Comment Text:
i0-001
COMMENT
CL-07026
From:
Sent:
To:
Cc:
Subject:
Craig Vulj anic
Friday, March 12, 2010 9:15 PM
secretary
[email protected]
Regulation of Retail Forex
RIN 3038-AC61
Mr. David Stawick;
I wanted to take the time to email you, I know you are a busy individual, with great
responsibilities, but I wanted to send this to you on behalf of myself, and no doubt
many others individual traders located in the US, who trade with banks, located in the
US.
For over 17 years I have been actively involved in trading, and investing. The recent
changes that the CFTC are proposing come with great disappointment. I enjoy divesting
my investments not only in publicly traded stocks, but also futures, and also foreign
currencies. With the changes proposed and the increases to the margin, this is going to
create great hardships for the smaller investor, such as myself, who trade enough to
support my-self and my family.
I am not in the markets to make millions or billions of dollars, just to lead a simple basic
lifestyle, and now with these changes that are being proposed it looks as if I may have
to alter the way I conduct business with the banks in the United States.
Our new president said that he wanted to keep jobs in the United States, if this margin
change goes into effect, I can only see the unemployment lines growing as a large
number of US banks will be forced to lay off support staff who support their clients,
computer technical support people at these large banks, and firms who support the
daily operations, and technical aids, and these people will be out of work.
The truth in the matter, is that traders like myself choose to operate with US banks,
because we strongly believe that keeping the US dollars in the United States is good for
this country. Good to keep the jobs here in the US, vs. some other country. But the
reality is that we can easily open an account in another country, with another bank, that
doesn't have the restrictions that the CTFC is proposing currently. Sadly this is not the
decision that I want to make, nor do the banks that I operate with in the US. Every dollar
that goes to an oversea's bank, is a dollar less in the United States economy.
With the economy struggling, and people struggling to make it day to day, how can this
change be of any benefit to the economy, to US citizens, or to the banks in the United
States? If this change goes into effect, I find it nearly impossible for any small investor
to be able to invest their money in the foreign currency markets. It is nearly impossible
now for a small investor to invest in the US Futures markets, due to the increases in
Margin requirements, but at least for the smaller investor their was an option the
Foreign Currency market. But with these changes that are going into effect, most
smaller investors, with limited equity and trading capital, will not be able to provide thei0-001
COMMENT
CL-07026
margin to trade with.
This means less traders, less moves to the markets, and less money being traded. This
also means that US Citizens have very little choices if they want to direct where their
money goes, and into which investment capital is directed. America is about choice,
and have a lot of different choices out there. Now with this proposed change, it looks
like American investors now have less of a choice than they had before. Now someone
with a few thousand dollars instead of choosing how to invest their money, will have to
give the money to a larger investment firm, to make the investment decisions for their
clients. For most people they don't care, or know they have a choice. But for those of us
to do know, this is a sad time.
I encourage the CFTC to re-consider what they are about to do, and the large down side
that it will cause to those that are employed at these US banks. Also the effect this will
have on the small retail investor who seek to trade, and invest with US funds in US
banks, and who may be forced to move their money overseas to countries that don't
have these restrictions.
If you wish to discuss this further, please feel free to contact me via email and we can
discuss further. I want to thank you for your time, and your consideration to this
decision.
