Comment for Proposed Rule 75 FR 3281
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From:
Raymond G Burnell
Organization(s):
Comment No:
820
Date:
1/19/2010
Comment Text:
i0-001
COMMENT
CL-00820
From:
Sent:
To:
Subject:
Gene Burnell
Tuesday, January 19, 2010 7:54 PM
secreta ry < secretary@ C FTC. g ov >
Regulation of Retail Forex
David Stawick
Secretary, CFTC
RE: Federal Register: RIN 3028-AC61
Date: January 13, 2010
Sir:
I am alarmed by the proposal to further regulate the forex industry, and specifically the proposed margin
requirements for retail traders.
Forex, at current margins, gives me the opportunity to earn a substantial income, from which the U.S. Treasury
Department can extract substantial taxes. 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, in order to earn the much reduced
income. We will simply leave the market entirely.
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.
Res pectfu I ly,
Raymond G. Burnell
