Comment for Proposed Rule 75 FR 3281
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From:
Andre Mennella
Organization(s):
Comment No:
1998
Date:
1/21/2010
Comment Text:
i0-001
COMMENT
CL-01998
From:
Sent:
To:
Subject:
Andre Mennella
Thursday, January 21, 2010 5:03 PM
secretary
Regulation of Retail Forex
To whom it may concern:
With regards to the proposed regulation changes for retail forex traders such as myself, I would like to inform
you that it would drastically diminish my ability to make any sort of trades at all. I think that it would be highly
detrimental not only to myself but to the market in general to pass these rules regarding leverage change
limiting to 10-1. It would affect thousands of traders who rely on the leverage provided to put on trades. It may
in fact kill the entire retail side altogether, putting many brokers out of business as well as taking away what
opportunity we as retail traders have to make a side income. With the economy the way it is at this moment I
don't see what benefit the government receives from these rule changes. It would impact tax revenue the
government collects from traders' income as well as if you don't have traders trading and making money there
would be a large loss of tax income for the government. I strongly urge you on behalf of myself and thousands
of other retail traders not to pass these rules. To do so would be detrimental to the economy, people and you,
the government. Thank you for your consideration and the opportunity to voice our concerns in this matter. If
you require further clarification or have any questions regarding my position, please do not hesitate to return
my email.
Respectfully,
Andre Mennella
