Comment Text:
i0-001
COMMENT
CL-02108
From:
Sent:
To:
Subject:
Joaquin Lopez Jr.
Thursday, January 21, 2010 7:09 PM
secretary
New Proposed FOREX regulations
If the CFTC really wants to protect the retail Forex customer, make sure that the companies they trade
from are properly funded and not a bucket shop, make sure these companies truly act as ECN's and not
as counterpart to their transactions, running stops, delaying fills, etc. the usual tricks in the
retail Forex market. For the most part Forex traders that make a living trading in the retail Forex market
are sophisticated traders that know the advantages and pitfalls of trading in this market.
We need protection and regulation from the Broker, the Banks, Credit Card companies and Insurance
Companies, WE DO NOT NEED PROTECTION FROM OURSELF. Reducing the margin
requirements for the Retail Forex client, will put out of business many small players that are now
surviving by trading in the retail Forex market with limited capital, will increase the spread and fees for
those that remain trading and will do nothing to protect the consumer from the unethical and predatory
practices used by so many brokers in the retail Forex market.
If the CFTC really wants to protect the retail Forex trader make sure that the business practices of the
broker are checked. To say to reducing leverage to 10:1 protects the customer is the same as saying that
guns kill people where in reality people kill people. Proper oversight of the industry is the best
protection for the customer.
I will end this email with a quote from Thomas Jefferson:
I
know of no safe depository of the ultimate powers of the society but the people
themselves; and if we think them not enlightened enough to exercise their control with a
wholesome discretion, the remedy is not to take it from them but to inform their
discretion.
Always say what's on your mind, because those that mind don't matter, and those that matter don't mind.
Thanks,
Joaquin Lopez Jr.
