Comment Text:
i0-001
COMMENT
CL-08869
From:
Sent:
To:
Cc:
Subject:
William Wilson
Monday, March 22, 2010 2:06 PM
secretary
exp 15 @hotmail.com
Regulation of Retail Forex
RIN 3038-AC61
From: William Wilson in Las Vegas, NV
I support the comments about the proposed Forex rules submitted to you by the IB-Coalition.org organization.
I agree with the contents of their 10 page letter to you and urge you to carefully read and follow its suggestions.
In particular I suggest the following changes to the proposed rulings:
¯ First, I urged the CFTC to revise the proposed rules to permit a Forex IB to operate either as an independent IB subject to
the same minimum capital requirements that apply to a futures IB or as a guaranteed IB.
¯ Second, I asked the CFTC to undertake a study of the retail Forex markets to assure that the rules it ultimately adopts are
based on a solid factual understanding of the markets and are tailored accordingly.
¯ Third, I propose the CFTC defer to NFA to set appropriate leverage restrictions as it relates to the proposed 10:1 leverage.
An onerous leverage restriction, such as this, creates opportunities for unregistered fraudulent schemes to exploit U.S.
customers is contrary to the public interest.
Sincerely,
William Wilson
This mail was sent via IB Coalition http://ibcoalition.org/take-action/
