Comment Text:
i0-001
COMMENT
CL-02371
From:
Sent:
To:
Cc:
Subject:
Shivanand
Thursday, January 21, 2010 11:50 PM
secretary
MTE Forum
Regulation of Retail Forex
To
David Stawick,
Secretary,
Commodity Futures Trading Commission
Washington, DC 20581
Dear Secretary and powers-be at CFTC,
I face no real consequences because of your new regulations, I am an Indian trading from Dubai with an
European brokerage. However, I would like to say a few things about the new leverage rules being
forced on retail forex community.
Have you men and women of infinite wisdom ever stopped to consider what the impact of these new
requirements on a retail FOREX trader? Have you an estimate of how many average individuals might
be making a living trading the retail forex market?
With no thought given to these issues you have gone ahead and proposed these draconian rules in
consultation with those parties who stand to benefit from this new rule - namely the equities brokers
who stand to regain the clients they lost to retail forex because of easy leverage.
Concerned about beginners losing their investments because of high leverage? That is the cost of
speculation. The other face of free market economy. Bankruptcy is part of investment world.
To quote someone I can't remember "Speculation without possibility of bankruptcy is like Religion
without the concept of Hell".
Before changing the rules of the game, you must consider the view of participants, not that of the
groundsmen.
My suggestion to the government is to keep itself busy pumping taxpayer's money into bloated
corporates and let people do their business as they see fit.
Best regards
Shivanand
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