Comment Text:
i0-001
COMMENT
CL-03528
From:
Sent:
To:
Subject:
Jerry King
Sunday, January 24, 2010 1:15 PM
secretary
CFTC Proposal to Lower Leverages
Dear CFTC Regulators,
I am a small time retail forextrader. I would argue that now is not the time to lower leverages.
During this economic downturn I was laid off after 30 years with a company and I am attempting to
supplement my savings by daily forex trading. I appreciate the effort to protect me as a trader but
the negative effect of the rule changes would be twofold. Even more US traders would switch to
offshore brokers and US brokers would be forced to either shutdown operations resulting in even
more lost jobs or cease to be regulated which is becoming much more difficult. I don't believe either
of those results are your intentions and they are certainly not good for US retail forex traders the
rules are trying to protect. Please consider the proposed rule change very carefully in light of the
realities of their implementation.
Here are links to web sites which discuss this issue in much more detail:
ForexPeaceArmy Rule Change Forum Article
Forex Law Blog
Thank you for your time,
Jerry King
