Comment Text:
i0-001
COMMENT
CL-07741
From:
Sent:
To:
Subject:
James Freese
Monday,
March 15, 2010 11:32 PM
secretary
Regulation of Retail Forex
Regulation 5.9 will be the end of retail forex in the US. There will be a run on the retail forex brokers leading to money, tax
revenue, jobs and accounts all going offshore. 10:1 leverage isn't enough for the spot forex market. The NFA has already set
margin requirements and those shouldn't be changed.
The proposed regulations that require the following are all very good in my opinion:
* prohibition of front running
* true disclosure if they use a dealing desk or not
* % of non-discretionary accounts profitable
* disclosure of broker's pricing algorithm (this is a very good one)
Many people from over seas in the past have liked to trade spot in the US because of the good regulation that we have here
and customer protection. The 10:1 leverage proposal will simply make it unfeasible for people to keep and/or open new
accounts in this country and as mentioned things will just go offshore.
Thanks for weighing the cost and benefits of regulation 5.9
Jimmy Freese
Kailua, Hawaii
James Freese
Kailua HI, 96734
[email protected]
