Comment for Proposed Rule 75 FR 3281
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From:
Stephan Schalekamp
Organization(s):
Comment No:
3108
Date:
1/23/2010
Comment Text:
i0-001
COMMENT
CL-03108
From:
Sent:
To:
Subject:
Stephan Schalekamp
Saturday, January 23, 2010 1:39 AM
secretary
Regulation of Retail Forex
RIN 3038-AC61
GFT, Oanda, IBFX, Gain Capital, FXCM, FX Solutions, FXDD, PFG Best and CMS Forex consider that if the
proposal passes:
- 90% of the account will go offshore, mostly to the United Kingdom
- Thousands of high educated jobs will be lost
- An industry worth over $1 billion gone, loosing millions in taxable revenue.
- The proposal does not fix fraud, the subject the rule tries to adjust. Battle against unlicensed FDMs and IBs fix the
fraud, not 10 to 1 leverage.
- 100 to 1 leverage is very popular. Traders simply will not accept 10 to 1 leverage.
- Unregulated dealers from around the world will also benefit.
Conclusion: Thousands of jobs lost when unemployment is at 10%, consumers more vulnerable to fraud, and the
United States tosses away one of the most promising export industries.
Does this make any sense to you?
