Take Action Today to Protect Our Industry

The Commodity Futures Trading Commission (CFTC) has asked for comments on their proposed regulatory changes (you can read more about the proposed rules here).

Please take a moment to send an email to David Stawick, Secretary of the CFTC, expressing your strong opposition to these harmful regulations on behalf of the forex industry. Tell the CFTC to say NO to excessive and harmful regulation that would drive business, capital, and jobs out of the United States.

The following offers some suggestions of text to include in your comment email to the Secretary of the CFTC. You may also include information that is specific to your own story and your organization.

  • I am [employee of a U.S. forex dealer] [an investor in foreign currency and work through a U.S. dealer]. I am very concerned about the proposed rules from the CFTC.
  • The CFTCs recent rule proposal, which would limit customer trading leverage to 10 to 1, would be a crippling blow to the U.S. forex industry.
  • This unsustainable rule would drive U.S. forex dealers, which brings tens of millions of dollars into the U.S. banking industry each day, offshore into the hands of foreign competitors.
  • It would encourage fraud both at home and abroad as customers seeking to trade retail forex would have no other legitimate domestic alternative.
  • Since 2001, FXDC members have added an estimated 1,500 employees to their companies in the United States alone. Now is not the time for the CFTC to propose rules that would eliminate valuable high-tech service jobs, leaving thousands of additional Americans unemployed.
  • Unregulated dealers from around the world will be the beneficiaries of the 10 to 1 leverage rule. These unregulated forex dealers dont have to worry about capital requirements, risk management models, marketing ethics, dealing practices or even returning a customers funds. These dealers will be out of the reach of the CFTC and they will thrive.
  • Retail forex fraud is not something that is caused by the actions of retail forex dealers; rather, it is caused by unlicensed con-men who masquerade as forex experts promising silly and unjustifiable returns before disappearing with customer funds. That is why the FXDC fully supports the CFTCs rule requiring all introducing brokers be licensed. That rule will solve forex fraud, not 10 to 1 leverage.
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