Comment Text:
i0-001
COMMENT
CL-00893
From:
Sent:
To:
Subject:
Craig Wilson
Wednesday, January 20, 2010 1:01 AM
secretary
Regulation of Retail Forex
Dear Sir,
I make my living through foreign currency investment. I am not a big time investor,
just a retired individual who is investing his small life savings to make enough money
to pay the bills.
On 3anuary 13th, the Commodity Futures Trading Commission submitted a proposal to
change many of the rules governing Off-Exchange Retail Forex trading activity. A major
component of this new regulation would be to limit the amount of leverage available to
a retail forex trader at 10:1. It is my understanding that this proposal has been
submitted and the CFTC is currently seeking public comment.
Sir, as you know, leverage affects the amount of volume we can trade. The larger the
leverage the more potential for gains and losses. With the proposal to change leverage
from 100:1 to 10:1 max, the CFTC will be limiting our potential returns. Additionally,
this also eliminates our choice to make our own decisions regarding how we trade.
Respectfully, I implore upon you to reconsider this submission. The impact on my own
trading will be a major blow to me personally.
Thank you.
Kind
Regards,
Craig
Wilson
