Comment Text:
i0-001
COMMENT
CL-08770
From:
Sent:
To:
Subject:
Louie Lewis
Sunday, March 21, 2010 4:50 PM
secretary
RIN 3038-AC61
To whom this may concern,
I've done my research on the proposed regulations set forth by the CFTC. While I admit the I do support and
condone most of the wanted regulations, the only one that troubles me is Regulation 5.9. Most of the regulations
actually help move this industry foward, but If 5.9 is implemented it would destroy any potential for Forex to grow.
Some of the proposed regulations help with keeping dealers honest but what good would that do if they are
bankrupt from clients moving accounts offshore. If anything 5.9 could single handedly demolish forex for the United
States. Not to mention, the large amounts of jobs that would be lost and the amounts of money and business that
would sent to other economies when we so clearly need them here. Even if 5.9 is implemented, traders will get
leverage from overseas brokers leaving no business at all to regulate here in the states. I feel we can regulate this
industry without having to mess with leverage. The futures market
has all sorts of regulations but they still have multiple amounts of leverage offered. Why can't the same be done for
FX? For my last point, there is nothing in the congressional record that supports any involvement with changing
leverage, so why mess with it? As stated before, as a trader, I support most of the proposed regulations but I
cannot support this one because it serves no purpose but to destroy a profitable and flourishing industry in this
country.
