Comment Text:
i0-001
COMMENT
CL-04827
From:
Sent:
To:
Subject:
j [email protected]
Wednesday, February 3, 2010 4:26 PM
secretary
Public Comment Form
Below is the result of your feedback form. It was submitted by
([email protected]) on Wednesday, February 03, 2010 at 16:25:36
commenter_subject: Proposed CFTC Regulation of Retail Forex
commenter_frdate: January 7th, 2010
commenter_frpage: RIN3038-AC61
commenter comments: Dear CFTC,
You are doing no one in this country any favors by
limiting the amount of leverage to some artificial
level in the name of "protecting the public". As
traders, we know how much risk we are encountering,
and we are solely responsible for managing that
risk. 100:1 leverage serves a purpose: it enables
easy access to the market with low risk. Most
every trader uses stops, and in this way risk is
managed.
It is not your duty or obligation to set arbitrary
limits on leverage. We as traders expect you to
police the brokers, make sure they treat us fairly,
and resolve the many disputes that arise in the
spot Forex market, largely due to broker
manipulation of price feeds. If you insist on
passing such a spurious requirement, we will be
forced to withdraw all of our money from U.S.
trading accounts and find either a U.K. or Swiss
based broker. Assuming the majority of traders in
this country do the same, you will effectively be
bankrupting the U.S. Forex dealer market, and you
will no longer have to worry about regulating it,
since there will be nothing left to regulate. I
must reiterate, you cannot police a global market.
Forex is a different beast, always has been, and
needs to be treated as the global market that it
is. I hope that you can see your way clear of
unnecessary rules that serve no purpose and drive
the customer base to choose other options.
commenter name: James Orri0-001
COMMENT
CL-04827
commenter firm: Private Trader
commenter ~vithhold address on: ON
commenter_addressl : 669 Westerly Dr.
commenter_city: Crescent Springs
commenter state: KY
commenter_zip: 41017
