Comment Text:
i0-001
COMMENT
CL-02969
From:
Sent:
To:
Subject:
Ed Anderson
Friday, January 22, 2010 7:06 PM
secretary
If the CFTC does this, Say goodbye to retail Forex in the USA
The CFTC has a new rules proposal that will end retail Forex trading as
we know it in the USA. It is possible that other regulators in other
countries might adopt similar rules if this one passes. Don't take a
chance.
The change hands back the advantage to the
big
bank which caused the mess we are in
now world
wide.
Make
laws the protect the little people and let
us make money is
that what the
government is
there
for.
The use of leverage in the Forex retail market is a beneficial thing to a person with the right skills to
use it. It is not like giving a mortgage to someone who has no money. And, it is not the same as the
leverage created by the Investment Banks that caused the financial system to almost collapse. It is not
the same dynamic, and its scope is very small. Please don't make the mistake of seeing all leverage as
evil. The leverage in the Forex market, if used wisely, allows a well trained individual to create an
income for himself, and his family, without relying on the external job market, and without the need
to have a million dollars to invest.
BUT, beyond that...there is now an infrastructure being built in the US to serve the retail Forex
trader. If you implement the higher margin requirements, first this infrastructure and all the jobs that
it is creating, is about to create, and will be creating, and all the tax revenue that goes with the
business income, and those jobs, is going to disappear. It will never form.
Instead it will grow outside your jurisdiction. You will be giving all the transaction business to
London or Switzerland, or even in the future, to Hong Kong or Singapore. Or Australia or New
Zealand .... I'm sure they would love to have the business. The only limitation is how they can access
the fastest internet backbones.
Ed Anderson
forest lake qld 4078
