Comment Text:
i0-001
COIMMENT
CL- 06593
From:
Sent:
To:
Subject:
Michael Zarrella
Monday, March 8, 2010 6:41 PM
secretary
Regulation of Retail Forex
Mr. Stawick,
I am unconvinced you will ever see this, but I still would like the opportunity to voice my opposition to
the proposed 10:1 leverage limitation referenced in RIN 3038-AC61. I have been trading retail forex for
over 3 years and never felt like broker didn't make the dangers of trading with high leverage abundantly
clear. It is obvious to me that this proposal has more to do with protecting the banks' balance sheets than
the retail forex client. If you are really interested in protecting the retail forex client then you should be
looking to the Austrailian Forex Market as an example. The Austrailians require forex brokers to keep
client funds in a trust and seperate from operating expenses. I know someone who got ripped off by One
World Capital, a horrible situation which would never happen in Australia. You will do whatever the
bank lobbyists want you to, but know that I will surely take my forex business to Austrailia should the
10:1 leverage limitation be approved. It is really too bad that there is no one in Washington D.C. who
cares about the average citizen.
Best Regards,
Michael Z.
Florida, USA
