Comment Text:
i0-001
COMMENT
CL-02829
From:
Sent:
To:
Subject:
Jita Basu
Friday, January 22, 2010 4:05 PM
secretary
Re: [] Regulation of Retail Forex []
Dear Secretary:
I am a novice trader who has opted trading as a career option after losing my job as an Assistant Professor in
2008. My relentless passion in alleviatin9 human suffering for the past 26 years came to an end when the
grant supporting my research was no longer funded. Although the results of my findings are published in
leading peer reviewed joumals, the one most recent published in the
Journal of AIDS Research and
Human Retroviruses Volume 25, Number
3, pages 249-259, 2009;
in 2008, I was unable to
secure funding for salary support.
Forex
Trading seemed to be an attractive career option among others. Option trading was off limits to me
because of my lack of funds. Even though I was employed immediately after obtaining my PhD degree, was
employed at a single institute for 26+ years and has led a frugal life, however, my savings was limited. The
1:100 leverage currently available in the Forex Trading allowed me to participate in it with a nominal
account balance. The economic situation throughout the world in the past year, however, did not allow me
to make any profit but the 1:100 leverage allowed me to participate in Forex Trading and learn the tools of
the trade, with an expectation to make a better return of the money with experience.
I am writing this letter to urgently request you to stop the changes to forex trading rules concerning
leverage. The leverage is a primary factor that allows persons like me to hold a micro account to cope with
the existing recession and unemployment. If this leverage is taken away, we have hardly any option to
survive. Those who have enough funds will resort to foreign trading accounts, and in the long run the
government will lose the tax revenue that could yield from profitable trades.
In my opinion, the annoncement in the possible change concerning leverage prior to the Massachusetts
election was one of the factors leading to Brown's victory. Even though I am not an expert in economics, I
can surely forsee that the change would only negatively affect the economy. I therefore, would URGE
YOU
NOT to PASS any
CHANGES REGARDING LEVERAGE!!!!!
President Obama was elected based on his ability to listen to the concers of the American
citizens, and I hope he continues listening to us when we voice our concern.
Jayasri Basu
A concerned citizen
Dr. Jayasri Basu
1584 Colden Avenue
Bronx, NY10462
718-892-6339
