Comment Text:
i0-001
COMMENT
CL-01562
From:
Sent:
To:
Subject:
Emmanuel Ekolama
Thursday, January 21, 2010 5:31 AM
secretary
REGULATION OF RETAIL FOREX
Attention: David Stal~vick - Scretary
Sir,
This mail is coming to you from a concerned forex trader to express my strong feeling and opinion on the proposed new
regulation of leverage limitation to 10 percent(10 - to - 1) instead of the current 1 percent (100 - to - 1). Identification number
RIN 3038-AC61
I believe that the CFTC is set up to work for the best overall interest, create a level playing ground and promote healthy
competition, this I believe informed the CFTC to opened up the forex market to retail traders.But this proposed 10 percent
limitation is geared to close the forex market to retail traders again. The world appluaded the regulatory body when the forex
market was opened to retail traders, because is created huge business opporunity, created millions of jobs, reduced frustration
and crime, but implementation of the new proposal will spell doom that was earlier averted.
Sir, do you know that the proposed new regulation will work contrary to the best interst of the majority and monopolise the
market to favor a select few?
This mail Sir, is to remind you of equity and the position your good offices stand to promote justice in the face of opposition
to what is appropriate and beneficial to all and not a few. This proposed new regulation definitely is not, and will not be
beneficial to all because majority of people will be adversely affected.Therefore this proposed leverage limitation could be
described as oppressive. Not at such a time when the world is crying of economic meltdown, hundreds of thousands loosing
jobs monthly,this new limitation should not be considered at all because it will further compound the problem. Millions of
people will loose their jobs, thereby causing more frustration to people and increase in crime rate. Any new policy for
consideration at this time should be geared toward stimulating economic growth and development and creating more jobs and
job opportunities.
This mail is therefore to implore you and your team at CFTC to give a second thought to to this issue and reverse the
proposed limitation, let the present status quo of 100:1 remain.
I strongly voice against the proposed new regulation and trust that you will use your good offices to serve the overall interest
of mankind
Thanking you in anticipation of maintaining the current 100:1 leverage
Best regards
Emmanuel Ekolama
