Comment Text:
i0-001
COMMENT
CL-07070
From:
Sent:
To:
Cc:
Subject:
Paul Walsh
Friday, March 12, 2010 10:36 PM
secretary
[email protected]
Regulation of Retail Forex
TO: Secretary Commodity Futures Trading Commission.
Dear David Stawick,
As a trader I want to suggest that you do NOT change leverage to 10:1
If that proposal is passed then the USA will lose:
- over 90% of retail forex accounts in the USA will go over to the UK and the rest of Europe.
- Thousands of high educated jobs will be lost in the USA.
- An industry worth over $1.005 TRILLION will no longer operate in the USA, and the USA loosing
hundreds of million in taxable revenue.
-
The proposal does not fix fraud. Battle against the unlicensed FDMs and IBs fix the fraud, not
traders leverage.
- 100 to 1 leverage is very popular. Traders simply will not accept 10 to 1 leverage, and I
guarantee you they will just close their accounts in the USA and open new accounts in the UK.
Conclusion: Thousands of jobs lost when unemployment is at 10%, consumers more vulnerable to
fraud, and the United States tosses is flushing over 1 Billion a year in taxable revenue (as a
miniumum).
So leave my leverage alone and vote NO to the proposed 10:1 leverage rule change.
Paul
