Comment Text:
i0-001
COIMMENT
CL-00669
From:
Sent:
To:
Subject:
Scott Miller
Tuesday, January 19, 2010 3:21 PM
secretary
new proposal outrageous
I just received an email stating that your agency intends to limit margin on futures trading. Specifically
it said $10,000 for 1 contract. This is outrageous.
This states my position perfectly and clearly:
As you may or may not be aware off, at the end of last week the CFTC released a proposed rule that
would affect your Retail Forex Broker and your trading ability.
The CFTC proposal, made public on Thursday, came out with a big headline rule as a leverage
restriction across the board to 10 to 1 leverage. This is a rule proposal not law yet but if it become
law, your leverage will go from 100:1 or better DO WN to 10:1.
This means you would now need
$1000 to trade one mini lot or $1 O, 000 to trade one standard lot.
I can notfind better words to describe my position on all this than those ofAndrei Pehar, Chief
Currency Strategist at fxKnight.
Andrei says: "I am not opposed to regulation nor regulatory agencies. But that regulation needs to be
fair, transparent, and open to public input. Otherwise it becomes corrupt and self-serving. Sure high
leverage can get you into trouble if used thoughtlessly. Sure hedging when not done properly turns
one loss into two. But I believe the cure is EDUCATION, not restricting what people can and cannot
do with their investment decisions. Guide, don't dominate - government was invented to protect people
and their property, not to limit their potential. "
