Comment Text:
i0-001
COMMENT
CL-08875
From:
Sent:
To:
Subject:
JAC International Group
Monday, March 22, 2010 2:50 PM
secretary
Regulation of Retail Forex
RE: RIN 3038-AC61
I object to the proposed mandatory 10:1 leverage ratio on Retail FOREX trading.
By eliminating my access to higher leverage, you are presuming to
know better than I do what is best for me. You cannot know that. For
example, I have 30 years experience as a professional junk bond
trader - I know a thing or two about risk. Did you know that about
me? No, you cannot possibly verify every trader's credentials so
instead you create a blanket rule that puts all traders in the
'beginner' class.
Chairman Gensler stated before the House Agriculture subcommittee
that the intent of the rule is to "protect the public". From whom?
Themselves? Your proposed reduction in leverage serves no valuable
purpose to the retail trader but once again puts a government agency
between me and wealth creation. Other forms of investment allow me to
choose the degree of risk I'm willing to accept and the market
teaches me if I didn't educate myself beforehand. For example, I
could invest in Blue Chip stocks or, on the other end of the
spectrum, Junk bonds. Or I could invest in Fine Art, Jewelry or
collector Automobiles. In order to do so I must first understand the
risks; if I do not, the market takes care of my ignorance.
I agree with the Lawmakers and Brokers who've objected to this
restriction: it serves no purpose but to restrain competition and
will result in the collapse of the US FOREX market.
Please eliminate the leverage restriction from your proposed regulations.
Kindest Regards,
Jo-Ann Chianella
480-430-3580
