Comment Text:
i0-001
COMMENT
CL-01038
From:
Sent:
To:
Subject:
[email protected]
Wednesday, January 20, 2010 4:43 PM
secretary
Fw: regulation of retail forex
..... Original Message .....
From: [email protected]
To:
[email protected]
Cc: Kit Vowles
Sent: Wednesday, January 20, 2010 2:38 PM
Subject: regulation of retail forex
Mr. David Stawick
CFTC Secretary
Dear Mr. Stawick,
I am concerned about the proposed changes, and added restrictions to the retail forex industry.
It is my understanding that you are proposing to change the margin requirement to a 10:1 level. Since this is my
primary source of income this would be devestating to me personally,and adversly effect my trading style (short
term in and out in less than one day) I believe that a 50:1 level is more realistic, and managable for me and many
of my coleges who trade for a living (yes I do pay taxes on my trading profits). I believe one area that you could
and should be more involved in is making sure that the retail forex trading companies have adequate capital set
asside to pay off all customers should the need arise (ie. the refco debacle)
Once again I don't think the CFTC needs to protect us from ourselves, I understand the risks involved in trading,
and I don't need government regulation to "protect me" from those risks.
If these proposed changes were to happen I believe you would see a massive movement of capital out of the
United States to other forex companies with headquarters in Europe, Asia, Australia etc.
Thanks for your consideration
Kit Vowles
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