Comment Text:
10-005
COMMENT
CL-02251
From:
Sent:
To:
Subject:
secretary
Wednesday, April 7, 2010 3:45 PM
Metals Hearing
FW: Comments on position limits in the metals markets
l~rom: John Thistle [mailto:[email protected]]
Sent: Wednesday, April 07, 2010 3:17 PM
To:
secretary
Subject: Comments on position limits in the metals markets
Secretary of the Commission
Commodity Futures Trading Commission
Re:
question 11 in the Request for Comments section of the proposal on Federal Position Limits for
Referenced Energy Contracts and Associated Regulations.
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
