10 : 1 Leverage
Listed below is a message that I sent to the Secretary of the SFC.
Dear David A. Stawick,
I was and am in favor of President Obama's, to include Congress, decision to offer financial aid to the banking industry in order that they remain liquid during these extremely difficult financial times. Without the governments intervention we may have had a crash that could've surpassed those bleak times of the infamous 30's.
Unfortunately I am totally perplexed with your proposal of the 10:1 leverage regulation. This would be counter intuitive to the above. Meaning, this regulation would totally abolish retail trading in the Forex Market. Thereby eliminating a source of taxable income to the government that it could use to pay off some of the National debt.
I am a full time Forex trader. I can to some degree appreciate your need to impose a no hedging and FIFO restriction to employ additional security. For the life of me, I can't see any benefit to the country or the trading community for the 10:1 leverage regulation. I can only hope and pray that if there is an alternative reason why you are considering this, that you strongly look toward another avenue.
Sincerely,
Keith J, Senior
Listed below is a message that I sent to the Secretary of the SFC.
Dear David A. Stawick,
I was and am in favor of President Obama's, to include Congress, decision to offer financial aid to the banking industry in order that they remain liquid during these extremely difficult financial times. Without the governments intervention we may have had a crash that could've surpassed those bleak times of the infamous 30's.
Unfortunately I am totally perplexed with your proposal of the 10:1 leverage regulation. This would be counter intuitive to the above. Meaning, this regulation would totally abolish retail trading in the Forex Market. Thereby eliminating a source of taxable income to the government that it could use to pay off some of the National debt.
I am a full time Forex trader. I can to some degree appreciate your need to impose a no hedging and FIFO restriction to employ additional security. For the life of me, I can't see any benefit to the country or the trading community for the 10:1 leverage regulation. I can only hope and pray that if there is an alternative reason why you are considering this, that you strongly look toward another avenue.
Sincerely,
Keith J, Senior