Comment Text:
i0-001
COMMENT
CL-08899
From:
Sent:
To:
Subject:
C.L. Kwan
Monday, March 22, 2010 4:53 PM
secretary
Regulation of Retail Forex
comments re: RIN 3038-AC61
The intention to protect retail forex traders from fraud is good.
However, restricting leverage to 10:1 is totally unnecessary and does
not serve the purpose of protecting retail forex traders from fraud.
On the contrary, restricting leverage to 10:1 will force retail forex
traders out of the US forex market and go offshore, resulting in less
protection for the retail forex trader.
This could result in retail forex traders pulling their funds out of
their brokerages en masse, forcing the brokerages to be insolvent and
declaring bankruptcy.
This would result in many job losses, hurting the economy, reducing tax
revenues (due to job losses and bankruptcies).
Reducing leverage to 10:1 is totally unacceptable.
Please let retail forex traders continue to have 100:1 leverage.
Chi L. Kwan
