Comment Text:
i0-001
COMMENT
CL-03499
From:
Sent:
To:
Cc:
Subject:
Charles Phillips
Sunday, January 24, 2010 10:59 AM
secretary
[email protected]; correspondence_reply@durbin, senate.gov;
senator rolandburris@burris, senate.gov
Regulation of Retail Forex
Dear Mr. Stawick:
I am strongly opposed to the CFTC proposal to reduce leverage on retail forex trading from
1:100 to 1:10. This change, if implemented, will adversely impact my trading, requiring a
significant increase in the amount of money I must have on deposit with my broker. In
response, if this regulation goes through, it will be necessary for me to close my account at my
US broker and open an account with an overseas broker. If retail forex traders follow my
course of action, it will cause great harm to the entire retail forex industry in the US.
I strong reject, and do not need, any additional government regulation of leverage for retail
forex trading. For the record, a copy of this email is being sent to Senator Dick Durbin, Senator
Rolland Burris, US Representative Peter Roskam, with an appeal to them to investigate your
attempts to destroy the retail forex market in the United States.
Regards,
Charles Phillips
