Comment Text:
i0-001
COMMENT
CL-04809
From:
Sent:
To:
Subject:
craig hendrickson
Wednesday, February 3, 2010 6:21 AM
secretary
Regulation of Retail Forex (R1N 3038-AC61) Comments
RE: Regulation of Retail Forex (RIN 3038-AC61) Comments
I trade forex using both US & non-US brokers, & I am very concerned about the CFTC's proposed
changes to forex trading in the US.
1)Please do not institute laws that will change the maximum leverage to 10:1. All this will do is force
US traders to use forex brokers outside of the US.
2)Please do not institute laws that will require start-up forex brokerages in the US to have $20-million in
capital. All this will do is limit competition for large brokerages & create a monopoly in the
marketplace; again forcing US forex traders to trade through non-US brokers. Maybe you can enact a
tiered plan for startups, with $20-million as a goal after a set number of years.
Enacting regulations on US forex trading that are too limited & generally inconsistent with the current
regulations in other reputable countries (UK, Switzerland, etc.) will not accomplish anything good for
the USA; we will lose the bulk of US forex trading to overseas markets.
Thanks for listening.
Craig Hendrickson
Denver, CO
