Comment Text:
i0-001
COMMENT
CL-07329
From:
Sent:
To:
Cc:
Subject:
Jesse Morris
Saturday, March 13, 2010 1:08 PM
secretary
[email protected]
Regulation of
Retail
Forex
Dear Secretary Stawick,
I am an active currency trader here in the United States and would like
to voice my opposition to the proposed leverage change from 100:1 to
10:1. I supplement my income, as do some of my friends, by trading on
the currency market. If the proposed leverage requirements take effect,
we will no longer have this option available to us--the margin
requirements will be too high.
I am a strong advocate of consumer protection and, unlike some, believe
government agencies have a responsibility to protect citizens from
deceitful business practices. I also believe that consumers have the
right to earn a legal living in accordance with their abilities and
determination. By imposing 10:1 leverage requirements, you would not be
leveling the playing field, you would instead be making the statement
that currency trading is a privilege doled out by the CFTC only to the
wealthiest of Americans.
Despite the fact that I choose to trade a relatively small account, I am
a responsible, educated, and successful trader. Please do not exclude me
from currency trading by mandating 10:1 leverage.
Best Regards,
Jesse Morris
Newhall, CA
