Comment Text:
i0-001
COMMENT
CL-04328
From:
Sent:
To:
Subject:
Gregory W. Fulton
Thursday, January 28, 2010 4:00 AM
secretary
Regulation of Retail Forex : R1N 3038-AC61
To whom it may concern.
I would like to make two observations relevant to newly proposed regulations of the Forex markets.
First regards the proposed new capital requirements specifying FCMs and RFEDs would need to
maintain a net capital of at least $20 million, plus 5% of any amount of retail customer liabilities that
exceed $10 million. In my opinion, this would decrease competition and consequently cost potential
American jobs in a time when they are severely needed.
Second is the proposal to set the maximum leverage for US retail Forex to 10:1. This, far more than
anything, would force me to move my account overseas.
When I consider these and recent rules, I honestly wonder if the CFTC and NFA are attempting to
extinguish the retail Forex business.
Thank for your time and consideration.
Sincerely,
Gregory W. Fulton
[email protected]
P.S. I still don't agreed with the logic behind the rules pertaining to Hedging and FIFO and sincerely
wish they would be repealed. As with the above, such actions merely punish the retail customer and
force retail American Forex brokers out of business or overseas.
