided, they only stall to show as if they're still considering it...

Sleep is for the weak.
AussieTrader
michigansurveys
Jan 28 2010 at 13:00
31 posts
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 https://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.

Elkart
Elkart
Jan 28 2010 at 13:10
941 posts
Water flows around the rock, where it's easiest to go.

No one's going to comment. Writing is on the wall. Just move the money away.

PipCollector
Jan 28 2010 at 13:29
92 posts
Yep, the easiest thing to do is just move along, I bet the US brokers are already feeling the impact of this possible move.

If this will go through, do you think it will be enough to move the USD? I mean it's a trillion dollar market and probably close to half of it is traded in the USA.

Patience is a virtue.
pc8multifx (pc8multifx)
Jan 28 2010 at 13:46
879 posts

PipCollector posted:
    Yep, the easiest thing to do is just move along, I bet the US brokers are already feeling the impact of this possible move.

If this will go through, do you think it will be enough to move the USD? I mean it's a trillion dollar market and probably close to half of it is traded in the USA.


It doesn't matter from where the USD will be traded..

PipCollector
Jan 28 2010 at 14:06
92 posts

pc8multifx posted:
It doesn't matter from where the USD will be traded..


Actually, that's not what I meant.

Let me rephrase my question - the forex market is creating probably billions in revenues for USA. Moving the trading to foreign brokers will have an impact on the USA economy - my question is will it be big enough to depreciate the USD?

Patience is a virtue.
pc8multifx (pc8multifx)
Jan 28 2010 at 14:27
879 posts
I don't think there will be much of an impact. Currencies are more driven by central banks and other big dogs, like (car) industry, funds etc.

 For us, the tiny fart trader😀, it doesn't matter where we make money, in the end we spend it where we live.

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