CFTC position limits rule blasted by commodity merchants

Proposed bona fide hedge exemptions are too narrow, firms say

June 19 roundtable marked Timothy Massad's first public appearance as CFTC chairman

The US Commodity Futures Trading Commission (CFTC) should broaden the hedging exemptions in its proposed rule on speculative position limits in commodity derivatives, market participants told the CFTC at a June 19 roundtable devoted to the contentious rule.

The rule, which the CFTC re-proposed in November 2013 after a previous version was rejected by a federal judge, includes 10 bona fide hedging exemptions designed to allow physical market participants to use derivatives to mitigate their comme

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