Comment for Proposed Rule 75 FR 3281
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From:
J Bailey
Organization(s):
Comment No:
1867
Date:
1/21/2010
Comment Text:
i0-001
COMMENT
CL-01867
From:
Sent:
To:
Subject:
[email protected]
Thursday, January 21, 2010 1:56 PM
secretary
Fwd: Regulation of Retail Forex
..... Forwarded Message .....
From: bailey900@comcast, net
To:
[email protected]
Sent: Thursday, January 21, 2010 1:54:40 PM GMT-05:00 US/Canada Eastern
Subject: Regulation of Retail Forex
Dear Secretary :
I don't agree with the proposed policy to radically lower Forex leverage from 100:1 to 10:1 for all NFA and CFTC
regulated Forex firms.
This puts US investors and brokers at a clear disadvantage since foreign companies and investors outside the US
will continue to have the leverage that you propose to deny US investors. The difference between a 100:1 margin
and a 10:1 margin is highly significant and will reduce the number of investors looking towards forex trading as a
parttime interest and as a source of income.
Whoever came up with this idea has never traded in the forex market and does not understand the benefits of
leverage to the ordinary trading investor.
I commend effort to provide increased consumer protection - however changing leverage is not something I can
support given the huge disadvantage it would provide to reduce returns and make US investors uncompetitive on
a global scale.
J. Bailey
