Comment Text:
10-002
COMMENT
CL-07816
From:
Sent:
To:
Subject:
chad harper
Monday, February 15, 2010 10:30 AM
secretary < secretary@ C FTC. g ov >
17 CFR parts1,3,4, et al
Dear Secretary Stawick,
I am an American Forex trader. I have been tradinl~ the Forex markets for several years. The foreil~n
currency markets provide individuals with a real opportunity to achieve financial independence. The
Forex industry in America employs thousands of accountants, advisors, administrators, and I.T.
technicians. The revenue of the brokeral~es operatinl~ in the U.S. is spent in the U.S. on American l~oods
and services. The brokeral~e firms in America are already dilil~ently rel~ulated with strinl~ent
requirements, providinl~ American traders with safe and secure tradinl~ venues. In 2009 new
rel~ulations were imposed by the NFA which included FIFO and a sharp increase in marl~in
requirements. These chanl~es had no positive effects for traders or brokers. The tradinl~ platforms
before FIFO were far more versatile, and the increase in marl~in requirements sent many thousands of
traders' accounts overseas. In spite of the new rel~ulations of 2009, tradinl~ the Forex markets in the
U.S. is still worthwhile, but barely. If the marl~in requirements are any further increased, it simply will
not be worth it to trade these markets in America. Traders will move to offshore brokeral~es, costinl~
America billions in lost revenue. Please do not increase marl~in requirements or you will effectively
destroy the Forex industry in America.
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