Comment Text:
io-ooi
COMMENT
CL-05624
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no-reply@erulemaking, net
Sunday, February 28, 2010 3:38 AM
secretary
Public Submission for 2010-00456
Public Submission for 2010-00456.zip
Please refer to the attached file.Please Do Not Reply This Email.
Public comments on Regulation of off-Exchange Retail Foreign Exchange Transactions
and Intermediaries.
Title: Regulation of off-Exchange Retail Foreign Exchange Transactions and
Intermediaries
FR Document Number: 2010-00456
Legacy Document ID:
RIN: null
Publish Date: Wed Jan 20 00:00:00 EST 2010
submitter Info:
first_name Daryl
last_name Crouse
address1 6048 Avenida de castillo
city Long Beach
country united states
us_state
zip 90803
company
I disagree with the proposal to limit a private citizen's ability to determine the
level of risk/margin they want to assume. That is a private contract between the
citizen and their broker.
what the agency needs to strike down hard on are unscrupulous brokers who deal
against their customers, sometimes unknown to their customers.
There is a fiduciary relationship between a broker and a client and to deal against
the client is unheard of in most markets and should be illegal and enforced strictly
in the forex marketplace.
Also, advertisers and software developers who market products that claim riches
quickly are preying on the consumer especially in these tough economic times.
ultimately, the system today benefits hedge funds (see the EURO being beaten down by
hedge funds short selling) while the small investor is taken for a ride by snakes.
Do not stop a private citizen from assuming the risk they are comfortable with but
do stop the swindling of the consumer by self-dealing brokers and advertisers.
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