Comment Text:
io-ooi
COMMENT
CL-03585
From:
Sent:
To:
Subject:
Carl Scott
Sunday, January 24, 2010 5:57 PM
secreta ry < secreta ry@ C FTC. g ov >
Regulation of Retail Forex
Dear Sir/ Madam,
I would just like to quickly comment on one aspect of the proposed regulations: The wildly
controversial lowering of the leverage.
I am not a US citizen, so my comments may not mean anything, but I do use a US broker (as do
many other foreigners. I am Australian) and as such I will be one of the private traders vastly
affected by this move. I'm not going to say much, as Im sure there will be many, far more
eloquent, people explaining to you how essentially every other trader, bank and institution must
feel about this. All I can ask is that you reconsider. There is no upside. The impact on traders, on
the US economy, will be phenomenal. You won't be just shooting yourself in the foot, you'll be
blowing off the entire top half of your body.
There is no need to impose a nanny-state. You are not China. The people can look after
themselves, the banks have already learned some lessons over the last couple of years. If you feel
the available leverage needs to be lowered somewhat, move it to 75:1. 10:1 is massive overkill.
Thanks for listening,
Carl Scott (AU)
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