Comment for Proposed Rule 75 FR 3281
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From:
Andrew Atkin
Organization(s):
Comment No:
1839
Date:
1/21/2010
Comment Text:
i0-001
COMMENT
CL-01839
From:
Sent:
To:
Subject:
Andrew Atkin
Thursday, January 21, 2010 1:22 PM
secretary
Regulation of Retail Forex
Ladies and Gentlemen,
I have to express my strong disagreement with leverage restrictions on FOREX retail transactions in your
"Proposed Regulations Regarding Retail FOREX Transactions". Proposed 10:1 leverage limit on retail
accounts places retail customers into severe disadvantage as compared with institutional traders.
Moreover, while this proposed measure intended to protect retail customers, it acually adds much more risk
and trading losses forcing US retail FOREX traders either to trade higher percentage of their accounts in each
transaction increasing trading risk dramatically, or to move their accounts to offshore brokerages without any
protection by US laws.
As a public agency, you function is to protect consumers against fraudulence and unscrupulous brokerage firms
without prescribing ill-conceived limits on personal finance matters. As a consumer, I feel that this proposed
leverage limit is violation of my Constitutional rights since you are attempting to limit my ability to use my own
money.
The correct solution would be a requirement for all retail FOREX brokerage firms to provide a range
of available leverages so every retail customer can choose an appropriate leverage without US government
agency mandating on personal finance matters.
Andrew Atkin,
Retail FOREX customer
