Comment for Proposed Rule 75 FR 3281

Comment Text:

i0-001
COMMENT
CL-00144
From:
Sent:
To:
Subject:
rosstodd@yahoo, com
Saturday, January 16, 2010 12:24 AM
secretary
Public Comment Form
Below is the result of your feedback form. It was submitted by
([email protected]) on Saturday, January 16, 2010 at 00:24:11
commenter_subject: Reducing leverage
commenter frdate: 01/15/10
commenter_frpage: 5772-10
commenter_comments: What are you thinking? Do the Futures Brokers own
you? Is this what you are really trying to do -
force everyone to trade with them and increase the
costs of the individual trader? Reducing leverage
will not change people blowing accounts when FOREX
brokers blanket the internet with advertising
promising fast and easy money with a little
disclaimer at the bottom of heavy risks of loss.
The fact is the FOREX is a zero sum market.
Lowering the leverage of retail FOREX in the U.S.
would do nothing but kill a legitimate business.
Why would Americans keep trading in a climate that
is laden with laws against them? Why would
foreigners open a FOREX trading account in the U.S.
when the rules are prohibitively against them
compared to other jurisdictions around the globe?
[Leverage works for you as much as against you.]
We have already suffered massive restrictions in
the U.S. already from the NFA with imposing No
hedge rules and FIFO. Most U.S. brokers have
already opened brokerages outside the U.S. already
due to the enactment of these rules and to my
knowledge all have plans to do so.
By enacting this legislation to restrict and limit
traders further will only cause a mass exodus of
FOREX trading in the retail U.S. markets.
So if American traders put their money in a foreign
FOREX broker how can you say this will benefit the
trader? How will this protect the American trader?i0-001
COMMENT
CL-00144
How will this benefit the U.S. based broker? How
will this encourage investment from foreign means
in the retail U.S. FOREX market when rules around
the globe are more favorable to the trader?
Are we not satisfied until we move all high paying
jobs overseas?
Changing the level of leverage will do nothing to
prevent someone from blowing an account or losing
in FOREX.
The U.S. retail FOREX market is an infant when
comparing it to the U.K. and various other places.
Yet they don[t see the need for these kinds of
rules and restrictions. If you are so worried about
the consumer you should educate them and not
restrict them.
Because an educated trader will know better when
the time comes. Limiting leverage or some of these
other ridiculous things the lawmakers that be come
up with all in the name to protect us from
OURSELVES? What a pathetic joke. If it[] s not
obvious already I would hope that you elect to
leave leverage rates the way they currently are at
the minimum of 100:1. Otherwise the people you are
trying to protect will be leaving your jurisdiction
in droves.
commenter name: ross todd
commenter firm: NOYB
commenter addressl : 1071 wiliki dr
commenter_city: honolulu
commenter state: hi
commenter zip: 96818
commenter~hone: 8084229555