Looking over the counter-arguments

The UK government's Treasury Select Committee has asked the Financial Services Authority (FSA) to provide it with a full report on the number of transactions and volume of oil traded in the off-exchange over-the-counter (OTC) market, in an attempt to gauge its importance as a price setting mechanism and its susceptibility to manipulation.

The committee meeting was called after the US Commodities Futures Trading Committee (CFTC) said it would impose position limits on US traders active on London

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