Comment Text:
i0-001
COMMENT
CL-02947
From:
Sent:
To:
Subject:
Tom Mayes
Friday,
January 22, 2010 6:26 PM
secretary
Regulation of Retail Forex
Dear Secretary,
This note is about the proposed new regulations concerning retail foreign
currency transactions.
Many of the proposed changes would implement important consumer protection
regulations. However, one of the proposed changes would radically lower
Forex leverage from 100:1 to 10:1 for all NFA and CFTC regulated Forex
firms, which in turn radically lowers the margin available to individual
small investors and traders.
Changing the margin limit for FOREX trading to the proposed 10 to 1 instead
of the current 100 to 1 is tantamount to simply eliminating the small
investor or trader from the market. This act would simply make the FOREX
market only available to the giant banks and giant sized groups.
Please reconsider this portion of your new regulations.
Tom Mayes
