Comment Text:
i0-001
COMMENT
CL-00435
From:
Sent:
To:
Subject:
Connie L. Fox-Bruno
Tuesday, January 19, 2010 10:07 AM
secretary
FOREX Leverage Requirements
I have actively traded in the Foreign Exchange for more than four years, and as I was completely
against the new regulations regarding "hedging," I am completely against new margin requirements
you seek to impose upon traders.
As a trader who might have an open long-term trade in one direction, and take a trade on a shorter
time-frame in the opposite direction, I resented the anti-hedge rule so much, that I moved my
account off-shore. I was not the only one who closed my US account!
With new margin requirements, you will see another mass exodus of US residents who will open
accounts in foreign countries without such restrictions.
If your purpose is to drive all FOREX traders off-shore, you are doing a great job. Personally, I would
rather trade with a US-based brokerage. And, I would prefer that you concentrate on regulating the
brokerage firms, rather than traders.
Anyone who trades is the aware of the risk, so stop penalizing all traders, in your misguided attempt
to "protect" the ignorant.
Connie
