Comment Text:
i0-001
COMMENT
CL-04911
From:
Sent:
To:
Subject:
jeff peloso
Thursday, February 4, 2010 2:37 AM
secretary
Regulation of Retail Forex
Dear CFTC,
Thank you very much for taking my inquiry. As a former equity trader and current FCM employee I am
with a doubt apposed to the proposed 10:1 leverage change. This change, as you know, would cripple
the forex industry in the US. Current traders would either close their accounts or move their accounts
overseas. This would mean job losses in the thousands for the US economy, which is not what we want
during these tough times.
I'm sure you have received many emails regarding this with many apposed, but not many suggesting any
alternatives. If this bill was proposed to make sure the CFTC gets a piece of every trade, then why not
implement a reporting tool that makes each FCM report all trades and charge a small fee. As most
FCM's add a small spread for compensation, they could add a tenth of a pip for CFTC compensation.
Please keep in mind the thousands of jobs that will be affected when you vote on this bill. Thank you
again for taking the time to read this.
Regards,
Jeff P
