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Comment for Proposed Rule 76 FR 4752

  • From:
    Organization(s):

    Comment No: 42729
    Date: 4/18/2011

    Comment Text:

    Anand Gandhi
    4512 W. Northgate Dr.
    Irving, TX 75062-2501


    April 18, 2011

    David Stawick
    Secretary, Commodity Futures Trading Commission
    Three Lafayette Centre
    1155 21st Street, NW
    Washington, DC 20581


    Dear Mr. Stawick:

    Excessive speculation hurt the economy in 2008 and, once again, is harming
    the economy in 2011. 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.

    Time is of the essence, and I urge you to act quickly. Our pocketbooks and
    the broader economy depend on it.

    Sincerely,


    Anand Gandhi
    8176925857


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