Comment Text:
i0-001
COMMENT
CL-03754
From:
Sent:
To:
Subject:
Attach:
[email protected]
Monday, January 25, 2010 10:58 AM
secretary
Public Submission for 2010-00456
Public Submission for 2010-00456.zip
Please refer to the attached file.Please Do Not Reply This Email.
Public Comments on Regulation of Off-Exchange Retail Foreign Exchange Transactions and
Intermediaries:
Title: Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries
FR Document Number: 2010-00456
Legacy Document ID:
RIN: null
Publish Date: Wed Jan 20 00:00:00 EST 2010
Submitter Info:
first_name Christopher
last_name McCIoskey
address1 195 Cliveden Drive
city Newtown
country United States
us state PA
zip 18940
company
To NFT:
I would ask you to please reconsider your plan to change the leverage maximums in Forex
Trading from 100 to 1 down to 10 to 1. Should this new regulation go into affect it will
dramatically affect my ability (and many traders like me) to be able to trade affectively. I
believe the current maximum of 100 to 1 is fair and reasonable. Any careful trader is able to
work within this ratio. However, to lower it will deeply affect "the little guy" and his ability to
get ahead in Forex trading. I realize this new regulation may be meant to protect "the little
guy" but in the end it deeply limit us.
Also, I depend on my Forext trading to supplement my income and in these tough economic
times ever dollar counts. A drastic drop in the leverage ratio to 10:1 may very well mean the
end of this income stream for me and for many others.
I deeply appreciate the job you do and there certainly is a need for regulation, however it
would seem to me that this step you are considering may be that occassion where "over-
regulation" becomes a real hindrance for the common man.
Thank you for reading my point of view. May you exercise great wisdom in your decision.
Sincerely,
Christopher McCIoskey
