Comment Text:
i0-001
COMMENT
CL-02625
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[email protected]
Friday, January 22, 2010 10:59 AM
secretary
Public Submission for 2010-00456
Public Submission for 2010-00456.zip
Please refer to the attached file.Please Do Not Reply This Email.
Public Comments on Regulation of Off-Exchange Retail Foreign Exchange Transactions and
Intermediaries:
Title: Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries
FR Document Number: 2010-00456
Legacy Document ID:
RIN: null
Publish Date: Wed Jan 20 00:00:00 EST 2010
Submitter Info:
first name Patrick
last name Stevens
address1
city Atlanta
country United States
us state GA
zip 30302
company
First you come out with Rule 2-43 prohibiting offsetting transactions aka "Hedging". Now you
want all Introducing Brokers to be guaranteed by RFED's which will be impossible due to the
staggering amount of capital required plus the risk liability. On top of that you want to reduce
leverage to 10:1. And you are proposing these changes why? To protect retail traders? Who
do you think you are fooling?
Your proposals are clearly intended to destroy the US retail Forex market. Specifically for
the individual trader with small capital. Why else would you be proposing these regulations?
The problems of the financial markets with companies like Bear Stearns and AIG which
caused an economic meltdown had nothing to do with the small individual trader. Even if ten
thousand small traders blow up their accounts in a single day it wouldn't even cause a ripple
in the markets.
Go regulate the derivatives market, credit default swaps or some other area which is
responsible for the crisis which spurned the call for new regualtions and stay the hell out of
my business as an individual trader. But somehow I know you won't because clearly your
intentions are to do the bidding of your oligarch masters who are threatened by the thought of
the uninitiated creating wealth for themseleves through high leverage and hedged forex
trading.
ps - I will be fowarding a copy of this comment to both my Senators Saxby Chambliss(R-GA)
& Johnny Isakson (R-GA)
