Comment Text:
i0-001
COMMENT
CL-07702
From:
Sent:
To:
Subject:
Michael Lee
Monday, March 15, 2010 5"52 PM
secretary < secretary@ C FTC. g ov >
Regulation of Retail Forex
Secretary
Trading Commission
Michael S. Lee
1004 Golf View Drive
Pine Bluff, AR 71603
Mr. David Stawick,
Commodity Futures
1155 21st Street, NW
Washington, DC 20581
March 15, 2010
ID# RIN3038-AC61
Mr. Stawick,
I write today to express my grave concern with regard to the proposed leverage change in retail
forex transactions in the United States. I am a small-time investor who is trying to pursue every
angle I can to increase my net worth in these difficult financial times. As such, I was attracted to
retail forex trading, and have maintained a trading account with GFT Forex Trading based in Ada,
Michigan for the past several years. I don't have a lot of money to trade, so the leveraging
requirements that are now in place have been extremely beneficial to me. The proposed change in
leveraging for major currency pair trades from 100:1 up to 10:1 will completely shut me out of the
retail forex market. I feel very strongly that the disastrous policies of both Wall Street investment
houses and the Federal Government that led us into the abyss these past few years must be
analyzed and solutions that rein in such irresponsible decisions must be devised. I do not believe,
however, that shutting small investors out of the retail forex market is the answer to the present
situation. It was not the individual investor that got us into this mess. Those who are responsible
for our present economic condition will not be hindered in making bad financial decisions due to
this leverage requirement change. But what the policy change most certainly will do is shut me and
thousands of others in the same economic condition as me, out of the retail forex market. This is
simply not the answer to the economic problems now plaguing our nation and the rest of the world.
I hope that you will take my views into account during your deliberations on the final construction
of the new regulations of the retail forex market in the United States.
Sincerely,
Michael S. Lee
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