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Comment for Proposed Rule 75 FR 3281

  • 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