Comment Text:
i0-001
COMMENT
CL-01773
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Sent:
To:
Subject:
Mike I
Thursday, January 21, 2010 11:40 AM
secretary
Regulation of Retail Forex
Good morning,
this message is in reference to RIN 3038-AC61.
I strongly believe that the decision to limit retail forex to a maximum leverage of 10:1 is a very bad idea
and at least should be voted by everyone that might be affected and not imposed mandatory by anyone.
Limiting this leverage it would make almost impossible for many people to invest into the forex market.
I think it's everyone decision to decide how much they should choose the leverage and for many traders
it's part of a greater plan of investing. This could impact many traders business life since this what they
live from and their families. Lowering the leverage to 10:1 it would bring a lot of hardship to many
people. I think with this decision you will trigger a much bigger crisis, people will get the money out of
the forex market, run to safety (cash), which is deflationary. When DOW will be like 500, you will
remember my words, I am sure.
If you think that high leverage contributed to the financial crisis, why didn't you take action much
earlier, to prevent it and if it's decided that was the case, who will be responsible and liable for not
lowering it at that time?
Thank you very much for considering my opinion.
Mike
