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Comment for Proposed Rule 75 FR 3281

  • From: Charles Jones
    Organization(s):

    Comment No: 1223
    Date: 1/20/2010

    Comment Text:

    i0-001
    COMMENT
    CL-01223
    From:
    Sent:
    To:
    Subject:
    Attach:
    charles.j ones
    Wednesday, January 20, 2010 9:47 PM
    secretary
    Re: Regulation of Retail Forex RIN 3038-AC61
    Re Regulation of Retail Forex.eml.msg
    David Stawick
    Secretary, CFTC
    Sir:
    I am alarmed by the proposal (RIN 3038-AC61) to further regulate the
    forex industry, and
    specifically the proposed margin requirements for retail traders, is
    appears
    that your putting in motion efforts to prevent the little guy once again
    from
    engaging in what is a legitimate way of making a living. Small retailers
    should not be shut out allowing only Big Business and Large Institutions
    to operate in the forex arena. You will drive forex activity abroad;
    perhaps
    to companys that are even less regulated.
    If the proposed regulation (RIN 3038-AC61) becomes law, and trading
    margin is reduced to 10:1, I and many others will not be willing to risk
    our
    capital with brokers who adhere to this regulation, in order to earn the
    much reduced income. We will simply leave the market entirely.
    This will have an adverse affect my income will dwindle and I will
    contribute
    very little in taxes, just as before.
    The proposed legislation (RIN 3038-AC61) will adversely affect a
    multitude of retail
    traders, brokers and market makers who support retail forex, in a way that
    can only be financially detrimental to the U.S. Our economy is already
    strained to the maximum.
    Those of us who risk our capital do so willingly, and are aware of the
    risks. We do not want or need the government to protect us from ourselves.
    If the CFTC truly desires to regulate fraud and excesses, may I suggest a
    stricter and more consistent enforcement of the laws currently in effect.
    Not by destroying another vehicle that generates revenue for the U.S.
    Treasury.
    Respectfully,
    Charles JonesFrom:
    Sent:
    To:
    Subject:
    charles.j ones
    Tuesday, January 19, 2010 6:48 PM
    secretary
    Re: Regulation of Retail Forex
    David Stawick
    Secretary, CFTC
    Sir:
    I am alarmed by the proposal to further regulate the forex industry, and
    specifically the proposed margin requirements for retail traders, is appears
    that your putting in motion efforts to prevent the little guy once again
    from
    engaging in what is a legitimate way of making a living. Small retailers
    should not be shut out allowing only Big Business and Large Institutions
    to operate in the forex arena. You will drive forex activity abroad; perhaps
    to companys that are even less regulated.
    If the proposed regulation becomes law, and trading
    margin is reduced to 10:1, I and many others will not be willing to risk our
    capital with brokers who adhere to this regulation, in order to earn the
    much reduced income. We will simply leave the market entirely.
    This will have an adverse affect my income will dwindle and I will
    contribute
    very little in taxes, just as before.
    The proposed legislation will adversely affect a multitude of retail
    traders, brokers and market makers who support retail forex, in a way that
    can only be financially detrimental to the U.S. Our economy is already
    strained to the maximum.
    Those of us who risk our capital do so willingly, and are aware of the
    risks. We do not want or need the government to protect us from ourselves.
    If the CFTC truly desires to regulate fraud and excesses, may I suggest a
    stricter and more consistent enforcement of the laws currently in effect.
    Not by destroying another vehicle that generates revenue for the U.S.
    Treasury.
    Respectfully,
    Charles Jones