Comment Text:
i0-001
COMMENT
CL-08388
From:
Sent:
To:
Subject:
Jim Stevens
Thursday, March 18, 2010 12:25 AM
secretary
Regulation of Retail Forex identification number RIN 3038-AC61
To:
David Stawick,
Secretary, Commodity Futures Trading Commission,
1155 21st Street, NW,
Washington, DC 20581
Regarding identification number RIN 3038-AC61 ... I don't believe I can
say it
any better than the text from the letter to me from one of my FCM's.
Thus, I am expressing my voice to say DO NOT change the required leverage
from what it is now, which ranges from 400:1 to 100:1 normally to the
proposed
10:1 leverage.
Here is the text which gives just a few reasons why NOT:
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.
I have personally already moved 3 of my trading accounts out of the U.S.
because of changes made
to the rules governing trades with the FIFO rules put in place (not by
your organization).
I cannot believe (but may be wrong) that the goal is to push the rest of
the US Retail Traders out
of our country ... but if that's the case, the changes proposed by the
CFTC on the leverage will
clearly do the trick.
My understanding is when the CFTC was established, one of the mandates
was to enact no rules
which would make our US Brokers less competitive. THIS WILL DO THAT and
break that mandate.
Again, my vote and I'm sure all the votes, or statistically "all" have
been to say "No!"
Thanks for your time and attention ... and appropriate action.
Jim Stevensi0-001
COMMENT
CL-08388
