Comment Text:
i0-001
COMMENT
CL-06503
From:
Sent:
To:
Cc:
Subject:
CHRISTOPHER ERICKSON
Sunday, March 7, 2010 8:26 PM
secretary
senator@boxer, senate.gov; senator@shelby, senate.gov
Energy Act of 2008, Pub. L. No. 110-246, 122 Stat. 1651, 2189-2204 (2008),
--- On
Sun,
3/7/10, CHRISTOPHER ERICKSON
wrote:
From: CHRISTOPHER ERICKSON
Subject: leverage / proposed regulations forex Energy Act of 2008, Pub. L. No. 110-246, 122
Stat. 1651, 2189-2204 (2008),
To: [email protected]
Cc: [email protected], [email protected]
Date: Sunday, March 7, 2010, 12:06 PM
'Regulation of Retail Forex'
Washington,
DC [] The U.S. Commodity Futures Trading Commission (CFTC) today
announced the publication in the Federal Register of proposed regulations concerning off-
exchange retail foreign currency transactions. The proposed rules follow the passage of the
Food, Conservation, and Energy Act of 2008, Pub. L. No. 110-246, 122 Stat. 1651, 2189-2204
(2008), also known as the []Farm Bill, [] which amended the Commodity Exchange Act in
several significant ways. In particular, the Farm Bill:
If this is to be implemented, the the banks hedge funds & all brokerage firms should be limited
to 1 to 2 / leverage- trading, this rule would give a unfair advantage to foreign currency traders
outside of the United States, I feel that this rule would favor hedge funds, currency
traders ,banks & brokerage firms ; as such it is unfair & discriminatory. But then who would
regulate them out side of the U.S. They would move their trading over seas like everything else
has been done / outsourced ..Also I believe that that a lot of Forex traders especially the novices
will try to use their money in a big kill instead of small lots if this bill passses, which will
cause a lot more traders to loose their investment. Instead make it a rule that no trader can
purchase more than his account will cover up to a leverageof 100 to 1 ; & that the trading
houses will limit the amount of leverage they use baised the value of their of their account
> ie ( $1,000.00 leveraged = $100,000.00 per lot ) which is the current rule
Chris Erickson
