Comment Text:
i0-001
COMMENT
CL-03399
From:
Sent:
To:
Subject:
Kirt Loose
Saturday, January 23, 2010 9:16 PM
secretary
'Regulation of Retail Forex' - Identification number R1N 3038-AC61
Memo
To:
From:
CC:
Date:
Re:
David Stawick, Secretary Commodity
Kirt S. Loose
U.S. Senator:
Brown, Sherrod, and Voinovich, George V.
1/23/2010
'Regulation of Retail Forex' - Identification number RIN
3038-AC61
Dear Sir,
As you may be aware, the U.S. Commodity Futures Trading Commission (CFTC) announced on January 13, 2010 that it is seeking public
comment on proposed regulations concerning retail Forex trading.
As part of the proposed regulations, it is stated: "leverage in retail Forex customer accounts would be subject to a 10-to-1 limitation," which
means 10:1 leverage would be the maximum amount allowed for all Forex traders in the U.S.
An example of how-the proposed regulatory restrictions would affect a major currency pair appears below-:
Maximum Leverage under Current Regulations
USD/CHF
100:1 leverage (one percent)
1 lot (100,000)
Margin requirement: $1,000
Maximum Leverage under Proposed CFTC Changes
USD/CHF
10:1 leverage (10 percent)
1 lot (100,000)
Margin requirement: $10,000
As a FOREX trader and individual investor I strongly oppose the proposed regulations.
I stand behind the belief that an individual
investor should be given the freedom and right to choose the amount of leverage that is appropriate for their individual desired risk in the
FOREX market, and that this basic principle of'choice' is in jeopardy by the proposed CFTC regulations. I am requesting that each of you
assist in stopping the proposed regulations.
Sincerely,
Kirt S. Loose
300 N. Pennsylvania Ave
Fremont, OH. 43420
419-307-5491
