Comment Text:
i0-001
COMMENT
CL-00381
From:
Sent:
To:
Subject:
Ken Shaw
Monday, January 18, 2010 9:50 PM
secretary
Proposed Forex 10:1 leverage rule
Gentlemen:
First, I do appreciate your intent to provide safety and stability to the Forex market.
However, I feel certain the proposed rule will have the opposite effect. No one in his right mind
will trade this way when offshore brokers are readily available with tremendously higher
leverage. Jobs and deposits will flow offshore like a tsunami. And, those accounts will have
none of the protections you have already implemented. Far better to keep the accounts and
the trading and the jobs at home, and to have your current rules apply.
I imagine you are concerned with the shysters, the charlatans, and the horribly naive
novices who have sprung up in this Wild West environment. (I know I am!.) The proposed rule
will not affect that phenomenon in any positive way, and will instead have the opposite effect,
for the reasons cited above.
I would favor mandatory education for traders, and I would hope that education would include
a piece on the taste of snake oil.
Most sincerely,
Ken Shaw
Santa Fe, NM, USA
[email protected]
