Sarkozy wants ‘decisive' progress

摘要

French president Nicolas Sarkozy wants the G20 to make "decisive" progress on regulating oil markets and agri- cultural commodities at its November summit in Cannes. Sarkozy wants principles applied to financial market regulation extended to commodities including oil. He looks favourably on the US Dodd-Frank financial reform act of 2010, especially the way it empowers US commodities reg- ulator the CFTC to impose position limits on derivatives trading. "This would prevent a repeat occurrence of the events which took place in the oil market in 2008, when three traders were able to take up positions totalling 80pc of the world's short-dates oil futures," Sarkozy told a Brussels conference organised by the European Commission on 14 June. The basis of Sarkozy's claim regarding oil futures market concentration is unclear.