Comment Text:
i0-001
COMMENT
CL-08148
From:
Sent:
To:
Subject:
Richard Concepcion < richard_concepcion@ hotmail.com >
Wednesday, March 17, 2010 8:49 AM
secretary < secretary@ C FTC. g ov >
Regulation of Retail Forex
RE: RIN 3038-AC61
Mr. Stawick
This email is regarding the above proposal, in particular, the overall reduction leverage on Retail Forex
customers from 100:1 to 10:1 as stated on the section below from RIN 3038-AC61:
"The Proposal would also implement the $20 million minimum net
capital standard established in the CRA for registering as an RFED or
offering retail forex transactions as an FCM; propose an additional
volume-based minimum capital threshold calculated on the amount an FCM
or RFED owes as counterparty to retail forex transactions; and require
RFEDs or FCMs engaging in retail forex transactions to collect security
deposits in a minimum amount in order to prudentially limit the
leverage available to their retail customers on such transactions at 10 to 1"
While we understand your concern in protecting the retail investor, investors in general
are for the most part MORE PRAGMATIC than what you, and the governing bodies,
think. !!WETRADE FOR A LIVING!! It is a craft painfully and rigorously honed for many
years. You stifle this hard-earned skill by even hinting of such a regulation. It conjures
up the worst scenario of taking away the retail forex business from the US, and moving it
overseas.
You will only hurt what already is an economy struggling and sputtering ... with no near-
term relief in sight.
We appeal to your common-sense business savvy, and urge you to reconsider this
proposal, We the retail investors CAN TAKE CARE OF OURSELVES, AND WE GO INTO
THIS KNOWING FULLY WELL THE RISKS INVOLVED,
A copy of this email will be sent to our local Congressman and Senator.
Thank you for your time.
Richard Concepcion
Retail Investor
CC: Chris Smith (US Congressman NJ 4th District)
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