Comment Text:
i0-001
COMMENT
CL-02872
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[email protected]
Friday, January 22, 2010 4:59 PM
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 Michael
last name Johnson
address1 277 Triple Crown Cir
city Springboro
country United States
us state OH
zip 45066
company
The proposed margin leverage of 10:1 is totally unreasonable for retail traders. What this
margin level does is effectively eliminate smaller traders from the retail markets. If this
particular rule is adopted, you will see a mass exodus of accounts to foreign accounts where
margin requirement are less strict. What we don't need in this country is our money going
somewhere else. This will also force American brokers to relocate outside the US, which is
another loss of jobs and money to this country. While I am in agreement with many of the
proposals contained in this document, I am totally against the leverage requirements. This is
just another way of allowing big banks and institutions total reign in the markets while keeping
smaller players out. What we need for the Retail Foreign Exchange is a level playing field for
all, rather than the bucket shop brokers who commit fraud and take our money. I realize that
many of the proposals target this area, but again requiring 10:1 leverage will kill the Retail
Market in the US.
