Comment Text:
i0-001
COMMENT
CL-08324
From:
Sent:
To:
Subject:
[email protected]
Wednesday, March 17, 2010 8:58 PM
secretary
RE: Regulation of Retail Forex 10 to 1
limits etc
To who it may concern,
Please consider what these proposed changes for forex traders really means. Have you seriously
thought this out?
Have you truly thought this through in regards to HOW THESE CHANGES Will AFFECT FOREX
TRADERS AND THE AMERICAN ECONOMY? It would appear not if the CFTC continues with this.
If these changes should be adopted by the CFTC it will be short of devastating.
The United States may cost itself millions of dollars in trade revenue.
Funded accounts currently in the U.S. system can certainly be expected to go offshore.
Thousands of white collar jobs that require an advanced education and range from software developers to
accountants to foreign exchange dealers will likely be eliminated, or worse move these jobs out of the United
States.
Forex fraud will very likely 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
It would appear that there are other motives here rather than protecting the traders. I hope that I am wrong, but
the writing seems to be on the wall.
Jack T.
