Comment Text:
i0-001
COMMENT
CL-01938
From:
Sent:
To:
Subject:
Joseph Villaggio
Thursday, January 21, 2010 3:37 PM
secretary
Regulation of Retail Forex
CFTC,
1/21/2010
In regard to the next debacle you are considering for the FOREX industry,
RIN 3038-AC61,
I must comment on
what I consider the death of FOR
EX retail trading in this country.
Who are you intending on protecting? Those with huge
bank accounts? We have seen time and again where
banks have failed and regulations were no where to be
seen. We've seen Wall Street destroy our mortgage
industry without regulatory ov
ersight but this type of
random regulation will kill
the common man's ability to
exercise his fight to trade in the FOREX industry.
You have crippled our trading practice
s with hedging restrictions. You hav
e made absurd rules such as FIFO.
Leverage is but the last straw. I can live with the rule
s but when the rules start sh
utting down HUGE businesses
in this country, YOU are the problem.
There are a number of great
FOREX brokers that are fighti
ng this potential knife in th
e heart. YEARS of my work
and effort in starting a new business in this field will
be for not. YOU will cause
my business to go out of
business. You will cripple innovation in the business.
You will not have a business to regulate any more.
I urge you to throw this absurd idea ini0-001
COMMENT
CL-01938
the "stupid regulation" pile. Concen
trate your efforts elsewhere such as
enforcing money laundering, or over s
eas accounts and taxation but stop hurt
ing good people trying to make it in
this tough economy.
respectfully,
Joseph Villaggio
CJM LLC
FOREX -
Investment Management
