As many of you are aware, the CFTC published proposed rules for the retail Forex market on January 13, 2010. These rules relate to the final proposal from the CFTC relating to the FARM Bill that passed in 2008, and would limit leverage that US firms are able to offer customers to 10:1, among other things.
The CFTC has proven to be a premier regulator in the Forex industry. However, the new leverage requirements will undoubtedly negatively affect our customers trading abilities and force a great majority of Forex business overseas. If this proposed regulation passes, our biggest concern is that U.S. Forex customers would not be protected by the CFTC.
Interbank FX has joined forces with other FDM’s to speak with one voice, working diligently to lobby against the passing of these rules. As we fight for fairness in Congress and with the CFTC, we’d like to encourage customers to submit their comments directly to those agencies as well.
We invite you to voice your concern for or against the proposal. Contact the CFTC by sending an email to secretary@cftc.gov with "Regulation of Retail Forex" in the subject line.
Keep checking our Interbank FX web site for updates, and also keep your eye out on word from the Forex Dealer Coalition—the coalition formed by all US FDM’s.
Once again, this coalition is in the best interest of you, our customers, and we hope you’ll join with us to fight against the proposed CFTC regulations.
The Interbank FX Team