Comment Text:
i0-001
COMMENT
CL-01313
From:
Sent:
To:
Subject:
Dan Lauko
Wednesday, January 20, 2010 10:35 PM
secretary
Regulation of Retail Forex
Dear Mr. Secretary,
In regards to the greater regulation of the forex retail environment and especially in regards to the
CFTC's proposal for 10:1 leverage, I wanted to express my disapproval. Already, the ability to hedge
accounts has been taken away, which some traders used as part of their strategies. In addition the
reduction of leverage from 400:1 to now 100:1 was quite enough. If the CFTC's proposal to go to 10:1
leverage is past the minimum amount investors would have to start an account would eliminate the
ability of many traders to continue to trade. I believe that in such way each of these restrictions have
also put a restriction to our freedoms. We should have the right to trade, to choose what leverage we
would like, to trade in whatever direction we like. It is the obligation of each trader to gain the
knowledge necessary to effectively trade, manage leverage, and become successful. If such action is
taken, that further limits and creates hardships against my ability to trade here in the U.S., I will move
any and all accounts I have to places and countries with more democratic options that actually offer the
freedoms we should have here.
I understand that some brokers have taken advantage of traders and that some of the restrictions that
were placed on brokers where intended to help protect traders. However, in the attempt to help traders I
believe that we have been hindered more than helped. In addition, I have no doubts that if this CFTC
bill is passed, many traders will close their accounts and/or move to offshore options. This is bad for
both traders and their brokers! Until those options also are in alignment with restrictions here, they offer
better flexibility even now that what if offered in the U.S. I would like to keep my business here, but I
will say this will be the last straw. I hope you vote against this bill.
Thank you for your time and understanding.
Sincerely,
Daniel Lauko
