Exchanges spar with CFTC over hedge exemptions

Latest tweaks to position limits rule draw ire of CME and Ice

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The Commodity Futures Trading Commission

Chicago-based CME Group and Atlanta-based Ice have clashed with the US Commodity Futures Trading Commission (CFTC) over the regulator's latest effort to amend its controversial proposed rule on speculative position limits in commodity derivatives.

The exchanges' objections centre on the process by which market participants can obtain hedging exemptions from the new, federally mandated position limits regime that the CFTC is working to implement. In a supplemental proposal released on May 26, the