Comment Text:
i0-001
COIMMENT
CL-04616
From:
Sent:
To:
Subject:
Patrick Stiles
Saturday, January 30, 2010 7:42 PM
secretary
Limiting Leverage
Dear Secretary,
I'm writing to opine regarding the potentially reckless decision the CTFC is considering in limiting forex
leverage to 10:1. We both know that currencies' fluctuations are so minuscule that making such a
decision would interfere with the vast majority of the forex traders in the United States. This would
destroy the US based forex brokers' businesses. This would cause two unintended consequences which
are both severely bad for America's financial industry: brokers would flee the US and it would limit
investors' choices. When brokers leave the US, it does not stop Americans from trading forex; it makes
them resort to foreign brokers without the same impairments, and these entities have less transparency.
Forcing Americans to do this is unfair. Furthermore, the US based brokers would be hurt, and they
produce j obs and tax revenues for America. The other unintended consequence, limiting investor's
options, is flatly un-American. America was built on freedom, and one of the most important ones for
someone navigating today's world economy is the freedom to take on calculated risks.
I ask you to reject this unfair proposed rule change.
Sincerely,
Patrick J. Stiles
303.856.8919
