Comment for Proposed Rule 75 FR 3281
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From:
Caleb Salmon
Organization(s):
Comment No:
2577
Date:
1/22/2010
Comment Text:
i0-001
COMMENT
CL-02577
From:
Sent:
To:
Subject:
Caleb Salmon
Friday, January 22, 2010 10:17 AM
secretary
FX Leverage Change Outrageous
Mr. Secretary,
You will ruin retail FX trading in the US if you pass this regulation. It does NOT protect the "little guy," rather it
serves the interests of the large brokers and futures dealers who don't want competition and want to eliminate
spot FX in favor of currency futures. Leverage allows us to keep most of our funds in safer places rather than
exposing them to uninsured brokerage account pools. Sure some people misuse leverage to their own
detriment, but you can't fix stupid. They'll find some other way to lose their money. I for one will take my
business to offshore brokers if you pass this regulation and I'm sure most retail FX traders will as well. The
current warnings are more than sufficient. When I first started I was fully aware of all the risks from the
disclosures I had to sign.
Thank you,
Caleb Salmon
