Commodity crackdown

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Speculators may not have caused the financial crisis, but as one US regulator was apparently overheard saying at the G-20 meeting in London in April: "If a barroom brawl breaks out, you don't go punch the guy who started it; you punch the guy you've always wanted to punch."

Regulators are starting to make good on these threats. A comprehensive reform of the financial markets is under way in the US, with the Treasury publishing draft legislation on August 11 to regulate the over-the-counter deriv

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