Comment Text:
i0-001
COMMENT
CL-03395
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[email protected]
Saturday, January 23, 2010 8:59 PM
secretary
Public Submission for 2010-00456
Public Submission for 2010-00456.zip
Please refer to the attached file.Please Do Not Reply This Email.
Public Comments on Regulation of Off-Exchange Retail Foreign Exchange Transactions and
Intermediaries:
Title: Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries
FR Document Number: 2010-00456
Legacy Document ID:
RIN: null
Publish Date: Wed Jan 20 00:00:00 EST 2010
Submitter Info:
first name Dean
last_name Rager
address1 1913 Lydia Dr
city Lafayette
country United States
us state CO
zip 80026
company Radii Trading Corp
I currently have a releatively small account in the FOREX market as I learn to trade currency
with the hope of potentially making this a way to support my income in the future. However,
with the new proposed rules of 10% maximum leverage, this will force many United States
residents who trade in the Retail Forex market to move our funds over seas to brokerage
firms not regulated by the CFTC in order for us to have the equity required to prevent margin
calls. There are those that perhaps don't understand margin, leverage, and how it can work
for and against your just as easily. Some regulation of the markets to protect the consumer
are needed, however, when regulation becomes too aggressive it actually hurts the "little
guys" such as myself from being able to make money in a market dominated by only large
firms such as the Goldman Sachs. One must be educated about what leverage is and there
should be clear rules so that retail customers understand what leverage is and how it works,
but it should not be so overburdon that it forces the rest of us out. This is one rule that goes
too far.
