Comment Text:
i0-001
COMMENT
CL-08751
From:
Sent:
To:
Subject:
Gary Pastor
Sunday, March 21, 2010 11:50 AM
secretary
Regulation of Retail Forex
I hereby register my opposition to proposed regulation that reduces the current leverage available to forex traders.
This regulation will only serve to protect traders from themselves by effectively destroying the retail Forex Industry.
Traders do not need protection from themselves. Brokerages go above and beyond in their efforts to advise of the
risk involved in currency trading on all correspondence and web material. Education is available everywhere for free,
and from Brokers at minimal cost, so there is no excuse for a trader to be uniformed as to the risk involved.
The CFTC should be focusing on protecting traders from brokerage houses that are in danger of collapse. Work to
protect deposits like the FDIC, so we don't risk losing our accounts. Destroying the retail market with these margin
requirements will push a lot of people off-shore, and into the huge risks involved with unregulated foreign
operations, ultimately causing more damage than it prevents. Having no insurance in the main reason I have not
placed more funds in my brokerage account.
G. Pastor
Toronto Canada.
