Comment Text:
i0-001
COMMENT
CL-05292
From:
Sent:
To:
Subject:
RL RICHARDS
Wednesday, February 10, 2010 2:01 AM
secretary
Regulation of Retail Forex.
Dear sir/madam,
The restriction of trading leverage to: 10:1 instead of the current, 100:1 will destroy retail trading as at present.
Trading will return as the hegemony of large commercial traders which will destroy the unique perspective of the
large number of traders in the retail sector. This will alter the economic portrayal of events reflected in the present
free market. Governments and large institutions will not receive accurate rapid feedback of events as at the
present. This will reduce such institutions ability to reflect accurately the importance of such events before
negative/catastrophic results. Certainly you appreciate the statistical importance of many thousands of analyses
upon events with the equivocating effect of same. The small trader is not always wrong in Forex. Securities
traders state, "the odd Iotter is usually wrong" this is due to uneven playing field of the brokers, insider and rapid
information in the exchange. This is why I have divested of all securities. I do not trust the industry. Recent events
have corroborated my opinion. The Forex market decentralized with huge quantities of funds does not lend itself
to such manipulation. To restrict trading to institutional traders by altering the leverage will destroy the present
playing field. The market will return to the control of the large institutional traders with their proven paucity of
ethics and social conscience. They have not demonstrated love of country society or the greater good. They live
in their own greed driven bubble which has precipitated our present deficiency. The participation of many
thousands of small retail traders reduces the effect of the few described above.
Please reconsider or defer this regulation until the total impact upon all of our institutions as well as the general
god fearing socially conscious public seeking to escape the manipulated securities systems.
R.L. Richards, M.D.
