Comment Text:
i0-001
COMMENT
CL-03570
From:
Sent:
To:
Subject:
[email protected]
Sunday, January 24, 2010 5:04 PM
secretary
Reducing the leverage in Forex would harm us!
Dear Secretary,
VVhile I applaud government's attempt to regulate the forex market and economy to winnow out
unscrupulous brokers and brokerage houses, reducing the leverage from 100:1 to 10:1 would
greatly impact me. Under the current system, I can control 100 lots with $1.00 or 10,000 lots
with $100.00; but under your proposed rule, I will be able to control only 10 lots with $1.00 and
only a 1,000 lots with $100.00.
I do not know what investment or legal knowledge in the forex market inform your decision to
propose this legislation, but I can tell you if and when it is passed into law, it will hurt the small
investor looking for supplementary income. Most of us trade with money we would invest
playing Lotto - which actually gives the player an even greater risk quotient than the forex
market.
Please rethink this proposal. VVhile I want you to protect me, I do not want you to take away a
leverage in the market, which is actually a benefit to the small investor because if that leverage
is taken away, I may be forced to come up with more money to trade the forex market. If I do
not have the money to invest in this case, $1,000.00 instead of $100.00 to control 10,000 lots,
then I would not invest in the forex market and the law would have denied me a benefit that
already exists.
Thank you for listening. Please, do the right thing for the little guys like me leave the forex
leverage at its current 100:1 status in the new law.
Michael E. Uduk
2760 NE Saratoga Street
Portland, OR 97211
(503) 592-6400 (Cell)
