Comment Text:
i0-001
COMMENT
CL-08089
From:
Sent:
To:
Subject:
Mark Whitaker
Tuesday, March 16, 2010 11:23 PM
secretary
Regulation Of Retail Forex
Identification #: RIN 3038-AC61
Hi,
I am writing to voice my STRENUOUS OPPOSITION to the proposal which would change the
leverage structure currently used in the retail forex market. This proposal is ill-advised and
wrong-headed. Didn't the NFA just settle on 100:1 ???? Why are we messing with this now????
If it is adopted, it will:
1) drive educated, successful small traders out of the market, turning it into an elite asset class for
wealthy trader and the institutions. It would penalize ALL traders regardless of their skill and
knowledge by restricting their CHOICE, which is fundamental ! Talk about throwing the baby
out with the bathwater ! This is all about having the FREEDOM to choose what level of risk we
want! If people are so uniformed about their investment decisions, they will loose their money no
matter what "safeguards" are in place. In this case they might be encouraged to put up even
greater sums to subsequently loose ! We don't need the "Nanny" state protecting us from
ourselves...we need disclosures, education, etc ....... the usual fair.
2) drive retail forex out of the United States, where such draconian limits are NOT the norm.
3) drive retail forex jobs out of the US (for good), in the middle of a recession, and result in the
loss of substantial tax revenue !
4) actually create a climate where fraud is MORE likely to occur, in out-of-US countries, beyond
the reach of the CFTC, etc.
5) it will make forex leverage even less than that which is available in futures ...which is ridiculous
This proposal is a bad idea. I urge you to remove it from items of consideration.
Regards,
Mark Evans
