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Comment for Proposed Rule 75 FR 3281

  • From: Anthony Patton
    Organization(s):

    Comment No: 56
    Date: 1/15/2010

    Comment Text:

    i0-001
    COMMENT
    CL-00056
    From:
    Sent:
    To:
    Subject:
    pattonfinancials@yahoo, com
    Friday, January 15, 2010 9:49 AM
    secretary
    Public Comment Form
    Below is the result of your feedback form. It was submitted by
    (pattonfinancials@yahoo.com) on Friday, January 15, 2010 at 09:48:43
    commenter_subject: 2008 Farm Bill
    commenter frdate: 2008
    commenter_frpage: PUB L no 110-246
    commenter_comments: First, how did forex regulation get in a Farm Bill?
    Next, "FCMs and RFEDs would be required to maintain
    net capital of $20 million plus 5% of the amount,
    if any, by which liabilities to retail forex
    customers exceed $10 million." This only protects
    customer with more than 10 million. This does not
    protect 99% of the average person doing forex
    trading.
    Third, "Leverage in retail forex customer accounts
    would be subject to a 10-to-1 limitation."
    Obviously you have never traded forex. 10 to 1 is
    to strict. The only thing this will do is take
    money out of the individual investor and force them
    to use a big bank or wirehouse that will charge
    more fees. This is a bad idea.
    Finally, "All retail forex counterparties and
    intermediaries would be required to distribute
    forex-specific risk disclosure statements to
    customers" really? Does anyone read or understand
    the government supplied risk disclosures. The most
    simple disclosure ever has been the one on tobacco
    products and no one pays attention to it. Don't
    add more government and government disclosures.
    commenter_name: Anthony Patton
    commenter addressl: 1103 Canton Ct
    commenter_city: Allen
    commenter state: TXi0-001
    COMMENT
    CL-00056
    commenter zip: 75013
    commenter fax: 8666505934
    commenter~hone: 2142260885