Comment Text:
10-005
COMMENT
CL-00776
From:
Sent:
To:
Subject:
John Thistle
Monday, April 12, 2010 12:35 PM
Metals Hearing
Comments on position limits in the metals markets
Secretary of the Commission
Commodity Futures Trading Commission
Dear Sir:
Thank you for the opportunity to comment on the potential
reestablishment of position limits in the metals futures markets.
I watched with interest the March 25 hearing on the metals. As a
Canadian, I was reminded of past debates over the regulation of my
country's banking industry. A decade ago, Canadian bankers were almost
unanimous in predicting that unless they were allowed greater freedom,
the Canadian banking industry would soon be devoured by its
international competitors. The government upheld the longstanding
principles of its regulations, and none of the industry's dire forecasts
came true. On the contrary, our banking system is now the envy of much
of the world.
I urge the CFTC to focus on its responsibility of preventing excessive
speculation in those markets over which it has authority. As Chairman
Gensler says, this means avoiding concentration: please establish
meaningful position limits, and restrict any exemptions from those
limits to verifiably legitimate hedgers.
Sincerely,
John Thistle
299 Wiltshire Place
Waterloo, Ontario
Canada N2T 1R3
519-885-9606
