Comment Text:
i0-001
COMMENT
CL-00848
From:
Sent:
To:
Subject:
Rick Drake
Tuesday, January 19, 2010 9:25 PM
secretary
Regulation of Retail Forex
To Whom it Concerns,
This letter is in regards to the proposed legislation concerning
retail forex trading, identification number RIN 3038-AC61. I strongly
oppose being limited to a 10:1 leverage. Forex is an opportunity where
the individual trader can determine their own risk that they want to
be exposed to. Leverage is what makes that possible. Without leverage,
forex trading would not be attractive at all. I believe that everyone
should have access to at least 100:1 leverage. Due to the
international characteristic of the Forex market, no one country can
control the market. If you pass the legislation that limits the
leverage to 10:1, people will simply open up international accounts in
places like Switzerland, the U.K., and other places over in Europe.
Thus the only affect that this legislation will have is to hurt the
U.S. based forex brokerage firms.
Sincerely,
Richard Drake
Walla Walla, WA 99362
