FXstreet.com (Barcelona) - The Foreign Exchange Dealers Coalition (FXDC) initiative launched last week against the Commodity Futures Trading Commission's new proposed rule to limit the leverage to 10:1 has received the support of the FXstreet.com's visitors. In a poll launched last Friday, 89% of those visitors who voted so far have expressed they were against the CFTC proposal.
Answering to the question 'Do you agree with the CFTC proposal to limit leverage to 10 to 1?' visitors have voted 89% against the rule, 10% yes and 1% have no opinions. The poll has had 250 voters throughout the weekend.
On the other hand, the FXDC affirms on its statement that US$ 1 billion industry is in danger if CFTC proposal passes. This revenue is money generated from a product that is in many ways an export. Furthermore, as capital markets open in the BRIC countries the number of new accounts that will flow out of places like China and India will lead to huge job and revenue gains in the United States. Says the Foreign Exchange Dealers Coalition. Trillions of dollars of trade volume are at stake. This is money that could (and should) be booked in the United States as taxable revenue. But if this rule passes the United States could well be costing itself billions of dollars in taxes down the road.
If you disagree with the CFTC proposal to restrict leverage across the board to 10 to 1 leverage, invites us Francesc Riverola, Fxstreet.com's CEO, in his blog, you may submit your comments to the Commodity Futures Trading Commission.