Comment Text:
i0-001
COMMENT
CL-08106
From:
Sent:
To:
Subject:
Terence Charlton
Wednesday, March 17, 2010 1:30 AM
secretary
Regulation of Retail Forex
I'm an investor in foreign currency through a U.S. dealer. I am very concerned about the proposed rules from the
CFTC. The CFTC's recent rule proposal, which would limit customer trading leverage to 10 to 1, would be a crippling
blow to the U.S. forex industry.This unsustainable rule would drive U.S. forex dealers, which brings tens of millions
of dollars into the U.S. banking industry each day, offshore into the hands of foreign competitors. It would
encourage fraud both at home and abroad as customers seeking to trade retail forex would have no other legitimate
domestic alternative.
As an investor, I will take my business outside of the United States.
I have used foreign based brokers in the past and I have never had any problems whatsoever.
I naturally prefer to use a US Broker but if Reg 5.9 goes into effect I believe that there will be no US Brokers left of
any note.
I have already downsized my current accounts in anticipation of fiscal turmoil as retail traders scramble to withdraw
funds if this regulation goes into effect. These brokers will face bankruptcy and there is no protection for me in any
of the regulations in the event that they do go broke.
I trade quite successfully with current leverage conditions and I have never had a margin call in ten years of trading
forex. I know what I am doing and I know my capabilities and limitations and keep to my own guidelines. I want
the basic freedom to choose the leverage that I am comfortable with ....
10:1 is ridiculously small and an insult to
my intelligence and to that of all responsible traders.
I respectfully request that the Regulation 5.9 be amended to the current status quo and let we TRADERS exercise
our basic right of choice in setting our leverage requirements.
I have no quarrel with the other regulations...they are long overdue and I applaud them
Best Regards
Terry Charlton
Terence Charlton
Portland OR, 97212-2070
michtery@gmail, corn
