Exemptions key issue in weak CFTC proposals

摘要

US Commodity Futures Trading Commission Chairman Gary Gensler unveiled in July two initiatives aimed at curbing excessive speculation and boosting transparency in futures markets. They have been welcomed by those concerned about the impact on energy prices of 'speculation', but it is unclear why, as they are unlikely to change anything, unless a hard line is taken on exemptions for non-commercial traders.rnThe first initiative is whether the agency should set speculative limits on "all commodities of finite supply," such as crude oil, heating oil, gasoline, natural gas and other energy products. The CFTC currently sets and oversees position limits for agricultural commodities, but does not in energy markets. While Gensler said futures exchanges set position and accountability limits in energy, he believes those actions fall short of what's needed to prevent excessive speculation.