Comment Text:
i0-001
COMMENT
CL-04007
From:
Sent:
To:
Subject:
Mike Loftus
Tuesday, January 26, 2010 8:14 AM
secretary
Regulation of Off-Exchange Retail Foreign Exchange Transactions and
Intermediaries,
Gentlemen,
I received an email regarding the proposal to substantially raise the margin required to open and maintain a Forex trade.
You need to know that this will deny myself and any other small investor the opportunity to lift their circumstances by
thoughtful
speculation in this market. The proposed new rules would require ten (10 times the investment needed to reasonably enter
this market
and would put this avenue quite out of reach of the average person like myself.
As a potential and probable investor I view the proposed action as tanamount to the SEC disallowing penny stocks to trade on
the NYSE and am
vehemently opposed to it. The proposed action allows access to the Forex market to those with an already large bank account
and will further enable
a widening of the gap between the middle and upper income levels in this country.
I will be passing this on to my Congresspersons and Senators with the above comments in hopes of disuading you from
enacting this ill conceived regulation.
Sincerely,
Michaael Loftus
Seatac, Washington
