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Comment for Proposed Rule 75 FR 3281

  • From: Basil Fayadh
    Organization(s):

    Comment No: 1088
    Date: 1/20/2010

    Comment Text:

    i0-001
    COMMENT
    CL-01088
    From:
    Sent:
    To:
    Subject:
    Basil Fayad
    Wednesday, January 20, 2010 6:23 PM
    secretary
    RE: regulation of retail forex
    RIN 3038-AC61
    Dear Sir or Madam,
    Please reconsider changing leverage on off-exchange retail foreign exchange transactions to 10:1. I currently am
    registered and make a living retail FX and if the leverage changes most of our clients will not be able to trade,
    because they will have to put up 10 times the amount for margin. Most will not be able to do this, and simply
    move their accounts overseas to receive the leverage/margin they are getting now. What would be the point in
    this? Why would we drive business out of the U.S. Many people will lose their businesses and jobs, and some
    are already considering moving overseas. Be reasonable CFTC, and don't look into the interests of only the CME,
    and futures traders. Think about the U.S.A.
    Regards,
    Basil Fayadh
    New York, NY