Comment for Proposed Rule 75 FR 3281
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From:
Michael Zhang
Organization(s):
Comment No:
2436
Date:
1/22/2010
Comment Text:
i0-001
COMMENT
CL-02436
From:
Sent:
To:
Subject:
Michael Zhang
Friday, January 22, 2010 3:11 AM
secretary
Regulation of Retail Forex
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To whom it may concern:
I am a forex trader in China and I have been using US brokers for several years
and very satisfied. Compared with other countries brokers, the aspects of US
counterparties appealing me, which I think apply to other countries clients also,
are"
1, Strong and respectable regulation bodies,
2, Sound and sophisticated financial infrastructure,
3, US as a country have a tradtion for the protection of international investors,
4, US based forex firms are generaly more financially solid and well-managed.
Regarding your recently regulation proposal, I fully agree to enhance industry
oversight, but I don"t like put any restrictions on leverage. Leverage is a very
important tool for us seeking financial freedom as your Amercian, and lowering
leverage dramatically like this will not only hurt our clients feeling but also drive us
to other countries (ie. unregulated) brokers despite above advantage. This is not a
win-win situation, it"s a lose-lose situation that you probably wouldn"t expected.
Please reconsider your proposal.
Regards,
Mike Zhang
86-0519-86687689
