Comment Text:
i0-001
COMMENT
CL-02812
From:
Sent:
To:
Subject:
Greg Waitt
Friday, January 22, 2010 3:44 PM
secretary
Regulation of Retail Forex - RIN 3038-AC61
Dear CFTC Secretary,
I wanted to voice my VERY STRONG disapproval regarding R1N 3038-AC61,
which involves the current CFTC movement to reduce maximum forex market
trading leverages from the current 100:1 level down to a 10:1 level.
First of all, your approach to correct the problem of greedy brokers
and market makers is, in typical myopic government agency fashion,
aimed at the wrong party...the small traders of this country. In
knee-jerk fashion, the CFTC is punishing the innocent on behalf of the
crimes of the guilty. This move, if adopted, will NOT affect the deep
pockets of corrupt Wall Street traders from firms like Goldman Sachs or
their cronies one single IOTA. This move will ONLY affect the small
traders in this country (like ME!) who have very LITTLE effect, if any,
on the overall prices and liquidity available in the multi-trillion
dollar foreign exchange markets. PLEASE PLEASE PLEASE stop penalizing
the CITIZENS of the United States of America who are trying any legal
way we can to recover from the RAPE AND PILLAGE we have once again
experienced at the slimy hands of Wall Street Bankers and insider
traders!!
The big Wall Street traders and firms will laugh at your implementation
of this policy and the small traders trying to make a personal living
will be crushed if we don't have enough capital to meet these very
difficult trading requirements. This will only make for an uneven
playing field which will just give further unfair advantage to the big
boys in the market. It will NOT solve ANY of the problems we, the
public, face in the markets. Please look at developing more
constructive and proactive rules which focus on making the market a
more SECURE place for traders, rather than trying to eliminate small
participants in the market. We as traders are fully aware of the risks
of leverage and we do NOT need you to babysit us. What we are NOT happy
about is unscrupulous brokers and market makers who can internally
manipulate market prices within their in-house trading client
communities due to the highly UNregulated pricing of forex pairs. This
would be a much more worthwhile focus for your efforts...making sure
that TRUE interbank pricing is available for ALL forex market
participants.
By the way, your crackdown on the minimum capitalization requirements
for FCM's was a GOOD thing. Those are the kind of constructive
regulations that are welcome and beneficial to the markets and their
participants.
Thank you for your attention.
Greg Waitt
Small Investor/Trader
