Comment Text:
i0-001
COMMENT
CL-03269
From:
Sent:
To:
Subject:
Tom Abbott
Saturday, January 23, 2010 1:33 PM
secretary
Regulation of Retail Forex
I am writing this in regard to the proposed regulation identification number RIN 3038-AC61.
The retail Forex market, as it now exists, is a terrific example of how a free, open, democratic market should
operate. Anyone with a small amount of capital to risk can operate on an even playing field with big banks,
multinational corporations, and national sovereign funds. The risks of 100:1 leverage are disclosed to the retail
trader and are understood. Some people lose money, others make a profit -- that's the way the markets work.
However, all that changes if leverage is limited to 10:1. Most small retail traders will be taken out of the market by
that requirement -- and for those who wish to trade, it will require much MORE risk capital to trade in any
meaningful way. Additionally, a vibrant and growing industry will collapse as thousands of traders are squeezed
out of the market leaving those who support them (trainers, software developers, brokers, trading signal services,
etc.) with no customers.
We understand the risks - the system is working. Please don't do mess it up. I'll be one of the "little guys" that
you will crush.
Sincerely,
Thomas R. Abbott
[email protected]
