Comment Text:
i0-001
COMMENT
CL-07023
From:
Sent:
To:
Cc:
Subject:
Nancy Kettle
Friday, March 12, 2010 9:09 PM
secretary
[email protected]
Regulation of Retail Forex
RE: RIN 3038-AC61.
Dear Mr. Stawick,
I am writing to strongly object to the proposed new leverage for spot Forex to lo:1 because it will
effectively shut out many retail traders out of the Forex market, at least out of the US Forex market
and limit currency trading market to the wealthiest individuals. I trust this is not CFTC's intent and
that it will leave current maximum leverage at loo:~.
Current, ~oo:~ leverage is reasonable in that it allows retail traders to start small start up capital and
build it up to something substantial. Without this ~oo:1 leverage retail traders would have to have
much higher capital in order to trade and have a chance to generate decent income. Please allow retail
traders this opportunity here in the US market because it is still the safest. Your proposed ~o:~
leverage will not stop retail traders from trading, they will have to take their chances in a less safe
countries that allow better though riskier opportunity to generate income. This is a time for expanding
opportunities, not to limit them. Yes, many people have not done well in Forex but there are those
who have done extraordinarily well. Your proposed ~o:~ leverage will not affect the wealthy or the
wealthiest individuals because they have sufficient capital already. Please think of those seeking an
opportunity to survive and thrive. Your proposed lo:~ leverage will cripple them, especially in the
current economic environment with high unemployment and limited work opportunities. This new
proposal would make things even worse.
l am a retail Forex trader and I strongly object to the proposed ~o:~ leverage. Please allow me and
others the opportunity to take care ourselves by leaving ~oo:1 leverage intact. I trust that you will take
our objections seriously.
Best regards,
Nancy Kettle
Tampa, FL 33647
