Comment Text:
Howdy Commodity Futures Trading Commission:
We think that the CFTC would be smart to change the rules of futures trading.
The sensible objective is to make futures trading function, in and of itself, a minimal factor and influence on consumer goods price increases and decreases.
We believe that futures trading rules and laws should only allow producers and direct users of the commodity to engage in the trade of the futures contracts. For example: oil futures can only be offered, initiated, and traded by oil drillers/producers and oil refineries including closely connected crude oil users. No middle men or traders that do not actually make and use the product in preparation of retail sales. Likewise, that would apply to the other commodity futures that any Joe Blow with a buck for the risk can presently trade. That buck is frequently someone else’s bucks and the trader is free and clear of risk.
No, it is not stifling “free” trade and freedoms. It is applying sensible and rational restraints and rules to an institution that is out-of-control with no visible boundaries of containment.
Thanks and we Press on Regardless.
Peter J.F. and Margaret A.B. Shaw
Pine Ridge, Florida
