Comment Text:
I want to comment on the margin requirements and the speculation on oil trading. I want to require that all buyers of oil commodities have a described need for future oil commodities (trucking or transportation) that is not a name only but a complete financial report and proven company. That all trading be in real commodiities not options and that margins be held to 50% of the real value. That oil commodities be actually purchased and stored for 30 days minimum before retrading and that proof of storage and purchase and ownership be provided.
I don't want commodities to be phantom purchases but real to eliminate short selling of vital products and speculation to drive prices up. Margin selling should be minimalized and held until the price of a commodity rises (uptick rule). The value of commodities should not be allowed to fall and destroy companies and investment just as the price should not be artifically inflated by speculation on margin purchases to promote a false increase in demand. Demand should be for real purchases especially in energy commodities.
