Comment Text:
10-001
COMMENT
CL-06671
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no-reply@erulemaking, net
Tuesday, March 9, 2010 10:32 AM
secretary
Public Submission for 2010-00456
Public Submission for 2010-00456.zip
Please refer to the attached file.Please Do Not Reply This Email.
Public Comments on Regulation of Off-Exchange Retail Foreign Exchange Transactions and
Intermediaries:
Title: Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries
FR Document Number: 2010-00456
Legacy Document ID:
RIN: null
Publish Date: Wed Jan 20 00:00:00 EST 2010
Submitter Info:
first name Thomas
last name Dion
address1 CMR 489 Box 1198, APO AE 09751
city Stuttgart
country Germany
us state
zip
company
Sir or Ma'am,
I am a Navy Civilian living in Stuttgart, Germany. Although the country is far more socialized
than the USA, individual freedom is emphasized. You can drive as fast as you want to on the
Autobahn. You can drink beer in the street. Gambling and prostitution are legal. Yet, with all
these indulgences available to the general public, the crime rate is low and the police force is
small.
I am strongly opposed to the proposed 10:1 leverage requirement on Retail Forex Brokers. I
realize why this idea has been presented, but I think there is a better way to protect people
against their own lack of risk management.
Please consider these alternatives:
1 ) Allow 100:1 leverage to someone only if they are over the age of 25.
2) Force retail brokers to administer a government drafted written test that verifies that the
individual understands the risks that they are taking before they are permitted to open an
account.
3) Force all traders to take this test once a year, as a reminder of the risks that they are
taking.
Gambling is legal in America. Stock trading, casinos, and playing the lottery are all venues
that can lead to a person's own demise. We should respect the people that are profiting
using 100:1 leverage (or even 50:1), and not punish them for individuals that don't act
responsibly.Very Respectfully,
Thomas W. Dion, MS
