Comment Text:
Joseph Martinkovic
329 W. Bertsch St.
Lansford, PA 18232-1808
March 26, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
Excessive speculation hurts our economy. According to data recently released by the Commission, speculators have raised their positions in energy markets by 64 percent compared to June 2008, bringing speculation to the highest level on record.
We need meaningful, effective speculative position limits to restore balance to commodities markets and ensure that they are connected to market fundamentals, so that they fulfill their price-discovery function properly and without distortions caused by excessive speculation.
In particular, I:
• support the Commission's immediate adoption of spot-month speculative position limits; • urge the Commission to adopt effective back-month levels that will accomplish the legislative purpose of curbing excessive speculation; • urge the Commission to adopt single-month limits that are no higher than two-thirds of the all-months-combined levels; • urge the Commission immediately to adopt a position-accountability regime for the nonspot months in place of its proposed position-visibility rule; and • urge the Commission to adopt lower speculative position limits for passive, long-only traders.
I would also ask the CFTC to prohibit commodity traders from buying on margin. Everyone who buys a futures contract should not be allowed to borror money to do it.
My final suggestion on oil futures contracts is to require anyone buying an oil futures contract to take delivery. End the practice of rolling over the contract.
Time is of the essence, and I urge you to act quickly. Our pocketbooks and the broader economy depend on it.
We should not be held hostqage to OPEC and speculators. Please pass regulations to stop commodity speculation
Thank you.
Sincerely,
Joseph Martinkovic
570 805 4272
