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Friday, November 16, 2012

CFTC Approves Position Limit Appeal

The CFTC have approved an appeal of a federal district court’s decision vacating the position limits rule. The Commission approved the appeal on a 3-2 vote yesterday.

CFTC Chairman Gary Gensler stated:
As part of the Dodd-Frank Act, Congress directed the Commission to limit promptly speculative positions in physical commodity futures and options contracts and economically equivalent swaps. The rule addresses Congress’ concern that no single trader be permitted to obtain too large a share of the market, and that derivatives markets remain fair and competitive…I support the Commission's continued efforts to put in place position limits on speculative positions by appealing the September ruling.
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