Comment Text:
i0-001
COMMENT
CL-06299
From:
Sent:
To:
Subject:
Harv Millen
Friday, March 5, 2010 6:14 PM
secretary ; [email protected];
CFTC.gov < [email protected] >
forex trading margins
Hello to you all. Regarding the new proposed margins- I don't think this is averygood idea.
Trading is for traders who understand why and how to participate in the markets. By limiting the
margins, you will absolutely reduce market liquidity, take "bread" from thousands/millions of
traders who depend upon making their living in the market place, and undermine many needed
jobs which depend upon volume in these markets of Free Enterprise. However...you will have to
realize the most certain and damaging effects which will have a direct and adverse affect upon your
own selves, your own jobs/occupations, and the future of our CFTC organization.
Money will
always flow to where it will get the most effective rate of return for it's investment. This we all
know...right. What will probably and most likely happen, is you will also begin to tamper with
other markets and margin requirements. The result will be, Traders and Markets will begin moving
to other clearing houses. The USA will loose yet another area of business. The risk of this
happening is very REAL. This is the TRUTH.
The CME has no doubt, needed to purchase the
CBOT, Comex, and most recently the NYMEXexchanges. Why would they do this? In order to
survive. We are engaged in enough competion with other countries for "trading" and "exchanges"
as it is...withoutcausing a further reason for Traders to go to other countries. Computers now rule
the destinations for our trading Capital.
We have seen our trading "pits" in the CME, CBOT and
NYMEXall but disappear. Let me ask you a question . . ."can you afford to take the risk of being
the cause, of the United States loosing business to other countries - ie. Singapore, London, India,
Korea, DME, JSE, China and whoever else?"
Are you aware of this possibility happening?? If
you are, then why would this proposal be on the table?
If you tamper with our margins, and
they are "ours", as we are the ones who use them, not the CFTC, are you prepared to loose yet
another giant of an industry and further erode America's influence in this world...?? Please
excuse me if I am being forward or not diplomatic enough, but I just think it's a bad idea and it
should be forgotten. If we want to bring about "market integrity", maybe we could begin with
the companys who place their orders from Amsterdam, and recieve "preferential" treatment of
being allowed FIRST in line when the market opens . . .let's do something that requires some
muscle in this aspect.
Personally speaking overall, I think this is discrimination against the
"small traders" and I'm sure you can see where this could go...! Now then, let me at the same
time, express my personal appreciation for you-theCFTC. I have personally had the experience
of recieving the intervention of the organization for which I was most definetly thankfull!! You
have a valid role to do. You provide a much needed service to "police" our markets, and assist
us all, in following ourCFTC Rules of conduct. The CFTCabsolutely has a much needed place in
our markets and the proper functioning of them. But, please, forget about the proposed margin
requirements. It just will not be worth it. Thankyou for taking the time to read my comments . .
.Yours Truly...Harv Millen, one of the thousands/millions of us "small traders" :)
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