Comment Text:
i0-001
COMMENT
CL-03784
From:
Sent:
To:
Subject:
Sunil Sharma
Monday, January 25, 2010 1:21 PM
secretary
Re: Proposed CFTC Leverage Change for Retail Forex Trading
Dear Secretary,
I am a small retail Forex trader. I consider myself to be fairly knowledgeable about investing, trading
and financial markets. I am also very responsible about my finances and my profession.
I appreciate the efforts that CFTC is taking to regulate the retail Forex trading market and rid it of rogue
and unethical players. Your efforts have been quite useful, however, the proposed change to limit the leverage
to 10:1 for retail Forex traders will have negative impact on the industry and small traders like myself.
The proposed leverage requirements will be quite detrimental for small traders and will limit the Forex
market to only big players. It will also drive US Forex traders to brokers based outside USA who may not be
limited by such regulations. Many of the brokers based outside USA are not properly regulated and the losers in
this scenario will be US retail Forex traders, a constituency that you plan to help and protect.
I hope that you will reconsider your proposal and will not impose leverage restriction rather use some
other means to better regulate the industry.
Thanks,
Regards,
SunilSharma
703-713-1425
