Comment Text:
i0-001
COMMENT
CL-01909
From:
Sent:
To:
Subject:
robert glover
Thursday, January 21, 2010 2:56 PM
secretary
Regulation of Retail Forex
Dear Sirs:
It has been brought to my attention by several "Forex Brokerages" that you are considering
changing the leverage on trading accounts to 10 to 1. I have only been trading for three years and
I am starting to make some profits. I gladly pay my taxes on those profits and hope the
government spends the tax money wisely. However, I know that a drastic change such as you
propose would impact my trading to the point that it would not be profitable to trade since the
risk to reward ratios would be too close. I would not like to do so, but if needed, I would move my
trading accounts to a regulated European brokerage and they would be the beneficiaries of the
monies earned from my trading. Sure, I would continue to pay my taxes but of course, those that
enrich themselves from my trading such as brokerage employees and most likely the banks they
deal with would be off the shores of the USA.
I love my country and would hate to have that happen. I applaud regulation of the industry and
would even like to see a central clearing house. However, to remove the incentives to trade is not a
regulation, it is a penalty and as such, could hurt this great country, not help it. Please consider
wisely and take into account the individual traders viewpoint. Our ranks have swelled in the past
few years and the monies we put in circulation is substantial. We do so because of disappointing
returns in the equities markets and the need to make our capital work for us. We are a generous
lot within reasonable parameters and appreciate that we can make money for ourselves that also
benefits others at the same time. It would be a travesty to lose that win/win relationship at a time
that this country needs so much.
Thank you for your time.
Sincerely,
Robert M. Glover
[email protected]
936-523-0188
