Comment Text:
i0-001
COMMENT
CL-02876
From:
Sent:
To:
Subject:
Christian Donahue
Friday, January 22, 2010 5:05 PM
secretary ; secretary
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.
Christian R. Donahue, Esq.
