Comment Text:
i0-001
COMMENT
CL-04604
From:
Sent:
To:
Subject:
Stephane Riz
Saturday, January 30, 2010 4:49 PM
secretary
Regulation of Retail Forex
Greetings. My name is Steven Rice and I have been a retail trader of the Forex market for over 1 year.
My broker of choice is IBFX (Interbank FX).
The U.S. Commodity Futures Trading Commission (CFTC) announced on January 13, 2010 that it is
seeking public comment on proposed regulations concerning retail Forex trading (RIN 3038-AC61). As
part of the proposed regulations, the "leverage in retail forex customer accounts would be subject to a
10-to-1 limitation," which means 10:1 leverage would be the maximum amount allowed for all Forex
traders in the U.S.
I strongly believe this rule will be hugely detrimental to people like me who wish to participate in the
retail forex market. Currently my "risk" to trade a full account is $1,000.00. With the implementation of
this rule my risk will increase to $10,000. So how does this protect me? It almost seems that you are
trying to regulate out the "little guy" and only allow the wealthy the chance to participate. Almost like
hiking the green fees at a golf course 10 fold to make sure you get the desired clientele. If my vote has
any weight, please put it into the "DON'T MAKE THE CHANGE / NO / AGAINST PROPOSAL"
pile.
Thank you.
Steven Rice
12904 Boyne Road.
Chesterville ON
KOC1H0
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