Comment for Proposed Rule 75 FR 3281
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From:
Ferdinand Deriquito
Organization(s):
Comment No:
2161
Date:
1/21/2010
Comment Text:
i0-001
COMMENT
CL-02161
From:
Sent:
To:
Subject:
Ferdinand Deriquito
Thursday, January 21, 2010 7:38 PM
secretary
Proposed Regulations Regarding Retail FOREX Transactions
Dear sir:
I am a foreign client (retail forex) of MB Trading. I hope that foreigners' comments are considered as part of the
public comments by your office because I will also be affected by the proposed regulations. I am specifically
referring to the proposal to limit leverage to 10:1.
MB Trading, as well as other brokers I have tried, have made sure that I am aware of the risks in forex trading and
that I should never trade more than I can afford to lose. Which is why I am trading with only a small capital. If the
10:1 limit on leverage will be implemented, my capacity to trade will very limited. To continue trading profitably, I
might have to transfer my account to a Swiss broker.
I understand and appreciate that CFTC is proposing these new regulations with the intent of protecting retail
traders. But a 10:1 limit is too restrictive for retail. Why not a 100:1 limit but require brokers to allow traders to
choose from a scale of lower leverages?
Sincerely,
Ferdinand Deriquito
