Comment Text:
i0-001
COMMENT
CL-01781
From:
Sent:
To:
Subject:
G Gillespie
Thursday, January 21, 2010 11:47 AM
secretary
Regulation of Retail Forex
David Stawick, Secretary Commodity
Futures Trading Commision
RE: RIN 3038-AC61
Dear Mr. Stawick,
I would like to comment on the possible decision of the CFTC to alter margin requirements for FOREX trading.
Although we are a small firm I believe our input would be valuable. As it stands, based on hedging regulations previously
inputted into the system we made a collective decision to remove all of our trading from U.S. based brokers. The brokers have
made sufficient efforts to accommodate firms such as ours, and we have been re-considering moving our business back to the
U.S. However implementation of the proposed margin requirements would result in a resounding "No" and our business would
remain outside of the U.S.
I do not believe implementing such regulation would benefit anyone save for those who should likely not be in a leveraged
market to begin with. The FOREX industry is excellent at providing free trial accounts for one to determine if indeed they
should be trading in a leveraged environment. I believe this to be unparallelled in any other industry and is more than fair
warning as to whether one should be trading live dollars or not.
I must believe other firms have made similar moves to ours as our overseas brokers explained a flood of new business from
the U.S. based on the last decision. I can only think the implementation of this proposed legislation would be absolutely
disastrous for the industry as a whole. This no doubt would cost jobs in an already suffering economic climate.
I thank you for reading this message and hope this possible decision is not implemented.
Thankyou,
Garth Gillespie
CONFIDENTIALITY NOTICE: This email and/or any attachments in this transmission is legally
privileged or confidential information. Any disclosure, copying, distribution, or use of this information
including this PRIVATE EMAIL ADDRESS is unauthorized and may be illegal. If you are not the
intended recipient, or if you have received this email in error, please notify the sender immediately,
delete this message from your system and destroy all copies. Thank you.
