Comment Text:
i0-001
COMMENT
CL-04576
From:
Sent:
To:
Subject:
Laurence Williams
Saturday, January 30, 2010 10:14 AM
secretary
Regulation of Retail Forex
I am writing this letter to Speak Out Against Proposed CFTC Leverage Change to 10-1 for all US Brokers.
The only thing that this leverage change will promote is the grand exodus from American Brokerages to
foreign brokerages.
I believe that all traders should have the right to choose the amount of leverage that is appropriate
for his/her risk appetite, and that this basic principle of 'choice' is being threatened by the
proposed CFTC regulations.
This regulation will literally end the career path of many legitimate businesses related to trading
forex including American brokers, forex hedge traders, and retail forex day traders. Most of which
make a profitable income and a decent why of life and the ability to freely pursuit their own
happiness. (which is one of the true values that our country was founded).
This regulation will eliminate the possibility of making a real profit by limiting the common forex
trader in America to an unfair leverage level.
We appreciate the attention and the regulations that have chased out so many of the unsavory characters that
choose to corrupt the forex market and swindle many unsuspecting forex traders. However, the 10:1 leverage
proposal will have more than an unfavorable effect of the way that we trade the market. It will completely shut
down forex trading in America!
We implore you to reconsider this erroneous proposal of a 10:1 leverage and provide us with the "steady as she
goes" approach to cleaning up the forex markets.
Thank you sincerely,
Laurence Williams
Aurora, Co. 80015
