Comment for Proposed Rule 75 FR 3281
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From:
Gordon Hemping
Organization(s):
Comment No:
934
Date:
1/20/2010
Comment Text:
i0-001
COMMENT
CL-00934
From:
Sent:
To:
Subject:
Gordon Hemping
Wednesday, January 20, 2010 8:51 AM
secretary
Regulation of Retail Forex
Dear Sir or Madam:
I am very much against the proposed change to 10:1 leverage in the retail forex market.
- 90% of the accounts will go offshore, mostly to the United Kingdom
- Thousands of high educated jobs will be lost - we already have high enough unemployment
- An industry worth over $1 billion gone, loosing millions in taxable revenue.
- The proposal does not fix fraud, the subject the rule tries to adjust. Battle against unlicensed FDMs and
IBs fix the fraud, not 10 to 1 leverage.
- 100 to 1 leverage is very popular. Traders simply will not accept 10 to 1 leverage.
- Unregulated dealers from around the world will also benefit.
Regards,
Gordon Hemping
