Comment for Proposed Rule 75 FR 3281
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From:
S Wyeman
Organization(s):
Forex Training Works Ltd
Comment No:
1866
Date:
1/21/2010
Comment Text:
i0-001
COIMMENT
CL-01866
From:
Sent:
To:
Subject:
[email protected] on behalf of
Sid(@ftw)
Thursday, January 21, 2010 1:55 PM
secretary
Comment on Proposed Regulations Regarding Retail FOREX Transactions
Sir,
With regard to r~N 3038-AC61.
As a trainer and trader with some 6 years experience in the retail forex market, I concur that regulation is necessary with regard to certain brokerage practices and is well overdue.
However I have to register my strong disagreement with the leverage limit percentage being downgraded to 10 to 1 maximum leverage.
In my considered opinion this limit is far too low and would mean thousands of current small traders
leaving the market. A sensible and workable leverage maximum would be 50 to 1, and I respectfully ask
you to consider this alternative. It is right and proper to limit the excessive leverage offered by
unscrupulous brokers, but at a limit of 10 to 1 this is surely a case of throwing the baby out with the
bathwater?
Yours Sincerely
Mr S. Wyeman
Forex Training Works Ltd
US: 01144-800-612-7523
UK: 0800 6127523
(Timezone: GMT)
www.ForexTrainingWorks.com
