Comment for Proposed Rule 75 FR 3281
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From:
Leonard Leinow
Organization(s):
Comment No:
1886
Date:
1/21/2010
Comment Text:
i0-001
COMMENT
CL-01886
From:
Sent:
To:
Subject:
Leonard Leinow
Thursday, January 21, 2010 2:29 PM
secretary
Regulation of Retail Forex
I am an investor, trader and an introducing broker for the Forex
markets. I have many personal live accounts open at this time. Most
are through brokers in the US. However, I also have a couple of
accounts open through brokers in the UK and Switzerland and I am
actively trading them.
Besides my own personal and corporate accounts, I have many clients
that are trading under my funds that I recommend or manage. Currently,
these accounts are all with US brokers, primarily FXCM US.
If the proposed changes to reduce the leverage are passed, I will
close all US accounts, move the funds offshore and continue trading
through the UK and Swiss brokers. I assume that most other
sophisticated investors, traders and account managers will do the
same. Consequently, a large amount of funds will be moved offshore.
I believe that this type of movement will be detrimental to the US
economy. Many jobs will be lost. Taxable income from brokers as well
as investors will be lost. All in all, this will have a negative
impact on the US. Trading in Forex will continue, just not in the US.
My recommendation is that this proposal be dropped.
Sincerely,
Leonard Leinow
Best FX Funds
