Comment Text:
i0-001
COMMENT
CL-06114
From:
Sent:
To:
Subject:
Chris Guli
Friday,
March 5, 2010 10:21 AM
secretary
Regulation of Retail Forex
Dear Secretary,
I was dismayed to see this proposed change to the regulation for US
based currency/FOREX dealers and retail account holders such as myself.
This will only serve to destroy the current retail FOREX market as we
know it in the US. Unless a trader is comatose, they are fully aware of
the risks of highly leveraged trading, such as 100:1 F OREX retail
trading accounts. It is this risk/reward which brings enthusiasm and
liquidity to the market.
If a trader wants to limit risk exposure they already have many options,
including mini and micro accounts which all brokers have now. So, to be
clear, I am against a proposed LIMITATION of a 10:1 leverage. It should
be an OPTION not a limitation. The retail trader signs an agreement
which is clear in many places of the risk of leverage, so if a trader so
chooses, he or she should have the OPTION of the level of risk they are
comfortable with.
If this limitation is enacted, it will destroy the US market and retail
traders will seek activity overseas. Let's regulate but not OVER regulate.
Thanks, Chris Guli
