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Comment for Proposed Rule 75 FR 3281

  • From: Bradford Smith

    Comment No: 9
    Date: 1/14/2010

    Comment Text:

    Thursday, January 14, 2010 10:20 AM
    Public Comment Form
    Below is the result of your feedback form. It was submitted by
    ( on Thursday, January 14, 2010 at 10:20:09
    commenter_subject: Forex Regulations
    commenter_frdate: 1/13/10
    commenter_frpage: Release: 5772-10
    commenter_comments: In referance to release 5772-10 proposed
    regulations for the retail Forex market I feel that
    regulation of firms is needed but I feel that
    limiting leverage to 10:1 is a bad idea. As with
    all markets the majority of new investors lose
    their money. Regulation is needed to help people
    understand the risks such as risk disclosure.
    Relizing this there are numerous FCMs that offset
    their clients trades. This needs to be stopped.
    Overall I feel that regulat in the retail forex
    market in a similar fashion to how commodities and
    futures are regulated is a good idea. Stopping
    companies from trading against their clients is a
    high priority issue that needs to be stopped. 10:1
    leverage will make investors put more in the market
    and more at risk making it a very bad idea the
    current limit is more than enough.
    Thank you
    commenter_name: Bradford Smith
    commenter_addressl: 2930 Day Ave
    commenter_address2: Unit PHIN
    commenter_city: Miami
    commenter_state: FL
    commenter_zip: 33133
    commenter_phone: 3054967815