Comment Text:
i0-001
COMMENT
CL-03045
From:
Sent:
To:
Subject:
Jim Stevens
Friday, January 22, 2010 9:51 PM
secretary
Regulation of Retail Forex
Dear Mr. David Stawick,
With reference to identification number RIN 3038-AC61 I have written once
already, but didn't also mention my thoughts on the other issues beside the margin
change.
The bottom line I see, is more regulation, more record keeping, more work for
the brokers and worse from all this, more people leaving the US Brokers, being
driven by force, to "other than US" Brokers.
Many traders already left US Brokers after changes made by the NFA took effect.
While those changes had a strong impact, it would be NOTHING compared to
changing the margin requirement to 10:1 and what the impact of the newly proposed
record and reporting requirements will do.
All this, to "protect" the retail trader from something we already want and have
chosen? Come on.
The response is "NO!" to all of it, please.
I have already moved all my accounts outside the US but still want to see LESS
interference from agencies, because in the end, it all costs. It just is a matter of
time to see where that cost will surface if these things take place.
Thank you again,
Jim Stevens
5808-A Summitview #130
Yakima, WA 98908
509 965 3454
