Comment for Proposed Rule 75 FR 3281
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From:
Richard Bird
Organization(s):
Comment No:
1262
Date:
1/20/2010
Comment Text:
i0-001
COIMMENT
CL-01262
From:
Sent:
To:
Subject:
[email protected]
Wednesday, January 20, 2010 10:03 PM
secretary
'Regulation of Retail Forex'
RIN 3038-AC61
To: David Stawick, Secretary Commodity
Futures Trading Commision
Mr. Secretary,
I have read your proposal for Retail Forex trading accounts and the 10 : 1 leverage limit proposal.
While the CFTC's concearn for protection of traders is commendable and valid, It is my opinion with
more than 26 years of market experience that a 10:1 leverage imposition will destroy the retail Forex
Industry. It will send traders to the options market.
The cash forex market is simple. When ones account is below a certain amount, they cannot trade
without an infusion of funds. Cooler more patient minds prevail. But who of us is patient at 10:1. This
will destroy an industry.
It would be better to focus on regulating firms so they cannot trade against their own clients and they
cannot show the client orders - make it a fair and honest market. But let leverage and individual trader's
wisdom prevail.
Sincerely,
Richard Bird
Aspen, Colorado
