Comment Text:
i0-001
COMMENT
CL-05544
From:
Sent:
To:
Subject:
Lukianovsky Gmail
Tuesday, February 23, 2010 3:37 AM
secretary
Regulation of Retail Forex
February 23, 2010
Secretary of the Commission
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street NW
Washington, DC 20581
Subject: Regulation of Retail Forex.
Dear to whomever you are writing:
On January 13, 2010, The Commodity Futures Trading Commission (CFTC) released a public
proposal,Regulation of Off-Exchanqe Retail Foreign Exchange Transactions and Intermediaries,
which
imposes new requirements on the U.S. Forex industry. The proposal significantly changes the leverage
permitted on certain accounts and, if passed, would have a drastic effect on retail investors. In the
CFTC proposed regulation, leverage in retail forex customer accounts would be subject to a 10-t0-1
limitation.
Currently, the CFTC enforces 100:1 leverage (a 1% margin requirement) to open and maintain a
position on a forex transaction. With the 10:1 leverage proposed, retail traders would be subject to a
10% margin requirement. Retail traders would have to invest significantly more to place trades of the
same size, ultimately resulting in a decreased return or loss on invested margin.* The risk-reward ratio
that is so appealing to the average investor today under 100:1 leverage would no longer be available if
the proposal is passed.
The effect of this change can be summarized through the following example:
:Currency Pair iPriCe
iTransaction
iCurrent Margin Proposed Margin
::
iQuote
:Size
Requirement at
iRequirement at ~
11100:I Leverage
110:1 Leverage
EURO/USD ::1.4285
11 standard lot = $1,428.50
$14,285.00
~100,000
GBP/USD
11.6370
11 standard lot =
$1,637.00
$16,370.00
~100,000
**Regarding to Team of Alaric (US).
P.S.
I immigrated from Israel to US in August 2006, two days after I was undergraduate from IDC Herzliya, major in
finance.My major goal was to be hired by one
of the investment banks or hedgy funds but the financial crises waved my dream (10% Unemployment).
This new reality made me to choose a job which is not related to financial field. My income from my day job is
$28,000 my wife is a full time international student.i0-001
COMMENT
CL-05544
I invested for the last 3 years about $30,000 to improve my trading skills through education and day trading (24/7,
365). My dream was to make an undependable
personal family trading business but this regulation will not allow me to reach that.
Current regulations allows me to maintained an account with $ 2,000 and to make additional $200 per month.
Please don't make any changes to current regulations. Current regulations allows to millions people like me to keep
their education skills make some additional income
when they can not become CEO,CFO,CFA,CPA ..........in the Wall Street. We don't trade with millions of dollars we
trade with less then $10,000.
Don't hurt the small guys, we are the Main Street.
Sincerely,
Mr. Vitali Lukianovsky.
Tel: 224-639-9933
8018 Kilpatrick Ave. Apt #3A
Skokie, IL 60076
