Comment Text:
i0-001
COMMENT
CL-00597
From:
Sent:
To:
Subject:
007James Bond
Tuesday, January 19, 2010
1:28 PM
secretary < secretary@ C FTC. g ov >
Regulation of Retail Forex
Dear Secretary,
This letter is sent to express my opinion concerning the proposed forex 10:1 leverage rule.
I strongly disapprove of any such rule. Please do not pass this ruling!
By using such heavy handed regulation you will drive the market for Forex retail to overseas
markets and this would puta lot of good brokers out of business in the USA. These good
businesses pay taxes!
Also, it will encourage people to setup accounts with non-NFA forex brokers and that means an
increasing number of people will be at more risk of their account falling into the hands of
disreputable brokers. You will spend more time sorting through the law suits than what you are
trying to achieve with the 10:1.
As the CFTC you should be spending more time regulating "OVER THE COUNTER CREDIT DEFAULT
SWAPS" which Wall Street abused and brought the economy of the world to its knees, rather than
Main Street Forex retail who are trying to recover from such losses. Spend time trying to regulate
these derivatives than trying to pass draconian measures for forex retail, which in the end will only
hurt the little guy.
Thanks for listening and please do not pass this ruling!
Aramis Shannari
310-926-9249
