Forex Leverage Change (for Those that are not informed)
Apr 19, 2010 at 00:50
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3 Replies
Membro Desde Mar 27, 2010
2 postagens
Apr 19, 2010 at 00:50
U.S. Rep. Boswell: Chairs subcommittee hearing on Commodity Exchange Act in 2008 Farm Bill
3/3/2010
For Immediate Release
March 3, 2010
Contact: Jane Slusark, 202-225-3806
[email protected]
Boswell Chairs Subcommittee Hearing on Commodity Exchange Act in 2008 Farm Bill
Washington, D.C. – Today, Congressman Leonard Boswell chaired a hearing of the Subcommittee on General Farm Commodities and Risk Management to review changes to the Commodity Exchange Act included in the 2008 farm bill and new proposed rules by the Commodity Futures Trading Commission (CFTC). CFTC Chairman Gary Genseler provided witness testimony.
“Our job in Congress and on this Subcommittee is to bring greater transparency and oversight to the future markets and ensure that we provide necessary oversight of these markets without hindering legitimate consumers from operating within them,” said Boswell in his opening statement. “To the extent fraudulent activity is taking place and hard-working Americans are getting taken to the cleaners, we need to ensure that federal regulators have the tools necessary to protect consumers.”
In the 2008 farm bill, the House Agriculture Committee strengthened the CFTC’s authority over retail foreign currency (forex) transactions and in January 2010, the CFTC published a proposed rule to implement that authority. This rule would put in place requirements for registration, disclosure, recordkeeping, financial reporting, and minimal capital standards for forex trading. However, this rule also would impose a new leverage requirement on retail foreign exchange customer accounts that many believe will force customers to take their business overseas.
Congressman Boswell asked Chairman Genseler to explain how the CFTC developed this rule and if the changes in the 2008 farm bill have given the CFTC enough authority to effectively regulate the commodity markets.
Today’s hearing heavily focused on a 10-to-1 leverage requirement imposed on retail foreign exchange customer accounts included in the proposed rule. Retail foreign exchange dealers and their customers argue that putting in place such a low leverage limit will force foreign exchange transactions overseas where such limits are not enforced and where dealers are not subject to registration and disclosure requirements.
“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.”
*****This is unfortunate for the profitable traders such as myself, because the leverage boots our profits tremendously. I hope this does not happen because other institutions/countries will catch on like wild fire around the world.
Happy Trading everybody and best of Luck in the contest (a lot of good traders and not so good traders in here).
Globalforexfm
3/3/2010
For Immediate Release
March 3, 2010
Contact: Jane Slusark, 202-225-3806
[email protected]
Boswell Chairs Subcommittee Hearing on Commodity Exchange Act in 2008 Farm Bill
Washington, D.C. – Today, Congressman Leonard Boswell chaired a hearing of the Subcommittee on General Farm Commodities and Risk Management to review changes to the Commodity Exchange Act included in the 2008 farm bill and new proposed rules by the Commodity Futures Trading Commission (CFTC). CFTC Chairman Gary Genseler provided witness testimony.
“Our job in Congress and on this Subcommittee is to bring greater transparency and oversight to the future markets and ensure that we provide necessary oversight of these markets without hindering legitimate consumers from operating within them,” said Boswell in his opening statement. “To the extent fraudulent activity is taking place and hard-working Americans are getting taken to the cleaners, we need to ensure that federal regulators have the tools necessary to protect consumers.”
In the 2008 farm bill, the House Agriculture Committee strengthened the CFTC’s authority over retail foreign currency (forex) transactions and in January 2010, the CFTC published a proposed rule to implement that authority. This rule would put in place requirements for registration, disclosure, recordkeeping, financial reporting, and minimal capital standards for forex trading. However, this rule also would impose a new leverage requirement on retail foreign exchange customer accounts that many believe will force customers to take their business overseas.
Congressman Boswell asked Chairman Genseler to explain how the CFTC developed this rule and if the changes in the 2008 farm bill have given the CFTC enough authority to effectively regulate the commodity markets.
Today’s hearing heavily focused on a 10-to-1 leverage requirement imposed on retail foreign exchange customer accounts included in the proposed rule. Retail foreign exchange dealers and their customers argue that putting in place such a low leverage limit will force foreign exchange transactions overseas where such limits are not enforced and where dealers are not subject to registration and disclosure requirements.
“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.”
*****This is unfortunate for the profitable traders such as myself, because the leverage boots our profits tremendously. I hope this does not happen because other institutions/countries will catch on like wild fire around the world.
Happy Trading everybody and best of Luck in the contest (a lot of good traders and not so good traders in here).
Globalforexfm
Think Different
Membro Desde Sep 04, 2009
879 postagens
Apr 19, 2010 at 11:46
Regards the contest... as much as i like myfxbook, to offer a contest with one of the worst bucket-shop brokers in the industry as a partner is a bad joke IMO.
Membro Desde Oct 29, 2009
76 postagens
Apr 19, 2010 at 11:55
Yeah... that brings me to my next question...
Will I still qualify if I open a demo account with FXDD Malta LTD?? I mean... that entity is not subjected to these regulations. Plus........... will the winner get their prize money registered with FXDD Malta or FXDD US?? 🙄
Will I still qualify if I open a demo account with FXDD Malta LTD?? I mean... that entity is not subjected to these regulations. Plus........... will the winner get their prize money registered with FXDD Malta or FXDD US?? 🙄
NEVER say DIE!!!
Membro Desde Feb 16, 2010
102 postagens
Apr 19, 2010 at 16:34
I live outside the US so unless this is a competition just for people in the US you have no choice but to open an account with FXDD Malta.
I'll be picking up my winnings in person. 😲
I have a home in Malta which is where I'll be for the duration of the competition.
I'll be picking up my winnings in person. 😲
I have a home in Malta which is where I'll be for the duration of the competition.
Time is more valuable than money. You can get more money, but you cannot get more time.
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