Comment Text:
i0-001
COMMENT
CL-02562
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michael cahill
Friday, January 22, 2010 9:51 AM
secreta ry < secreta ry@ C FTC. g ov >
regulation of retail forex
To whom it may concern:
I have just been advised that you are considering changing the leverage from 100:1 to 10:1.
Whose sadistic idea is this? As if things are not bad enough. Not only will trillions of dollars leave
for offshore accounts, but the small trader, that perhaps is doing better that the larger institutions
will have to deal overseas. Hell-o! And how many more jobs are going to be lost? This happened
in Canada, and let me tell you, billions of dollars went overseas. Iwas one of them. Iopened an
account in the U.S. from overseas to trade. This could affect many people that have open accounts
in the US from other countries. Many Canadians trade through the US as well. I guess they will
now go overseas. Once this happens, you may never get them back.
Traders, believe it or not, actually know what they are doing, and we are ALL adults.
We don't need anymore government regulation-so much for free markets.
I think that you would be very wise to leave things as they are with 100:1 so that, perhaps, people
can actually make a few dollars to help themselves out.
It is people's responsibility to know what they are getting into, and if they need to be hand held,
they should not be in the markets. That's why they have practice platforms to test your strategies
without investing a cent.
This idea would have overwhelming consequences that would have damage beyond belief. Iwould
not want to be in those shoes and try and look at myself in the mirror.
Gary Jones
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