Comment for Proposed Rule 75 FR 3281
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From:
Mark Proudfoot
Organization(s):
Comment No:
2423
Date:
1/22/2010
Comment Text:
i0-001
COMMENT
CL-02423
From:
Sent:
To:
Subject:
Mark Proudfoot
Friday, January 22, 2010 2:28 AM
secretary
Regulation of Retail Forex
Dear Sir,
Although I appreciate & totally agree with sensible, common sense regulation regards financial (&
particularly) trading products, I must voice my strong disagreement & raise serious concerns regarding
your proposal to reduce the current Forex leverage from 100:1 to 10:1
This ridiculous item of proposed legislation will severely handicap those individuals who appreciate &
recognise the sensible merits & benefits of adequate leverage.
I have accounts with 2 U. S based brokers & if this ludicrous proposal goes through, I will immediately
close my accounts & transfer those funds back to to a UK/European based provider with immediate
effect.
Sensible legislation is not only required but welcomed. This proposal however, is not only totally
unnecessary, but potentially damaging to the retail FX sector.
It will certainly restrict & damage the choice & quality product availability to small & medium sized FX
traders worldwide.
I impore you to reconsider & shelve this item of proposed legislation from your agenda.
Yours faithfully,
Mark Proudfoot
62 Vancouver Avenue
Kings Lynn
PE30 5RD
Tele No: 01553 774062
