Comment Text:
i0-001
COMMENT
CL-00220
From:
Sent:
To:
Subject:
Forex Steve
Sunday, January 17, 2010 12:02 AM
secretary
Regulation of Retail forex
Dear Secretary: This email concerns the proposed CFTC Reauthorization Act of 2008 and reducing the leverage
of accounts to 10 to 1 from 100 to 1. Your desire to regulate the other aspects of trading is fine, but you must not
reduce the leverage. If ~ may be so blunt, please stop trying to save us from ourselves. I am a securities licensed
financial representative for 17 years so I know risk and many other traders do. It is true that many new traders will
lose a few thousand dollars trying to learn how to trade, but that is life and most of them go away. But currency
trading is the future for trading, not stocks, and all you will do is drive us oversees. We live in a world economy,
especially with forex, and I and tens of thousands of others will simply move our accounts to the U.K. We are
going to trade and it doesn't matter to us where our accounts are held. I could go on for pages on why this is
wrong, but I won't.
Sincerely, Steve Comontofski
