Comment Text:
i0-001
COMMENT
CL-00472
From:
Sent:
To:
Subject:
[email protected] <"[email protected]">
Tuesday, January 19, 2010 10:51 AM
secretary
Regulation of Retail Forex
To whom it may concern:
I am aware that you are seeking public comment on the CFTC proposal to
limit retail forex leverage to 10:1.
I have been profitably trading retail forex for nearly two years. The
proposed leverage limit would force me to deposit a significant amount of
additional margin funds with my broker which would tie up more personal
capital and subject me to additional counter-party risk of those funds
while achieving the same level of profits/losses.
Since I became aware of this proposal last week I have looked into other
solutions. The most likely alternative for me would be moving my account
to an offshore firm not subject to the new limits. I have discussed this
with several firms and it is not a difficult procedure to move an account
overseas.
Other traders I know would relocate their accounts as well, and with the
money goes US-based revenues, jobs, etc. I doubt this is an intended
consequence of the new restrictions.
Thank you for the opportunity to voice my concerns.
Sincerely,
Levi Freedman
Des Moines Home Buyers, LLC
POB 31045
Des Moines, IA 50310
515.419.4355 phone
815.550.2308 eFax
www.desmoineshomebuyers.net
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