Randy Miller

How Regulation Will Force ETFs to Evolve

What is the purpose of a free market? It is to make sure goods and services flow in directions where they will have the most value. Speculators have a role in that market when they provide liquidity, not volatility.

There is an aggregate limit on how much land you can buy in the US. The same piece of land cannot have two owners. IN commodities, we need aggregate limits. Last October oil futures markets contracts far exceeded the amount of oil that would actually move in that month. At that point, the market is just moving chips on a casino table, and pricing is not real world. There need to be aggregate limits on all commodities, and then you have to put a position limit on individual participants so they cannot manipulate the market.