Comment Text:
i0-001
COMMENT
CL-01336
From:
Sent:
To:
Subject:
[email protected]
Wednesday, January 20, 2010 11:01 PM
secretary < secretary@ C FTC. g ov >
Regulation of Retail Forex RIN 3038-AC61
To Whom It May Concern,
I am writing to express my concerns about proposed legislation regarding retail forex trading.
There has been significant changes in the past two years and the major ones being a reduction in
leverage and the elimination of hedging. While I can agree with hedging, reducing the leverage to
10:1 serves no purpose for the retail trader. I am personally tired of the "father-knows-best"
mentality that persists in the CFTC. Stop telling us what is good for us. We are mature adults
capable of making informed decisions. We understand the risk and are prepared to accept it.
However, we are unwilling to accept another entity needlessly meddling in our affairs and telling us
what is acceptable for our money. Many traders will simply move their accounts overseas,
especially to the UK. In the UK, they allow us to hedge, use leverage equal or greater than what
we have today and they provide far better security for our funds via FSA than the US offers to
retail traders. So why diminish our ability and simulatenously offer little in return? I would like to
keep my monies in America and partner with American business. You all, however, are making a
compelling case for us to move our accounts overseas or to a non-CFTC broker. Sure, you can try
to scare the masses and imply that our money won't be safe with a non-CFTC broker, but if we
wanted safe money, we'd simply open a bank account and collect our 0.03%APR.
This organization should strongly reconsider the proposed changes.
Sincerely,
Arwann Boyd
Chicago,IL
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