Comment Text:
i0-001
COMMENT
CL-08387
From:
Sent:
To:
Subject:
[email protected]
Thursday, March 18, 2010 12:18 AM
secretary
Effects of the 10 to 1 Leverage Rule Proposed
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.
