Comment Text:
i0-001
COMMENT
CL-08286
From:
Sent:
To:
Subject:
Daniel King
Wednesday, March 17, 2010 7:10 PM
secretary
Regulation of retail Forex
Attention David Stawick:
Recently, the U.S. Commodity Futures Trading Commission (CFTC) announced that it is
seeking public
Comment on proposed regulations concerning Forex trading. RIN3038-AC61
HOW WILL THESE CHANGES AFFECT FOREX TRADERS AND THE AMERICAN ECONOMY?
Should the 10 to 1 leverage rule proposed by the CFTC be adopted:
¯ Funded accounts currently in the U.S. system can be expected to go 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.
¯ 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.
It would be better to spend your time on more important items and leave us alone to trade without
your interference.
Thank you in advance for helping to keep the government further out of our lives. Daniel King
