Francesc Riverola,
Open discussion highlights
“Cutting the US market out of FX entirely will significantly impact the rest of the world’s trading as a great deal of liquidity will be wiped out.” said James Bibbings, President and CEO of Turnkey Trading Partners during the open discussion about the CFTC new proposal to limit leverage to 10:1. James Bibbings also comments that “Of course we cannot think for the CFTC; we can only anticipate the progression of what’s to come should this bill pass.”
Many Forex market players participated in the open discussion about the CFTC proposal promoted by FXstreet.com to share comments and opinions. FX Solutions, Turnkey Trading Partners, fxKnight, FXCM, among others, have shared their thoughts.
Andrei Pehar, chief technical strategist at fxknight affirmed “But the market has existed JUST FINE without them. There are occasional problems, like Crown and FXQL…” Pehar continues, “but [these were nothing] compared to how many billions were lost in bank failures and sub-prime mortgages.” He concludes, “considering FX’s de-centralized nature… I think we have shown EXEMPLARY self-regulation!”
“We think the trading public and the FX Dealers interests are one and the same in opposing the destructive aspects of these rules,” said Joseph Trevisani. “The customer will be denied the right to manage and trade their own money, the dealer will be treated differently that other domestic trading markets and put large disadvantage in the world market and we hope that the trading public will join us in convincing the CFTC of their misguide approach” concluded Trevisani.
Today’s discussion has ended, but the problem remains. Stay tuned for further developments on the CTFC issue.
Who’s voting for obama again???