Comment for Proposed Rule 75 FR 3281
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From:
Michael Fischer
Organization(s):
Comment No:
1222
Date:
1/20/2010
Comment Text:
i0-001
COMMENT
CL-01222
From:
Sent:
To:
Cc:
Subject:
Michael Fischer
Wednesday, January 20, 2010 9:47 PM
secretary
Michael Fischer ; Stawick, David ;
Smith, Thomas J. ; Bauer, Jennifer ;
Penner, William ; Cummings, Christopher W.
; Sanchez, Peter
Regulation of Retail Forex
Sir,
Concerning RIN 3038-AC61, I would like to comment
that the proposal to limit forex leverage to a ratio
of 10:1 is an excessive constriction.
I am a casual trader of my own margin account, and while
I am concerned about the affects of light regulation of
markets of instruments which are NOT publicly traded in the
past few years, I have seen no clear evidence that the forex
markets were in any way a consipicuous problem, nor that
eliminating many small traders from the market by forcing them
to tie up of far more of their discretionary funds than can be
justified relative to the potential return is of service to anyone.
Further, this proposal is a clear signal that markets will
be constrained to sizable financial firms - is it best to
send the signal that the US Federal govenment wants to place
even more control over markets in the hands of the very few,
or that smaller traders should move their accounts and operations
to brokerages operating overseas?
Please leave the 100:1 ratio in place.
Thank you.
