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Commodity Futures Trading Commission: Difference between revisions
Commodity Futures Trading Commission (view source)
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==CFTC and Position Limits== | ==CFTC and Position Limits== | ||
In July 2009 the CFTC announced some initiatives targeting concerns about the impact of | In July 2009 the CFTC announced some initiatives targeting concerns about the impact of “speculative" trading on commodities. These include a series of hearings in July and August to be announced considering: | ||
*'''Position Limits in all commodities''': whether CFTC should set speculative limits on | *'''Position Limits in all commodities''': whether CFTC should set speculative limits on “all commodities of finite supply”, esp. energy commodities (the CFTC can impose position limits wherever it finds “speculation that causes unwarranted price changes" but currently sets limits only on certain agricultural futures – elsewhere, limits are set by exchanges) | ||
*'''Hedge Exemption''': whether hedge exemptions should apply to dealers who use the futures markets | *'''Hedge Exemption''': whether hedge exemptions should apply to dealers who use the futures markets “to hedge purely financial risks rather than risks arising from the actual use of a commodity”. | ||
*'''Participant/Market Scope''': whether position limits should be applied “across all markets and participants, including index traders and managers of exchange-traded funds”. | *'''Participant/Market Scope''': whether position limits should be applied “across all markets and participants, including index traders and managers of exchange-traded funds”. | ||
The CFTC’s “special call” authority for information on positions held by swap dealers and index traders continues. CFTC will report on this information quarterly. | The CFTC’s “special call” authority for information on positions held by swap dealers and index traders continues. CFTC will report on this information quarterly. | ||
Volatility in energy markets is also attracting attention internationally. Gordon Brown and Nicolas Sarkozy have called for international regulators to consider improving transparency and supervision of the oil futures markets | Volatility in energy markets is also attracting attention internationally. Gordon Brown and Nicolas Sarkozy have called for international regulators to consider improving transparency and supervision of the oil futures markets “in order to reduce damaging speculation”. | ||
==Brokerage Activities outside the US== | ==Brokerage Activities outside the US== | ||