Did anyone hear about the proposed rule to change forex margin requirements?
Major currency dealers are seriously concerned that the margin requirements will kill retail trading in the United States instead of providing the desired customer protection. They have formed the Foreign Exchange Dealers Coalition (FXDC) to provide a unified front in Congress. On the other hand, on the 22nd of March 2010, in a letter to Mr David Stawick secretary of the CFTC, Mr Thomas Sexton vice president of the NFA writes “the NFA applauds the Commission for proposing these rules, which will both provide important protections to retail customers, and bring greater regulatory certainty to the retail forex industry.” This obviously contradicts the arguments of FXDC. Most retail traders also do not believe that this proposed rule will provide protections to them because they will move their forex accounts to foreign waters where they will be at the mercy of forex sharks. This might well lead to the destruction of the retail forex industry in the United States. Up to now no decision ha
