Comment Text:
i0-001
COMMENT
CL-08828
From:
Sent:
To:
Subject:
Nikhil Patel
Monday, March 22, 2010 4:28 AM
secretary ; [email protected]
CFTC Seeks Public Comment on Proposed Regulations Regarding Retail FOREX Transactions,
Release: 5772-10
:-http://www.cftc.gov/newsroom/generalpressreleases/2010/pr5772-
10.html
To whom it may concern
I have been Trading the Retail Forex Market since 2005, and i can say since then I've put a lot of time
learning and understanding how to stand on my own, and finally becoming successful at it I think CFTC
should be regulating in the best interest of the public to create a level playing field with fair and clear
rules, not have some kind of restriction on retail Forex clients I also believe that having clear
rules written in simple English and not lawyer talk would help. I do think that we need some kind of
oversight but it should always serve the good of the public not create different levels of restrictions for
one set of society and one set for another.
My hope is that you would reconsider from putting restrictions that go against the general retail Forex
Trader and not create a dual layer system, Instead of creating two sets of rules you should be
concentrating on how to level the playing field so every person in these great Nation can live
there American Dream. If you pass these Rule these is totally against the Retail Forex client and gives an
unfair advantage to Banks which by the way don't fall under your umbrella of regulations i think they
should take the power away from the CFTC and give it to the Federal reserve instead of having
to agencies working from two total different realities so please stay out of these as much as you can and
also kick the NFA the self Ruling body that has passed all the Hedging and Straddling Rules against the
Retail Forex trader, these rules have Cleary given the advantage to banks, We don't need the CFTC to
add more layer of rules on what we already have you should be governing and being fair to the Public
these is a Democracy stop acting like you should be controlling peoples life, I think if you want to help
you should have people at the CFTC, not get paid from my and the public's tax payer but should be told if
you can trade and make money than your are hired to be at the CFTC. But I guess that would be too fair.
I don't think the CFTC should pass these rule and should also dissolve the NFA and go back to
reassess what damage they have already done and fix it and make it where a US client is able to
compete in the real world with any body in the world.
So please do not Pass these unreasonable Rule, Please think and look to see if it benefits the regular
Forex public and general public who would like to come in the retail Forex world present and Future
Sincerely
Sir. Nikhil
