Comment for Proposed Rule 75 FR 3281
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From:
Siemel Naran
Organization(s):
Comment No:
2740
Date:
1/22/2010
Comment Text:
i0-001
COMMENT
CL-02740
From:
Sent:
To:
Cc:
Subject:
Siemel Naran
Friday, January 22, 2010 2:14 PM
secretary
Siemel Naran
Regulation of Retail Forex
Identification number = RIN 3038-AC61
Comments on 10:1 leverage rule
Currently, clients at forex exchanges can choose a leverage of 100:1 or 10:1. Under the new rules, clients would have to pick
10:1.
I feel that clients should be able to pick their own leverage. At worst, the value of their account drops to zero, but that's a risk
they take. I am OK with the new margin requirement rules, as it is a deterrent to risky trading.
The rules I prefer are:
(1) The default leverage at most forex trading websites is 100:1. Change the default level to 10:1.
(2) If customers want to upgrade to 100:1 leverage, they should fill out a form, just as customers fill out a form if they want
options trading in their brokerage account.
Anyway, I think Forex trading, buying penny stocks, is a good way to lose your money. I think there should be a disclosure
statement that currency trading is risky, and users should have to check a box indicating that they've read this statement.
Please acknowledge my email.
Thank you.
