Comment Text:
i0-001
COMMENT
CL-03403
From:
Sent:
To:
Subject:
JOCELYN DUCHE1NE
Saturday, January 23, 2010 9:33 PM
secretary
RIN 3038-AC61
Dear Sir,
My name is Jocelyn Ducheine, a US citizen living in Miami. As a small Forex trader, I have been
trading my small account for almost a year now. Although I have a choice of many levels of
leverage from my broker, I have never gone overboard and I am very protective of my funds. I have read
and understood of the risks associated with trading currencies. Therefore
I have been very concerned and alarmed by the recent proposed rule to limit leverage to just 10 to 1, and
the minimum required to start a brokerage firm. While the reduced leverage would certainly protect any
newbie or small trader, however it does take away from me (and anybody else) the basic right to make
an informed decision about his investments. Besides, a 10 to 1 leverage is no leverage at all.
Furthermore, the higher limit requirement on the brokerage firms will impede competition, favors the
biggest brokers and causes many brokerage firms to move abroad; thereby causing loss of jobs.
I know that parts of the proposed changes may be well intended. I do applaud your new requirement
to have forex account managers and brokersto be registered in the states. But as I said the consequences
of the two rule changes mentioned above far outweighs the benefits. At the very least, revisit your
leverage limit and allow financial transactions to take place and develop. To protect does not necessarily
mean to impede.
Sincerely,
a small forex trader concerned about the incoming changes. I may be contacted at the above email
address if needed.
