Comment Text:
i0-001
COMMENT
CL-01506
From:
Sent:
To:
Subject:
Lloyd Freeman
Thursday, January 21, 2010 3:02 AM
secretary
Regulation of Retail Forex
Identification number RIN 3038-AC61
I have recently read the proposed regulation of the leverage of retail trading accounts and with all due respect, I
think y'all are out of your minds.
You are trying to regulate all the small traders out of the business, and its wrong, and it will remove one of the
most appealing aspects of the forex market.
These proposed changes would make it unrealistic for anyone but the wealthy to engage in trading forex in the
United States.
This would force the little guy to go to offshore brokerages that are for the most part totally unregulated; what
good would that do the public?
The regulations you have already put in place (FIFO, no hedging,
already
limiting leverage down to 100%, blah,
blah, ect., ect.) have only made one of the easiest trading forums more complicated and less profitable.
Why don't you relegate your regulations to preventing fraudulent and fly by night brokerages from scamming the
public instead of trying to squeeze the public out of it all together.
By placing the U.S. forex brokerages under the oversight of the CTFC, steps have been taken to protect the
American public, but being successful at it doesn't require
making a multitude of rules but rather the balanced enforcement of a few beneficial rules.
Please just leave it alone, if you keep going you're only going to fix it 'til its broken.
Yours truly,
Lloyd Freeman
