Comment Text:
i0-001
COMMENT
CL-06909
From:
Sent:
To:
Cc:
Subject:
Brandon Huseman
Friday, March 12, 2010 7:29 PM
secretary
[email protected]
Regulation of Retail Forex RIN 3038-AC61
To Whom it May Concern:
I want to begin by noting that I support the overall goal of this proposed regulation. Requiting brokers
to register and maintain certain capital levels for example could greatly reduce the artificial risk of Forex
trading by preventing scams and things.
However, I would like to take this opportunity to strongly oppose the proposal to reduce the maximum
leverage in retail Forex trading to 10:1 from 100:1. Doing this will only drive more money away from
U.S. brokers and into the hands of international brokerages. Personally, I have several open positions in
the Forex market, but I only have about $2000 in the market. Reducing the leverage while I have open
positions could potentially artificially create a margin call on my account even though I manage it very
conservatively. In a time where many Americans are struggling with unemployment and other
challenges, why would you penalize those that are trying to help themselves grow their nest eggs? If the
open positions could be "grand-fathered" in at the old leverage with all new positions at the old leverage,
maybe I would have more support. However, I can't support regulation that could wipe out the savings I
have set aside for Forex investing. If this regulation passes with the reduction in leverage clause intact, I
will do everything in my power as a U.S. voter to make sure that the people making these decisions do
not get re-elected.
I trust that you will make the tight decision.
Thanks,
Brandon Huseman
Concerned Voter
