Francesc Riverola,
Hi everyone
We are just a few days ahead of the closing date for the CFTC to accept public comments about its Leverage cut proposal 10:1.
If my maths are OK, I counted 8,109 comment letters till March 15th 2010.
http://www.cftc.gov/lawandregulation/federalregister/federalregistercomments/2010/10-001.html
I would dare to say that 99.9 percent of the letters received are against the cut proposal. I’ve been not able to find a single one supporting it, so if you find it let me know.
I must highlight a comment letter from the United States Senator Orrin G. I-latch, expressing his concern about the business exodus that could cause the proposal in case of being passed.
I also found a memorandum letter from a meeting between CFTC Commissioner Jill Sommers with Dan Roth, President and CEO of the National Futures Association.
As the memo stands: “The Commission’s proposed rule-making regarding the regulation of retail foreign exchange transactions and intermediaries was discussed, primarily with respect to the proposal to restrict leverage in customer accounts to a 10-to-l limit. ”
Stay tuned
Francesc