Comment Text:
i0-001
COMMENT
CL-07830
From:
Sent:
To:
Subject:
Vincent Seow
Tuesday, March 16, 2010 12:03 PM
secretary
Proposed Regulations by CFTC
To Whom It May Concern:
Dear Sir/Madam
Whilst I understand the need for regulations to prevent fraudulant practices, etc. The aspect of the proposal
that I strongly oppose is to limit leverage for Forex trading to 10:1 for the following reasons:
1) Many retail traders will be adversely affected as it will require them to trade with much more capital.
Why trade Forex then?
2) US Retail traders are still a significant part of the Forex Market
3) Many retail traders ether make their living from trading Forex or obtain a secondary income from it, this
will affect their livelihood. Do you really want more people claiming unemployment benefits?
4) Traders will move their accounts to uncontrolled jurisdictions where leverage of upto 500:1 is not
uncommon, this will put Americans' funds at great risk since many of these off-shore brokers are not
reulated and there is no recourse for the trader if they close shop or fail to transfer funds, etc.
5) It ROBS US AS INDIVIDUALS OF THE BASIC HUMAN RIGHT OF FREEDOM OF CHOICE
6) It TREATS Traders LIKE KIDS WHO DO NOT KNOW HOW TO MANAGE OUR OWN MONEY
Best regards
Vincent
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