Comment Text:
i0-001
COMMENT
CL-06084
From:
Sent:
To:
Subject:
Sunil Sharma
Friday, March 5, 2010 10:02 AM
secretary
Regulation of Retail Forex
Dear Secretary,
I am writing to let you know that the proposed change to limit the leverage to 10:1 for retail Forex traders
(RIN 3038-AC61)will have negative impact on the industry and small traders like myself
am a small retail Forex trader. I consider myself to be fairly knowledgeable about investing, trading and financial
markets, am also very responsible about my finances and my profession.
appreciate the efforts that CFTC is taking to regulate the retail Forex trading market and rid it of rogue and
unethical players. Your efforts have been quite useful, however, the proposed change to limit the leverage to 10:1 for retail
Forex traders will have negative impact on the industry and small traders like myself.
The proposed leverage requirements will be quite detrimental for small traders and will limit the Forex market to
only big players. It will also drive US Forex traders to brokers based outside USA who may not be limited by such regulations.
Many of the brokers based outside USA are not properly regulated and the losers in this scenario will be US retail Forex
traders, a constituency that you plan to help and protect.
I hope that you will reconsider your proposal and will not impose leverage restriction rather use some other means
to better regulate the industry.
Thank%
Regards,
SunilSharma
703-713-1425
