Comment Text:
i0-001
COMMENT
CL-07300
From:
Sent:
To:
Subject:
william oxley
Saturday, March 13, 2010 11:44 AM
secretary
Regulation of Retail Forex
RIN 3038-AC61
I would like to protest the proposed changes in margin/leverage levels for FOREX trading for US
retail customers. FOREX is a specialized trading platform where you rarely find "novices"
participating. Increasing the leverage to 10:1 from 100:1 would disadvantage to individual
professional traders vs institutions and foreign individual traders. This alone, difference for
foreign individuals, should be of most concern for any regulations. This is not like a group of
novice stock market "day traders", 99% of individuals who would dare to trade FOREX markets
have prior experience in these markets.Myself, I was a Corporate Bond Trader for a NYSE firm
for 17 years befoire retiring 8 years ago. SO I am not you average novice,which I am sure the
proposed regulations are meant to protect. In fact, it would hurt individual traders as myself and
favor large institutional trading companys(usually owned by a single individual-same as an
individual account, but set up as a institutional account) which should not be the goal of any new
regulations. The margin levels should be the same for individuals as it is institutions. Do we have
different margin/leverage levels in the US equity market for individuals vs institutions?? No we
don't.
Please reconsider your new leverage rules as it is unfair for individual retail investors to be
subject to different rules vs institutional investors.
William Oxley
Memphis, TN. 38104
901-278-0175
