Comment Text:
i0-001
COMMENT
CL-08250
From:
Sent:
To:
Subject:
Richard Lynch
Wednesday, March 17, 2010 6:07 PM
secretary
Regulation of Retail Forex
Mr. Stawick:
I am totally against the proposed regulation changing the leverage for its current 100:1 ratio to a 10:1
ratio.. It is my opinion that should this new regulation be adopted it will have the reverse affect of what
you may be trying to accomplish. I have traded in the Forex market for quite some time with a very
reputable firm. This new regulation would cause me personally to look overseas as well as other I have
talked with recently. I believe is not what you are trying to accomplish, but will most likely be the
outcome. Furthermore once accounts start moving offshore Forex fraud may worsen, not improve.
Unregulated dealers from around the world will thrive, while operating without requirements for capital
adequacy, risk management models, marketing ethics, dealing practices or even returning of customers
funds. The United States may cost itself millions of dollars in trade revenue and thousands of white
collar jobs that require an advanced education and range from software developers to accountants to
foreign exchange dealers may be eliminated, or move out of the United States.
We are dealing in a very tough and unpredictable economy. This will only add to the volatility driving
funds and jobs into other markets instead of the safety and security of the US. This as is so many of our
current events very troubling but somehow expected given the circumstances.
identification number RIN 3038-AC61
Richard J. Lynch
Watkins Construction Company LLC
Office: (903) 874-6587
Cell: (214) 546-0788
Fax: (903) 872-7433
E-mail: [email protected]
