Comment Text:
i0-001
COMMENT
CL-04433
From:
Sent:
To:
Cc:
Subject:
Attach:
N um berscru ncher9@aol, com
Friday, January 29, 2010 8:42 AM
secretary
garrett@uscongress-official, us
Re: Regulation of Retail Forex Trading
CFTC Secretary.gif
Please read attached letter. Thank you.131 Erie Avenue
Midland Park, NJ 07432
January 29, 2010
Mr. David Stawick, Secretary via fax to 202-418-5521 and e-mail to [email protected]
Commodities Futures Trading Commission
1155
21
st
Street N.W.
Washington, DC 20581
Subject: Regulation of Retail Forex Trading
ID number: RIN 3038-AC61
Dear Mr. Stawick and Commission Members:
I am writing in response to the CFTC's proposal to change the leverage in retail forex
customer accounts from the current 100:1 to 10:1 and the margin requirement from
$1,000 to $10,000.
As a self-employed forex trader, I rely on leverage to conduct my business. If the-
proposed CFTC changes in forex retail trading regulations were to take effect, they would
seriously limit my ability to run my business.
Because forex trading is a high risk undertaking, I and other forex traders are well aware
of the risks involved with using leverage, However, I strongly believe that the amount of
leverage I use should be my decision to make, not that of the CFTC.
Furthermore, in addition to the CFTC's proposed change in regulations negatively
impacting me and forex traders like me, it would take liquidity out of the Forex market
when the Federal Reserve and other central banks are trying to promote price stability.
Retail Forex Traders help provide this stability by providing liquidity to the markets.
-Small businesses are at the heart of the U.S. economy. CFTC's proposed change in forex
regulations would put traders like me out of business at a time when unemployment in
the United States is running at an extremely high rate.
Please help my small business rather than hinder it with your proposed regulations
regarding retail forex trading customer accounts.
Yours truly,
William J. Walker
Walker & Company
Cc: Congressman Scott Garrett via fax to 202-225-9048 and e-mail to garrett.house.gov/
