CFTC facing struggle to revive commodity position limits
US federal commodity position limits were defeated in court in September, but the Commodity Futures Trading Commission has not thrown in the towel. In a two-pronged attack, the agency is expected to appeal against the ruling and is also thought to be working on a new version of its regulation – but it faces some big obstacles. Peter Madigan reports
The Commodity Futures Trading Commission (CFTC) is not giving up on its position limits rule, struck down on September 28 – just a fortnight before it was due to take effect – when a US court decided the agency had overstepped the authority given to it by the Dodd-Frank Act. According to the CFTC’s chairman, Gary Gensler, the regulator is considering appealing against the judgement and could also write a new version of the rule – which is designed to prevent speculation in 28 physically settled
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