Brokers unite to fight new CFTC rule
NEW YORK – A group of eight retail forex brokers are challenging a proposal by the Commodity Futures Trading Commission (CFTC) to cap leverage at 10:1, claiming the move would force more brokers offshore.
The proposal was issued by the CFTC on January 13 as part of wider plans to tighten regulation in the retail over-the-counter FX market, under the Farm Bill introduced in 2008. The Farm Bill gives the CFTC jurisdiction over the retail OTC FX market (FX Week, September 15, 2008).
The brokers
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