Comment for Proposed Rule 75 FR 3281
Note:
If you experience an issue clicking on the "View Comments", the "Submit Comments", or any other buttons, please clear the cache in your browser and refresh the page. In Chrome or Edge, you may refresh the cache by holding down the ctrl key and clicking the F5 button.
-
-
From:
Joseph M White
Organization(s):
Comment No:
2659
Date:
1/22/2010
Comment Text:
i0-001
COMMENT
CL-02659
From:
Sent:
To:
Subject:
Joe White
Friday, January 22, 2010 11:39 AM
secretary
Proposed Changes in Forex Leverage
The proposal that
"leverage in retail forex customer accounts' would be subject to a 1 O-to-1 limitation, "is
a very
poor idea. This would insure that only the wealthiest of Americans could invest in the forex market, which is
manifestly unfair.
It would not in any way protect forex customers, as it would do nothing to reduce or limit customer
losses due to ignorance of how the forex market works. It would simply allow wealthy but ignorant
customers to lose large amounts of money.
Additionally, it would harm U.S. forex brokers, as American investors would choose to trade with
foreign brokerages.
The minimum leverage limitation should be 200-to-1. Anything lower would be harmful, if not
disastrous, to middle class American investors and to American forex brokers.
If the purpose of proposed changes in regulations is to protect the customer, Americans would be
infinitely better served by being required to complete an educational course in the forex market, if they
have less than 1 year's experience in trading forex, either in "live" or "demo" accounts.
Thank you,
Joseph M. White
[email protected]
