Comment for Proposed Rule 75 FR 3281
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From:
Franky Thomas
Organization(s):
Comment No:
2351
Date:
1/21/2010
Comment Text:
i0-001
COMMENT
CL-02351
From:
Sent:
To:
Subject:
Franky Thomas
Thursday, January 21, 2010 11:08 PM
secretary
Regulation of Retail Forex
Dear Sir,
I am writing to object to the proposed regulation of retail Forex traders (Identification number R1N
3038-AC61). I object to the provision that states, "Leverage in retail forex customer accounts would be
subject to a 10-to- 1 limitation."
Previously last year, a new NFA compliance rule dictated a 1% margin requirement for the major
currencies, capping the maximum available leverage at 100:1. This rule totally prevents me to gain more
profits out of my trading account because I need more capital to initiate a position and maintain margin
requirements.
I have three years of trading experience as an independent trader. I should not be subject to a 100-to-i,
or even worse 10-to-1 limitation. This limitation would force me to have more money, not less, at risk.
Finally, this provision would make small retail traders like me in a hard situation. Please kindly
reconsider.
Thank you for your understanding.
Best regards,
Franky
