Comment Text:
i0-001
COMMENT
CL-05457
From:
Sent:
To:
Subject:
Barton Varney
Friday, February 19, 2010 9:20 AM
secretary
Proposed foreign currency regulation changes
Dear Secretary CFTC,
There is one change to the regulations that I find punitive. Reducing the exchange leverage from 100:1 to 10:1 in one jump. This
will devastate the smaller traders who wish earn a small profit in the currency market place. It drives trading into the hands for the rich
and powerful.
If your goal is to reduce risk why not take a less punitive route. Instead of a massive one time change make it a graduated
change. Change your computation ratio; for every 10,000 units of currency reduce it by 10. i.e. 100:1 then 90:1 then 80:1
etc. (starting at the 10,000 unit level) By the time one reaches 100,000 units the ratio is 10:1. This way capital is
increased proportionately as risk goes up. This gives the retail traders a reasonablely level playing field with the wealthy.
Please don't penalize me for the wrong doings of weathy and powerful individuals who let greed get ahead of risk. The measured
approach I propose puts the retail trader on notice that with added risk more capital will be needed. In your discussions consider the
affects on the small trader. Please give me a chance to contiue doing what I enjoy and provides a little profit along the way.
Sincerely,
Barton Varney
47 Upper Stella Ireland Road
Binghamton, New York 13095
