Comment Text:
i0-001
COMMENT
CL-01884
From:
Sent:
To:
Subject:
flyfalconfly4@aol, com
Thursday, January 21, 2010 2:24 PM
secretary
Regarding: Regulation of Retail Forex. Unbelievable!!!!!!!!!!!!!!
Jan. 21-2010
David Stawick, Secretary Commodity Futures Trading Commision,
In regards to:RIN 3038-AC61 and
"CFTC Seeks Public Comment on Proposed Regulations Regarding Retail FOREX Transactions."
Normally I am pretty easy going and not much bothers me, but this is just
too much! This is an abominable, reprehensible, offensive disrespect for
the freedom of the individual! I am hoping that you understand that I feel
very strongly about this unbelievable, shaking my head in disbelief,
proposal.
The
Mission statement of the CFTC in part states, and I quote:
"Today, the CFTC assures the economic utility of the futures markets by encouraging their
competitiveness and efficiency, protecting market participants against fraud, manipulation, and
abusive trading practices, and by ensuring the financial integrity of the clearing process. Through
effective oversight, the CFTC enables the futures markets to serve the important function of providing a
means for price discovery and offsetting price risk.
The
CFTC's mission is to protect market users and the public from fraud, manipulation, and abusive
practices related to the sale of commodity and financial futures and options, and to foster open,
competitive, and financially sound futures and option markets."
How does the proposal of reducing the leverage of retail forex customer
accounts from 100-to-1 to the proposed 10-to-1, in any way, shape or form, even
remotely fit into this statement!! With respect to the commission as a whole and in
reference to the above mission statement, but without apology, what jackass or
jackasses came up with this insane proposal idea?
I am just a very small participant in the Forex market. But, I without exception,
believe I should be given the freedom and right to choose the amount of leverage
that is appropriate for my own individual desired risk, and that this basic principle
of 'choice' is in serious jeopardy by the proposed CFTC regulation.
Further more, I believe that the original 400-to-1 leverage should be re-
instated. I am just shaking my head in disbelief. And the stupidity of requiring the
retail trader to trade the "First in First Out" regulation and not being able to havei0-001
COMMENT
CL-01884
stops and trailing stops on multiple positions in this regard is another
unbelievable and disrespectful manipulation against the small retail trader.
There seems to be only one reasonable explanation, which is to squeeze out
the small retail Forex Trader. So if that is your intent, I believe you will succeed.
Jack T.
