Comment Text:
I'm retired now but my work was with computers. I have been quite concerned about the algo trading that has been going on. I understand computer programming intimately. And allowing the artificial intelligence in complexes of computers to gamble with prices to secure profits is a broad based problem for the US economy and other economies. This is a "raid the casino" operation or "cheating the house". Since I live in Nevada, I'm very aware of gambling and the problem of trying to control the cheaters.
Commodity markets were never intended to become casinos. They were intended to stabilize the risks between farmers, (and others), and those who brought the farm, (and other), products for markets. I believe that the CFTC should be trying to guide a return to the original purpose of commodity trading by stopping the "casino" approach being taken by those who have no interest in the actual commodity in question. These speculators have only one interest, manipulation for profit, and they are succeeding grandly, at the expense of the citizens living in the economy.
Imagine a casino in Nevada that allowed gamblers to use any device they developed to connect to and play the casino games. This would be regarded as absurd. The "house" would be cheated. The business would be ruined. So why have the regulators allowed this sort of attachment to the commodity trading houses?
Please try to stop this....
Thank you for your consideration.
