Comment Text:
i0-001
COMMENT
CL-08589
From:
Sent:
To:
Subject:
Randy Ball
Friday, March 19, 2010 9:26 AM
secretary
Regulation of Retail Forex
I am shocked and appalled at the proposed regulations on the Spot Forex market and am writing this email to voice
my concerns. Lowering the leverage potential on this market will rob the lower income brackets of the population,
be it fixed income retirees that don't want to risk their nest egg but want to trade, students who are getting their
feet wet and learning to trade while still accumulating their stake for futures trading or daytrading stocks, and the
growing number of forex hobbyists who greatly enjoy trading forex as a past-time, not as a retirement plan but as
a fun and exciting way to participate in the global marketplace.
Dropping the Forex margins will require significantly more funding to trade, thereby taking this market out of the
reach of those who are not already wealthy, in a sort of class war scenario where the privileged consolidate their
power and cut off the means for the lower "castes" to enjoy the same activities. This to me was the great appeal of
Forex was that it was the most democratic of the financial markets, allowing anyone from any class of society to
participate and learn about the global marketplace. Many of those that start at Forex move on to other markets and
a few become very successful using this system of gradual development. Allowing greater margins allows for greater
access, and unless keeping this market "rarefied" and keeping the peasants out (so to speak) like some royal
gentleman's club is your model for these actions I think that taking this market away from the people is a crime and
a travesty in the face of the American Dream where a person can still pull themselves up by the bootstraps if they
are smart enough to find those opportunities.
Regulate the brokers if you want but leave the leverage alone. Don't cut off access to the market from millions of
people.
