Comment Text:
10-005
COMMENT
CL-00563
From:
Sent:
To:
Subject:
Wolfe, Lloyd
Thursday, April 15, 2010 8:15 PM
Metals Hearing
metals position limits
Dear Sirs : Thank you for allowing the public to comment on the hearing you conducted last month. I feel that
position limits of no more then 2 % of the yearly production of any commodity would keep any person or entity
from manipulating any market either on the long or the short side. Some of the reported current shorts on the
metals look like manipulation to me. I have problems when at the end of the month prior to expiration when
traders are trying to even up their positions or roll into the next delivery time show trading of 25-75% of all the
current contracts and at the end of the day only 5-10% of the contracts are closed out. How can 25-35,000
contracts trade and only 3-5,000 close. It is the flash trades that just drive prices down. I read the transcript from
the traders on the London exchange who told you exactly what was going to happen prior to orders being
entered. Only way to make the markets honest is to limit the amount of open shorts or longs.
Thank you for your time and consideration
Lloyd Wol~
33805 Apache
Miller, Ne
68858
