Wednesday, October 19, 2011
CFTC Imposes Restrictions On Speculative Energy Trading
The rules impose “position limits” on the amount of futures and swaps contracts for oil and other commodities that traders hold. The rule sets limits on contracts for oil, natural gas and other energy contracts, as well as some agricultural and metals contracts.
The five-person CFTC includes Democrats Bart Chilton, Chairman Gary Gensler, Michael Dunn, and Republicans Jill Sommers and Scott O’Malia opposed it. The rule was approved along party lines.
The rule sets federally enforced limits, for the first time ever, on the amount of concentration anyone may control in energies and metals. (The Hill, 10/18/2011)