Comment Text:
i0-001
COMMENT
CL-02390
From:
Sent:
To:
Subject:
shanti ayyasamy
Friday, January 22, 2010 12:28 AM
secretary
Regulation of Retail Forex
Dear Sir/Madam,
I[] m Shanti Ayyasamy a fulltime forex trader from Malaysia. I[]ve being living by trading currency for the last 3 years and I~m
a mini account holder with limited fund as my working capital. I was using leverage of 1:400 before and I was forced to use
leverage 1:100 after N FA rulings on leverage. It was a huge blow on my trading styles because lower leverage didn ~t cater
needs of small traders. But I still can manage the impact and slowly in the process of recovery and trying new methods of
trading with lower risk.
But now CFTC is proposing to minimize the leverage to 1:10. I feel it equals to ~killing~ all mini forex currency traders like me.
It[]s very unfair towards us because we still believe with NFA & CFTC regulated brokers and not interested with some
unregulated broker who offers up to 1:500 leverage.
Please do consider mini trader like me before implementing any hard rules. I wont be using mini account if I~m capable of
investing USD 10 000.
Thanks.
Regards;
Shanti Ayyasamy
Identification Number RIN 3038-AC61.
