Comment Text:
i0-001
COMMENT
CL-04860
From:
Sent:
To:
Subject:
Andrew Young
Wednesday, February 3, 2010 8:22 PM
secretary
Regulation of Retail Forex
The proposed 10-to-1 leverage rule, if enacted, will effectively cripple retail
forex in the US. Customers will simply move their accounts to foreign brokers
(or foreign subsidiaries of US brokers) where there is less regulation.
In essence, the proposed regulation will achieve the opposite effect of what it
is intended to do. It will drive investment dollars offshore, and complicate tax
reporting efforts.
The massive growth in retail forex in the last few years is due in large part to
the opportunity it presents to the average investor. While many of the proposed
regulations are necessary and welcome, I urge the CFTC not to shut out small
traders.
