Comment Text:
i0-001
COMMENT
CL-03405
From:
Sent:
To:
Subject:
Yanbin Wu
Saturday, January 23, 2010 9:37 PM
secretary
RIN 3038-AC61 - Regulation of Retail Forex
Mr David Stawick,
I am a non-US resident alien who has an account with US FX broker -
Interbank FX. I read with consternation and disbelief that the CFTC is
considering limiting the leverage for US retail forex to only 10:1.
Coming on top of the anti-hedging and FIFO rules, which has seriously
affected my trading software, this is the proverbial last straw that
breaks the camel back. If this ruling goes through, I will be closing
my US FX account and repatriating all my funds overseas. As it stands,
I have already opened many accounts with non-US brokers after the
anti-hedging and FIFO rules, reducing my funds with IBFX.
I don't understand the logic behind the 10:1 rule. Do you know that
more and more retail traders depend on FX trading as a source of
income? Your ruling is going to kill the livelihood of many small-time
traders, who have a family to support. You should spend your time
looking at how to regulate the rich institutional traders than to
think of ways to screw up the lives of retail traders!!!
I hope the CFTC will stop this madness and abort the ruling, which
will be extremely detrimental to the US financial industry.
Regards,
Yanbin
