fxstreet’s Francesc reported that CFTC has received 5,500 comments from brokers and traders. And all I can say is that this is a massive disappointment. I expected US traders to actually act on this proposal and voice out their displeasure. I guess I was totally wrong. If only 5,500 traders out of several hundreds of thousands of US traders have responded so far this only means that traders don’t really care. This also adds to the fact that not all US brokers joined the Forex Dealers Coalition meaning that if the industry itself isn’t united then how can you expect CFTC to take the protest seriously?
FXstreet.com (Barcelona) – The market has massively reacted to the CFTC proposal rule to limit the leverage in the United States to 10:1 in Forex. Around 5550 letters have been sent to the CFTC official site by brokers and independent traders. Most of the messages are against the rule, Brokers have created the FXDC coalition and the traders, the TradersAlliance group.
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Since January 1st, The CFTC has received around 5550 letters from forex players. The week between January 18 and 24 was the most intense with almost 3000 messages, January 21 being the busiest day with almost 1000 comments.
The U.S Commodity Futures Trading Commission has refused to comment on its considerations about the proposed rule to limit leverage in US to 10:1. “The CFTC declined to comment”, according to a CFTC Spokesman, since the proposal is currently out for public comment until March 22.