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Comment for Proposed Rule 75 FR 3281

  • From: Aramis Shannari
    Organization(s):

    Comment No: 603
    Date: 1/19/2010

    Comment Text:

    i0-001
    COMMENT
    CL-00603
    From:
    Sent:
    To:
    Subject:
    007James Bond
    Tuesday, January 19, 2010 1:33 PM
    secretary < secretary@ C FTC. g ov >
    RE: Regulation of Retail Forex
    Dear Secretary,
    This letter is sent to express my opinion concerning the proposed forex 10:1 leverage rule
    RIN 3038-
    AC61.
    I strongly disapprove of any such rule. Please do not pass this ruling!
    By using such heavy handed regulation you will drive the market for Forex retail to overseas
    markets and this would puta lot of good brokers out of business in the USA. These good
    businesses pay taxes!
    Also, it will encourage people to setup accounts with non-NFA forex brokers and that means an
    increasing number of people will be at more risk of their account falling into the hands of
    disreputable brokers. You will spend more time sorting through the law suits than what you are
    trying to achieve with the 10:1.
    As the CFTC you should be spending more time regulating "OVER THE COUNTER CREDIT DEFAULT
    SWAPS" which Wall Street abused and brought the economy of the world to its knees, rather than
    Main Street Forex retail who are trying to recover from such losses. Spend time trying to regulate
    these derivatives than trying to pass draconian measures for forex retail, which in the end will only
    hurt the little guy.
    Thanks for listening and please do not pass this ruling!
    Aramis Shannari
    310-926-9249
    Ruling:
    RIN 3038-AC61