Comment Text:
i0-001
COMMENT
CL-07994
From:
Sent:
To:
Subject:
Scott Owens
Tuesday, March 16, 2010 4:33 PM
secretary
Regulation of Retail Forex - Yes!
RIN3038-AC61
Dear Sir or Madam:
I was sent an email to challenge this new ruling to restrict IBs from referring to a single broker.
However, I am
VERY MUCH in
favor of
it. I am previously registered with the NFA as a CTA (FX
ENGINES - J. Scott Owens) and intend to apply as an IB again in the future. We spent 7 years in the
retail forex space and were continually astonished at the 'wild west' feel of it and often wished it could
be governed in a more controlled fashion. Even though this new regulation may restrict my ability to do
business I am in favor of as much regulation as is needed to create the safe trading environment traders
deserve. Introducing Brokers in particular are among the biggest opportunists, and I think the recent
changes to make IBs more accountable along with this change to create a 1:1 relationship will be very
important.
Forex is very much hampered by the lack of a central exchange. As long as that is true it opens the door
for a vast amount of bad behavior which I have witnessed first hand. I think Forex has a good future as
a retail trading environment but only inasmuch as it can be brought under regulatory control.
I fully support the CFTC and NFA in this effort and would be happy to elaborate on my position in
further detail if that would provide a valid and useful point of reference for those considering this
important new legislation.
Regards,
Scott Owens
757.561.1705
