Comment Text:
i0-001
COMMENT
CL-08581
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Sent:
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Subject:
LuoJiangNing
Friday, March 19, 2010 6:24 AM
secretary
Regulation of Retail Forex_oppose the 1:10 leverage
Identification number RIN 3038-AC61
why oppose the proposal of 1:10 leverage:
¯ 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.
Thanks,
Michael
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