Comment Text:
i0-001
COMMENT
CL-02955
From:
Sent:
To:
Subject:
Jon
Friday,
January 22, 2010 6:46 PM
secretary
Regulation of Retail Forex - RIN 3038-AC61
Dear CFTC Secretary,
I wanted to voice my VERY STRONG disapproval regarding RIN 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.
Jon P. Shubin
Small Investor/Trader
