Comment for Proposed Rule 75 FR 3281
Note:
If you experience an issue clicking on the "View Comments", the "Submit Comments", or any other buttons, please clear the cache in your browser and refresh the page. In Chrome or Edge, you may refresh the cache by holding down the ctrl key and clicking the F5 button.
-
-
From:
Andreas Bumbacher
Organization(s):
Comment No:
2020
Date:
1/21/2010
Comment Text:
i0-001
COMMENT
CL-02020
From:
Sent:
To:
Subject:
Bumbacher-Koeferli Andreas + Viviane
Thursday, January 21, 2010 5:26 PM
secretary
Regulation of Retail Forex
Dear CFTC,
This regulation will not help to protect individual clients from loosing money in forex trading, I mean reducing
leverage possiblities to 10:1.
Its important to know that will massively affect all regulated forex trading firms in the U.S. No client will stop
trading with high leverages,
but they will move their accounts to UK or europe. That is just what happend after your first unbelievable FIFO
regulation.
Money is transfered to sub-brokerages in UK and Europe which do not have these rules. So what are they good
for? Forex.com, FXCM and
all regulated forex trading firms created buisness there and transfer the accounts outside U.S. Is that really what
you want?
You protect "zero" trader but you force firms to such steps, because they dont want to loose customers.
Don't do this, it will kill forex trading in U.S. completely and there are quite a few people living from this business
in U.S.
best regards,
Andreas Bumbacher
