Comment Text:
i0-001
COMMENT
CL-04439
From:
Sent:
To:
Subject:
Raul Hinojosa
Friday, January 29, 2010 11:06 AM
secretary
Regulation of Retail Forex
Dear Secretary,
If the CFTC and the NFA have the intent to protect the American trader, I believe the implementation of this proposal
will not have the desired effect and thereby these angencies will fail in their basic mission. I am a Forex trader and
have been one for a year now. I understand that low leverage and higher margin requirements do help the novice
traders to limit their exposure to risk. However low leverage does limit the professional traders in their execution for
their own account of their clients.
Furthermore I believe the retail forex market is showing great growth in the US and abroad,
and this will hamper the competitiveness of the US brokers versus their foreign counterparts. I
believe opening up accounts offshore will also expose the US based forex trader by
participating in unregulated markets abroad. If those brokers abroad are regulated and with a
high reputation, then the US based forex dealer will then just go there, allocating capital
abroad and therefore affecting capital markets is the US.
Thank you for your attention.
Raul Hinojosa Jr
