Comment Text:
i0-001
COMMENT
CL-04363
From:
Sent:
To:
Subject:
Attach:
[email protected]
Thursday, January 28, 2010 12:59 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 Paul
last name Gavin
address1 6 Nottinghill Road
city Brighton
country United States
us state MA
zip 02135
company Chasuk, Gavin, & Ramani LLC
To whom it may concern-
I feel compelled to respond; the proposed piece of legislation, RIN 3038-AC61, is excessively
restrictive, and unduly discriminates against investors with small amounts of trading capital.
Finance has always been a game dominated by a few big, rich participants. This is an
eventuality of our economic system, and I doubt it will change. However, the advent of retail
foreign exchange brokers offering high leverage and low account minimum balances has
opened up the field for an array of new players. Cetainly, the risk is high, and some
unfortunate uninformed individuals may not properly understand leverage, and thereby lose
their investments. However, I believe that the majority of small players in retail FX are, in
fact, fully cognizant of the risk levels entailed, and know how to manage their funds
accordingly. Higher leverage may be risky, but it allows so many ambitious, often young
people to get involved in finance. Isn't retail FX offering the original American dream? A path
fraught with challenges and risk, but for a few, ending it great riches and success?
Some food for thought,
Paul J. Gavin
Chasuk, Gavin, & Ramani LLC
