Comment Text:
i0-001
COMMENT
CL-00791
From:
Sent:
To:
Subject:
charles.j ones
Tuesday, January 19, 2010
6:48 PM
secretary
Re: Regulation of Retail Forex
David Stawick
Secretary, CFTC
Sir:
I am alarmed by the proposal to further regulate the forex industry, and
specifically the proposed margin requirements for retail traders, is appears
that your putting in motion efforts to prevent the little guy once again
from
engaging in what is a legitimate way of making a living. Small retailers
should not be shut out allowing only Big Business and Large Institutions
to operate in the forex arena. You will drive forex activity abroad; perhaps
to companys that are even less regulated.
If the proposed regulation becomes law, and trading
margin is reduced to 10:1, I and many others will not be willing to risk our
capital with brokers who adhere to this regulation, in order to earn the
much reduced income. We will simply leave the market entirely.
This will have an adverse affect my income will dwindle and I will
contribute
very little in taxes, just as before.
The proposed legislation will adversely affect a multitude of retail
traders, brokers and market makers who support retail forex, in a way that
can only be financially detrimental to the U.S. Our economy is already
strained to the maximum.
Those of us who risk our capital do so willingly, and are aware of the
risks. We do not want or need the government to protect us from ourselves.
If the CFTC truly desires to regulate fraud and excesses, may I suggest a
stricter and more consistent enforcement of the laws currently in effect.
Not by destroying another vehicle that generates revenue for the U.S.
Treasury.
Respectfully,
Charles Jones
