Comment Text:
i0-001
COMMENT
CL-05022
From:
Sent:
To:
Subject:
[email protected]
Thursday, February 4, 2010 6:17 PM
secretary
Regulation of Retail Forex
David A. Stawick
Secretary
Commodity Futures Trading Commission
1155 21 st Street, N.W.
Washington, D.C. 20581
sent via electronic mail
Dear Mr. Stawick,
I am writing to voice my opposition to the CFTC's further regulation of leverage in
the forex market.
I am an average person who trades in the Forex markets. I am not a broker or a
Forex professional.
In the last few years, I have made my living with supplemental income earned
through trading in the
Forex markets. At the present time, due to the recession, it is the only way I am able
to earn an income.
You have already limited my ability to trade prosperously by curtailing the leverage
limit from
400:1 down to 100:1. I really would prefer that such regulation be
reversed, however, I can live with
that change. But if you move the leverage limit regulation down to 10:1, then I will
not be able to trade
with smaller deposit amounts in my trading accounts, making it impossible for me to
continue to support
my family during these recessionary times.
The proposed changes will hurt me and my family quite a bit. If you go ahead with
such regulations, the
only option I can see after that is to take my trading outside the USA. I do not
believe that would be
good for the economy or for the Government. I also have friends in other countries
who use U.S. based
Forex brokers to do their Forex trading. If this proposed regulation gets passed,
then they have told me
that they will choose to use brokers outside the USA instead. That is also not good
for the U.S. economy.i0-001
COMMENT
CL-05022
It is my understanding from the U.S. Constitution that government is supposed to
promote freedom and the
right to choose, not attempt to protect us through limiting choice and accountability,
based on a supposed
belief that we the people are not smart enough to think for ourselves. As an
average citizen of the United
States, I am well aware of the risks from trading in the Forex markets, and do not
need to have a government
organization attempting to control me under the guise of providing protection.
I therefore respectfully ask that you not interfere any more with your regulations
which will not only
hurt the US economy more, but will hurt me and my family and my friends
families as well.
Thank you for providing us an opportunity to speak out on this issue.
Sincerely,
A. W. Rupp
Springville, Utah
[email protected]
