Comment Text:
i0-001
COMMENT
CL-06400
From:
Sent:
To:
Subject:
Amaury Heredia
Saturday, March 6, 2010 4:22 PM
secretary
Regulation of Retail Forex
This is in response to "RIN 3038-AC61", the proposed leverage changes being looked into by your
organization. I am shocked and appalled at this blatant and preposterous attempt to literally destroy the market as
we know it and help ensure that wealthy investors remain at the top of the food chain with little or no room for the
rest of us. I simply cannot believe that a proposal is nearly in place which would lockout small time investors from
achieving any kind of substantial gains with the amount of money most people have to commence trading and
make it profitable ONLY for those who have a large capital to use. This is an outrage and should be put to a stop
for the sake of the average middle-class investor to have a favorable position in this particular market. From here
on out this new "proposal" will be viewed as nothing more than a "lockout" to keep traders with low startup capital
from succeeded or even opening an account. VETO this lockout right away or cease and desist this outright
sabotage of the Forex. Anyone in favor of this proposition is clearly lacking knowledge of the subject matter or will
remain practically unaffected by these suggested changes and is most likely affluent in some manner. Again the
leverages NEED to stay the same so that low level traders can exist in mini accounts and eventually move up to
become a high level trader in a standard account. If the leverages were to indeed be changed, the consequences
would be immediate and possibly irreversible. The leverage must remain as is due to the fact that it allows
investment companies to offer a wide range of products and services to a wide range of clients from all
backgrounds and walks of life. With a 10:1 ratio these companies would not be able to remain competitive and
would lose a high percentage of individual investors with a vested interest in trading with the respective company.
This proposal is flawed from all sides and it is an absolute necessity that it be done away with entirely. Thank you
for your time and I hope some good may come of this, although it will not if said proposal is put into effect.
Sincerely,
Amaury Heredia
