Comment Text:
i0-001
COMMENT
CL-03185
From:
Sent:
To:
Subject:
John Bruwer
Saturday, January 23, 2010 9:32 AM
secretary < secretary@ C FTC. g ov >
Regulation Of Retail Forex
For attention: David Stawick
Rin 3038-AC61
Kind Sir
My name is John Bruwer. Ilive in Johannesburg, South Africa. My telephone number is: +27
3944035. I havea live Forex Account with FXSolutions USA. I recently found out that the USA
government intends implementing possible further regulations pertaining to FOREX trading, in
addition to the regulations recently implemented. Apparantlythe intention is to reduce the
minimum leverage level to 10:1. Ouch!! That would surelycompell me to have to stop trading
forexfrom home, and well, it would derive me of the small income Iam gaining from it. I know
that many many small traders, who are absolutely opperating within the law, would not be able to
afford maintaining an account at such a leverage level, nevermind not being able to maintain such
an account, many won't even be able to open an account, at such leverage levels.
The big guys out there, the major brokerages and the big banks and the like, won't even blink an
eye at such a regulation. For them it would simply be business as usual. The end result of such a
regulatory amendment would be that many many small traders would loose their income. In all
fairness, is this what President Obama has in mind, to derive those at the bottom of the food chain
of the small incomes they are trying to makea living with? Itrust not. I am of the opinion that
the Forex industry needs to be regulated, but it need not be regulated in such a manner so as to
force the smaller players out of the game. Us small players often have the odds stacked against us
quite badly as is. We don't have the massive systems behind us that the bigger players have.
They invest millions in trading systems, and they make millions and millions. IfI make 250 USDa
day, wow, then I have had a good day!!! :-)
Please look out for us small traders as well. We need your kind assistance. If you guys turn
against us, well we will just have to close down our accounts. If you implement regulations that
might threaten the big players, well, they will keep you guys tied down in court for decades. Not
us, we are at your mercy.
Please have mercy on us small traders.
Kind regards.
John Bruwer.
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