Comment Text:
i0-001
COMMENT
CL-00249
From:
Sent:
To:
Subject:
Aaron Z.
Sunday, January 17, 2010 12:41 PM
secretary
Regulation of Retail Forex
Dear Mr. Stawick,
I am a retail Forex trader and I am strongly opposed to the 10:1 leverage proposal by the CFTC. I have
to agree with Francesc Riverola's (of FxStreet.com) arguments against the proposed legislation:
90% of the accounts will go offshore, mostly to the United Kingdom
Thousands of jobs for highly educated individuals will be lost
The proposal does not fix fraud, the subject the rule tries to adjust.
100 to 1 leverage is very popular. Lowering leverage to 10:1 will cause a strongly growing
industry to collapse
Unregulated dealers worldwide will benefit.
Additionally I would like to add that people should be held responsible for their investment/trading
decisions, and not protected from themselves by the government. Fraud will not be eliminated with the
10:1 leverage requirement. Uneducated / Unsophisticated investors/traders would only get vistimized
by unregulated dealers. Please consider actions that target Unlicensed FX Dealers and Bankers rather
than modifying the existing FX leverage rates.
Best Regards
Aaron Z.
