Comment Text:
i0-001
COMMENT
CL-00097
From:
Sent:
To:
Subject:
Paul Towne
Friday, January 15, 2010 2:55 PM
secretary
Regarding: CFTC Release: 5772-10 - Date: January 13, 2010
Regarding: CFTC Release: 5772-10 - Date: January 13, 2010
Dear Sir/Madam:
As a current small business owner who has been in a CFTC-regulated entity since 2005, I strongly urge you to
consider not invoking the 10:1 leverage proposal included in the CRA proposal.
I firmly believe that the proposed changes will not only devastate the retail Forex market but it will also
eliminate small FX firms and affiliates that operate in the space. Our industry, as are many other industries, is
fueled by innovation and competition. Without the innovation and competition provided by small firms, it
potentially opens clients to the pressures associated with large firm consolidation.
I understand that the FX industry needs restructuring and regulation, which I am in favor of, but deleveraging
the US market to this magnitude seems like a 'margin call' for brokers and traders.
Regards,
Paul Towne
NFA ID # 0373858
Tel: 617.357.6100
Fax: 617.357.5100
Web: http://www.backbayfx.com
E-Mail:
paul.towne@ backbayfx.com
Skype: Backbayfx
Back Bay FX Services, LLC
425 Boylston Street, 2nd Floor
Boston, MA 02116
