Comment Text:
N H Gronlund
75 Tri-State Int'l
Lincolnshire, IL 60069-4428
March 24, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
Excessive speculation hurt our economy in 2008 and is again harming the
2011 economy. According to data recently released by the Commission, speculators 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 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.
Time is of the essence: Act quickly. Our pocketbooks and the broader economy depend on it.
Thank you.
Sincerely,
N H Gronlund
8475673465
