Comment Text:
10-005
COMMENT
CL-00709
From:
Sent:
To:
Subject:
James Akbar-Given
Tuesday, April 13, 2010 4:38 AM
Metals Hearing
position limits for precious metals
Dear Sir;
Thank for the opportunity to comment on the issue of position limits for
precious metals. Please establish a speculative position limit in COMEX
silver of no more than 1500 contracts.
Please restrict any hedging exemptions from those limits to legitimate
hedgers. I would sagest that the contracts above the limit ( I recommend
1500 contracts) should be handled by a different broker, than the broker
or clearing house that help with the initial contracts, certainly not 'in
house' or with in a banks, funds, or investment companies. I
recommend this so as to reduce the risk of non-payment buy the
trader/hedger or a failure at the brokerage company. Further more the
name of the trader or organisation that has received an exemption
should be published on the CFTC web site along with the reason an
exemption was granted. Being given an exemption from the rules is not
right, but an understanding of special circumstances.
Please stop the levels of concentration in COMEX silver futures that have
been experienced over the past few years on the short side of the
market.
Sincerely,
James Akbar-Given
Email-
[email protected]
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