Comment Text:
i0-001
COMMENT
CL-07569
From:
Sent:
To:
Subject:
Adeniyi Adewale
Monday, March 15, 2010 3:12 AM
secretary
Re: Proposed Regulations on Retail FOREX Transactions
Sir,
I strongly support the move to sanitize and regulate FOREX brokerage practices. This will undoubtly help eliminate
unscrupulous brokers who are out to swindle people's had earned money. The proposal on required capitalization is
sure a good move in this direction towards sanity. However I strongly oppose the component that limits leverage to
10 to 1 maximum leverage. This is unduly restrictive as it is too low. It will surely drive thousands of current small
traders whose aggregate volume amounts to millions of dollars out of the US banking system. A sensible alternative
which is still in line with the spirit of the regulation is a 50 to 1 leverage. I hope your agency re-consider your
proposal on this leverage component.
Thank you.
Adeniyi Adewale
19446, Pennsylvania
