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Comment for Proposed Rule 75 FR 3281

  • From: Mike Andrews
    Organization(s):

    Comment No: 4211
    Date: 1/27/2010

    Comment Text:

    i0-001
    COMMENT
    CL-04211
    From:
    Sent:
    To:
    Subject:
    Mike Andrews
    Wednesday, January 27, 2010 2:52 AM
    secretary
    Regulation of Retail Forex
    Mr. David Stawick
    Secretary, Commodity Futures Trading Commission
    1155 21
    st
    Street NW
    Washington, DC 20581
    Mr. Stawick:
    The recently proposed CFTC regulation that would implement a limit of 10:1 leverage on retail 4X trades is both
    an outrage and a travesty. It will virtually destroy the retail 4X trade in the US and our US Brokers, along with the
    jobs they provide.
    Rather than finding and prosecuting illegal and immoral people in the 4X trade, you instead go after the very
    people they abuse - the retail traders. That's like taking people off the streets because they might be hurt by
    bad people, while leaving the bad people to freely roam the streets. Who then is free, and whom are you
    holding captive?
    Also, telling people they will be protected by this ruling will only lead many into a new false sense of security.
    Thereby leaving them open to other illegal and despicable schemes. In the end you only hurt the people you
    purport to serve while utterly failing the vital mission of finding and prosecuting criminals.
    Do not implement this horribly misguided and clearly destructive regulation. Prosecute the criminals, not the
    traders.
    Mike Andrews
    Lynnwood, WA