Comment Text:
i0-001
COMMENT
CL-04698
From:
Sent:
To:
Subject:
Patrick Stiles
Sunday, January 31, 2010 11:22 PM
secretary
Regulation of Retail Forex
Dear Mr. Stawick,
Re: Opposition to RIN 3038-AC61
I'm writing to opine regarding the potentially reckless decision the CTFC is considering in limiting forex leverage to
10:1. We both know that currencies' fluctuations are so minuscule that making such a decision would interfere with
the vast majority of the forex traders in the United States. This would destroy the US based forex brokers'
businesses. This would cause two unintended consequences which are both severely bad for America's financial
industry: brokers would flee the US and it would limit investors' choices. When brokers leave the US, it does not stop
Americans from trading forex; it makes them resort to foreign brokers without the same impairments, and these
entities have less transparency. Forcing Americans to do this is unfair. The same phenomenon has been seen in the
online gambling industry - Americans are using non-US sites to gamble and have been abused by some as profiled
by 60 Minutes. Furthermore, the US based brokers would be hurt, and they produce jobs and tax revenues for
America. The other unintended consequence, limiting investor's options, is flatly un-American. America was built on
freedom, and one of the most important ones for someone navigating today's world economy is the freedom to take
on calculated risks.
I ask you to reject this unfair proposed rule change.
Sincerely,
Patrick J. Stiles
303.856.8919
