Comment Text:
io-ooi
COMMENT
CL-04283
From:
Sent:
To:
Subject:
j ohn chiogna
Wednesday, January 27, 2010 4:52 PM
secretary
Regulation of Retail Forex
I'm an investor in foreign currency through a U.S. dealer. I am very concerned about the proposed rules from the CFTC. The
CFTC's recent rule
proposal, which would limit customer trading leverage to 10 to 1, would be a crippling blow to the U.S. forex industry. This
unsustainable rule would drive U.S. forex dealers, which brings tens of millions of dollars into the U.S. banking industry each
day, offshore into the hands of foreign competitors. It would encourage fraud both at home and abroad as customers seeking
to trade retail forex would have no other legitimate domestic alternative. As an investor, I would be forced to take my
business outside of the United States.
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