Comment Text:
i0-001
COIMMENT
CL-04646
From:
Sent:
To:
Cc:
Subject:
suresh bhattarai
Sunday, January 31, 2010 7:46 AM
secreta ry < secreta ry@ C FTC. g ov >
Stawick, David ; Smith, Thomas J.
; Bauer, Jennifer ;
Penner, William ; Cummings, Christopher
W. ; Sanchez, Peter
< [email protected]>
STRONGLY OBJECT TO 10-1 LEVERAGE LIMIT IN REGULATION
OF RETAIL FOREX PROPOSAL RIN 3038-AC61
With regard to latest proposal of limitinq the leverage market:
I am a FX trader from UK and was happy to open account with US broker until few months back
when CFTC proposed no hedging rule &reduction in margin, in order to so called protection of
retail traders, which idoubted but, i believe was the start of game being placed by big boys and
institutional group in order to satisfy their own vested interest with retail forex market. With the
advent of internet and leverage, retail forex has been so popular that these guys are madly behind
retail forex market as it has greatly affected their business. Actually, it requires no common sense
to understand the game behind this new restrictions, just after couple of months of earlier
restrictions shows how desperate those parties where to reduce the popularity of retail forex
market. Earlier restriction of hedging and reduce leverage by significant proportion actually did
not help those parties intent. And you guys are actually knowingly or unknowingly going to do
favour on them. If
you go ahead, you
will kill
the retail forex market!
You will receive well
deserved kudos from those benefited parties.
Think about ordinary people like me who can actually plan to do many things because i am doing
well in forex . Please remember that there are thousands and thousands of people are doing very
well in this business with inherent Risk associated with this product. There is no necessary to put
laws relating to hedging and leveraging which actually limits US traders over rest of the world. I
doubted very much that if those rules are imposed, that any new ordinary people will join the forex
business by opening account with US brokers. What have they done to get these restrictions
because they are joining this business not as early as me. Why these desperate restrictions now,
people were trading from many, many years before?
We risk our own hard owned money, why are you interfering on our own personal choice. We are
not Lehman brothers nor northern rock who take excessive risk on others money, go ahead and
put caps on them who risk million of peoples savings not on us who risk our own hard earned
money.
Please remember the brokers have done enough to let us know what are the risk factor
in getting in to retail forex , risk disclosure are not hidden but clearly stated in face of
customer agreement which every one goes through before opening the account with
these brokers. No sensible person jumps in the sea without preparation but every year
people die because there are some who violet normal common sense and unfortunately
some unlucky ones. So would you put restrictions on surfing or manage it by getting life
guards and all other stuffs. Your proposed rule is not going to make it safer but will kill
the retail forex market.
CFTC
has already forced me and thousands of traders like me, all around the world to close/limit
account with US broker and move to other countries due to earlier restriction of hedging andi0-001
COIMMENT
CL-04646
leveraging. I moved significant size of my account to non US broker. Now this new leverage game
played by CFTC within just matter of few months will end my relation with US Broker.
Choice is yours, but for now Bye Bye US Brokers!
Suresh Prasad Bhattarai
London, UK
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