Comment for Proposed Rule 75 FR 3281
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From:
Adam S Baker
Organization(s):
Comment No:
2119
Date:
1/21/2010
Comment Text:
i0-001
COMMENT
CL-02119
From:
Sent:
To:
Subject:
Adam Baker
Thursday, January 21, 2010 7:15 PM
secretary
Regulation of Retail Forex
To whom to may concern:
This email is in regards to the newly proposed leverage limit of 10:1 for retail forex brokers in the
United States. I currently make a living trading forex with a retail broker in the U.S., and this proposed
leverage limit would effectively end my ability to do this. I will either be forced to find a new career, or
take my business to an offshore broker. I would rather not have to take my business elsewhere, as I am
a U.S. citizen and appreciate the security of knowing I am doing business with a U.S. based entity. All
U.S. brokers are required to disclose the risks of trading in the forex market to prospective clients, and I
feel that this is sufficient enough. There is no need to force brokers to "protect people from
themselves." This is the United States, land of free, responsible adults who want to take their lives into
their own hands. The proposed leverage limit of 10:1 would be a most unnecessary and unwelcome
intrusion into the people's ability to choose their own path in life. I sincerely plead to you to please
reconsider this proposed leverage limit; 10:1 is just too much of a change. Most traders would probably
agree that a limit of 50:1 would be much more of an agreeable compromise. Thank you for your time
and I hope you will consider what I have said.
Sincerely,
Adam S. Baker
