Comment Text:
i0-001
COMMENT
CL-08386
From:
Sent:
To:
Subject:
Randy Meyer
Thursday, March 18, 2010 12:14 AM
secretary
Proposed CFTC Changes
Dear Secretary,
I would like to register my opposition to the proposed leverage changes down to a 10:1 leverage. Over the past year and a half, with
the sagging economy, FOREX trading has becoming barelyprofitable as it is due to daily swings around the world and panicked
reactions to nearly every bit of news. As a relatively conservative trader, I have never traded with greater than 100:1. Reducing the
leverage to 10:1 will hurt numerous investors who no longer have the available cash to trade at that level. The bottom line is simple.
Government is already out of control with its growth and pursuit of power according to nearly every poll recently taken. The health
care debacle is only one manifestation. Lowering the leverage as proposed will result in:
¯ Funded accounts currently in the U.S. system 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.
¯ 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.
The changes last year limiting the ability to have opposing open trades was enough. Please reconsider making more in this dire
economy that will only hurt traders.
Randy Meyer
Arizona
