Comment Text:
i0-001
COMMENT
CL-02155
From:
Sent:
To:
Cc:
Subject:
Joaquin Lopez Jr.
Thursday, January 21, 2010 7:35 PM
secretary
Peter Casablanca Corredera
Regulation of Retail Forex - RIN 3038-AC61
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.
The Brokerage companies need to be regulated, and the CFTC needs to make sure they follow ethical business
practices, 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.
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.
