Comment Text:
i0-001
COMMENT
CL-03568
From:
Sent:
To:
Subject:
Karen Rogers
Sunday, January 24, 2010 4:47 PM
secretary
Regulation of Retail Forex
Karen Rogers
PO Box 49023
St. Petersburg, FL 33743
January 24, 2010
Mr. David Stawick
Secretary, CFTC
1155 21st Street, N.W.
Washington, DC 20581.
Re: RIN 3038-AC61
Dear Mr. Stawick:
As a longtime forex currency trader, I applaud your efforts to require registration of all Futures Commodity
Merchants, Retail Foreign Exchange Dealers, Introducing Brokers, Commodity Trading Advisors, Commodity
Pool Operators, and Associated Persons. I believe this requirement would substantially reduce the fraud
perpetuated by a few unethical firms.
However, I must object with the proposed regulation to set the
maximum
leverage for US retail forex to 10:1. The
amount of risk an investor accepts is based on his or her knowledge, experience and personal risk tolerance. The
CFTC cannot and should not attempt to stand in my shoes and decide my risk tolerance for me. The tools to reduce
risk are already in place via good money management and the use of stops and limits.
Further, investing is and has always been a zero-sum game--at the end of each trading day, there will be winners
and losers. No amount of rules or legislation will change this. What the proposed RIN 3038-AC61 regulation will
accomplish, unfortunately, will be to drive forex traders to overseas brokers. This, in turn, will result in an outflow
of capital to foreign forex brokers, and a possible loss of jobs for US forex brokers.
I am therefore requesting that the portion of proposed regulation RIN 3038-AC61 restricting the maximum
leverage to 10:1 be stricken.
Thank you for your time and attention.
Sincerely,
Karen Rogers
