Comment Text:
i0-001
COMMENT
CL-04816
From:
Sent:
To:
Subject:
Attach:
[email protected]
Wednesday, February 3, 2010 10:59 AM
secretary
Public Submission for 2010-00456
Public Submission for 2010-00456.zip
Please refer to the attached file.Please Do Not Reply This Email.
Public Comments on Regulation of Off-Exchange Retail Foreign Exchange Transactions and
Intermediaries:
Title: Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries
FR Document Number: 2010-00456
Legacy Document ID:
RIN: null
Publish Date: Wed Jan 20 00:00:00 EST 2010
Submitter Info:
first name Lawrence
last_name Pingree
address1 3430 Andrews Dr #117
city Pleasanton
country United States
us state CA
zip 94588
company SiliconvalleyForex.com
Dear Secretary,
The recent proposal to limit leverage to 10:1 for retail FOREX investors would devastate my
business and also my trading as it immediately reduces the possibility of making any
substantive money in the FOREX market. This would cause me and many others to
immediately remove our money from FOREX investments in the USA. We would be forced to
move our capital overseas in order to maintain our trading strategies. I think if you wish to
limit leverage, then it at 100:1 rather than 10:1 leverage which would make it still reasonable
to trade the FOREX in the USA.
Please stop this continued slaughter of random market participants. We as FOREX investors
did not cause the CDS market failure and subsequent collapse of Lehman and we were
never responsible for the issues facing our existing market. It seems that everyone is in some
ridiculous line of thinking that they must ratchet down on all trading worldwide and this is
simply not the case and ridiculously outlandish to all who are involved. We are not making
bets without proper margin?s and capital as was happening in the CDS and CDO markets.
Please, I beg you to stop punishing everyone for their lack of risk management.
If you eliminate risk entirely then what?s the point in trading at all? Institutions who take too
much risk SHOULD fail, this is the fundamental principle of capitalism that somehow
everyone in congress and other regulatory boards seem to have forgotten. Too big to fail is a
fallacy and now this thing will cause failure of my small business along with many others
simply because you want to limit risk for the few that have gone too far.
