Comment Text:
i0-001
COMMENT
CL-08546
From:
Sent:
To:
Subject:
Syed Imtiaz Hussain
Thursday, March
18, 2010
7:22 PM
secretary < secreta ry@ C FTC. g ov >
Regulation of Retail Forex
Hi,
Identification number RIN 3038-AC61
I want to submit some of my comments about forex regulations under consideration , I am not a
full time trader but been in this industry for couple of years, following are my concerns:
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.
Best Regards,
Syed Imtiaz
Mississauga, Canada
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