Comment Text:
i0-001
COMMENT
CL-06934
From:
Sent:
To:
Cc:
Subject:
[email protected]
Friday, March 12, 2010 7:45 PM
secretary
cftcfeedback@fxdd, com
Regulation of Retail FOREX RIN 3038-AC61
TO: David Stawick, Secretary
Commodity Futures Trading Commission
1155 21st Street, N.W., Washington, DC 20581
Dear Sir:
I am writing to object to the severe reduction in leverage as it would affect me
personally! I have notified the firm where I have an account, FDXX, that I have written to
you and suggested that they advise you of alternative methods that might achieve the
goal of protecting currency trading from a major collapse without severely limiting leverage
that would result in only billion and millionaires being able to trade currencies!
Here is a copy of my communication to FXDD that contains my position:
LADIES/GENTLEMEN:
I will voice my objection to the CFTC but bear in mind that I am a trader of about 1-2 months
experience!
What I see is that a change as severe as the one contemplated will put me and many other
small traders out of business! How it will affect traders of large amounts of currency requiring
account balances from 100,000 to a million or more...I have no idea!
If FXDD knows the aim and purpose of the CFTC and that the current reduction in margin
is too severe it behooves FXDD to advise CFTC of another way for CFTC to achieve their
goals of preventing the world economy from taking another hit"!
I hope this information will caution the CFTC to adopt a more reasonable approach to
protect the currency market.
Thank You for Your Kind Attention.
Orlando C. Madeira
