Comment Text:
i0-001
COMMENT
CL-03201
From:
Sent:
To:
Subject:
Attach:
Tony Blignaut
Saturday, January 23, 2010 10:24 AM
secretary
RIN 3038-AC61
Tony Blignaut.vcf
The US Commodity Futures Trading Commission,
Re: RIN 3038-AC61
I am an offshore forex dealer who has been using the US as trading platform; I also trade in the UK, but
mostly in the US.
The recent financial meltdown has been a bad experience for the US; I can understand that, I can also
understand where financial institutions get to big to let them fail, and the problems that are faced when
they start to fail.
Traders like myself, and there must be several hundred of thousand of us worldwide, were not affected
as severely as most the other sectors of the economy, by the financial meltdown, mainly because we
are traders not gamblers. For us markets go up and markets go down, that is normal and we have
contingencies in place to counter sudden and unexpected market moves against us.
Changing the margin requirements on retail forex, will literally put half us retail traders out of business,
the rest who work the UK and Eastern markets might carry on. Retail traders never need to be bailed
out, and we work sensibly within our area of expertise using our own capital.
There may be issues in the wholesale banking market, but not in the retail future market as the funding
dynamics are totally different. Retail traders are trading to make a living using their own capital; we are
not risk trading to produce huge profits to satisfy greedy corporate shareholders or to meet corporate
financial agenda's.
All of the retail traders I know are middle aged, self-funded, and professional in their approach to the
industry. None of us, not even if grouped as an investment community, do we in any way create a risk to
regional, national or global finance. If anything we do our fair share to uphold sensible trading practices,
after-all it is our own capital that we trade with and need to protect.
I can understand that there will be an element of over reaction to the crisis created by wholesale
institutions like banks in sub-prime and other risky investments. Wiping out the retail traders by over-
regulating and increasing the retail margin requirements is not the answer or even part of the answer.
Tens of thousands of people who will be deprived of their living in the US, and others forced to start
trading in other parts of the world, the resultant out-flow of trading capital, and the loss of local taxes,
and lost jobs does not sound like the right solution.
This is an appeal to the Commission to consider the dire impact of such changes on a sector that is
posing no future risks to the economy, and the effect it will have on the lives of so many trades, most of
whom are, like myself, professional, committed, and using our own funds. All of us derive our income
from trading, and are well past re-employment age.
Yours faithfully
Tony Blignaut
Retail Forex TraderTony Blignaut
Name:
Full Name:
Organization:
Title:
Telephone Number (Work Voice):
Telephone Number (Home Voice):
Telephone Number (Cell Voice):
Telephone Number (Pager Voice):
Telephone Number (Work Fax):
Telephone Number (Home Fax):
Address (Work):
Delivery Label (Work):
Address (Home):
Delivery Label (Home):
Web Page (Home):
Web Page (Work):
Electronic Mail Address (Preferred Internet):
Mr Tony Blignaut
Tony Blignaut
Primates Resort (Pty) Ltd
CEO
+27445348906
+27445348906
+823533643
0066 852183356 Thailand
+0865424357
+27865424357
Monkeyland Primate Sanctuary, Monkeyland Road, The Crags 6602
Plettenberg Bay, Western Cape 6600
South Africa
Monkeyland Primate Sanctuary, Monkeyland Road, The Crags 6602
Plettenberg Bay, Western Cape 6600
South Africa
;;Portion 12 Kirbywood Farm
The Crags;Plettenberg Bay;;6600;South Africa
Portion 12 Kirbywood Farm
The Crags
Plettenberg Bay 6600
South Africa
http://www, mon keyland, co.za
http://www, mon keyland, co.za
tony@monkeyland, co.za
vCard Version: 2.1 I Revision: 20100123T152416Z
