Comment Text:
i0-001
COIMMENT
CL-01696
From:
Sent:
To:
Subject:
[email protected] on behalf of
Vernantius Summers
Thursday, January 21, 2010 10:22 AM
secreta ry < secreta ry@ C FTC. g ov >
Regulation of Retail Forex (RIN 3038-AC61)
Re: RIN 3038-AC61
To whom it may concern,
I am a retail Forex trader. In reference to this proposed regulation of leverage on a retail forex
account limited to 10 to 1 is
absolutely absurd.
Point blank THIS WILL PUT ME OUT OF BUSINESS
and DESTROY THE
AMERICAN
FX BROKERAGES (the ones who continue to be members of the NFA
and CFTC)
It is a personal responsibility of people to use whatever leverage they are comfortable with. No
one's forcing people to trade a certain lot size or use leverage that causes thier account to blow
up .... It's a personal choice driven by greed. Thf$ f$ Amerfca... and to be told that I can not use
the leverage of my choice when my FORIGN competitors are able to act freely is ridiculous!!!!!!
In the end it doesn't make me much of a difference because I will just take MY money to
an overseas brokerage and still be able to trade as I wish. Think about the millions of other
American traders that will do the same!! This regulation will hurt Americans more than it will help.
I understand the need for the CFTC to ensure that the brokers are playing fair however, these
propositions are STRANGLING the "American Dream" and making the gap between rich and poor
even greater.
Is anyone asking the retail trading communities about what they think of these rules?
Who is responsible for proposing something without thinking about the people that it affects?
Is America still the land of the free (along with free enterprise?)?
Think about what is about to happen to our country!
Sincerely,
Vern S ~nvvrers
c: 612-227-9810
VernSu [email protected]
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