Comment Text:
i0-001
COMMENT
CL-04588
From:
Sent:
To:
Subject:
Kip Knight
Saturday, January 30, 2010 1:09 PM
secretary
Retail Forex
Regarding: RIN 3038-AC61
To Whom It May Concern;
I am a retail Forex trader, and I understand the need for market legislation. In 2009 when hedge rules changed for NFA
regulated brokers, I viewed the change as generally positive. Conversely, I believe that the 10:1 aspect of the RI N 3038-AC61
is disastrous and will have multiple unrecoverable negative impacts on Forex trading in the US.
Retail Forex brokers will be, in many cases forced to close because a large percentage of accounts will be
moved off shore
Tax revenue from individuals working for current Forex brokers will be eliminated as a result of loss of jobs
Traders with small accounts will move their accounts offshore
This is overregulation and is seen as a continuation of over regulation
I trade with GFT and have a wonderful relationship with my broker. I use proper money management in my account and only
trade with funds I can afford to loose. I understand that not all traders follow this policy, but I should not be penalized for the
actions of others. I generally believe that rule makers and legislators attempt to act in the best interest of those being
regulated; however, clearly when a rule or legislation has such a broad sweeping negative impact it cannot be seen as
positive. My experience is not unique, and I urge a reconsideration of RIN 3038-AC61.
Brokers and traders alike in the retail Forex market recognize the abuses that have occurred in the past and continue to occur
in some areas. But, RIN 3038-AC61 penalizes all participants in the retail market not just those who abuse the system. Stop
RIN 3038-AC61, and write legislation that works. Eliminate overregulation and win a victory for retail Forex.
Sincerely,
Kip Knight
[email protected]
