Comment Text:
i0-001
COMMENT
CL-07510
From:
Sent:
To:
Subject:
Aaron Lawgun
Sunday, March 14, 2010 6:10 PM
secretary
opposing leverage reduction
To: [email protected]
RE: RIN 3038-AC61
Mr. Stawick (Secretary of the CFTC)
This email is regarding the above proposal, in particular, the overall reduction leverage on Retail Forex customers
from 100:1 to 10:1 as stated on the section below from RIN 3038-AC61:
"The Proposal would also implement the $20 million minimum net capital standard established in the CRA for
registering as an RFED or offering retail forex transactions as an FCM; propose an additional volume-based
minimum capital threshold calculated on the amount an FCMor RFED owes as counterparty to retail forex
transactions; and require RFEDs or FCMs engaging in retail forex transactions to collect security deposits in a
minimum amount in order to prudentially limit the leverage available to their retail customers on such transactions
at 10 to 1"
While we understand your concern in protecting the retail investor, investors in general are for the most part
MORE PRAGMANTIC than what you, and the governing bodies, think. !!WE TRADE FOR A LIVING!! It is a craft
painfully and rigorously honed for many years. You stifle this hard-earned skill by even hinting of such a
regulation. It conjures up the worst scenario of taking away the retail forex business from the US, and moving it
overseas.
You will only hurt what already is an economy struggling and sputtering ... with no near-term relief in sight.
We appeal to your common-sense business savvy, and urge you to reconsider this proposal. We the retail
investors CAN TAKE CARE OF OURSELVES, AND WE GO INTO THIS KNOWING FULLY WELL THE RISKS INVOLVED.
A copy of this email will be sent to our local Congressman and Senator.
Thank you for your time.
Aaron Lawgun
