CFTC closes ‘London loophole’
The Commodity Futures Trading Commission (CFTC) has moved to impose US position limits and hedge exemption requirements on US customers trading WTI crude oil on London-based ICE Futures Europe.
The ICE Futures Europe WTI contract is cash-settled against New York Mercantile Exchange's WTI crude oil contract. Concerns from US politicians over the role of speculators in pushing up oil prices has led to increased scrutiny on traders’ ability to circumvent US position limits by trading in London, called the ‘London loophole’ by Democratic senator Carl Levin.
Levin introduced the Close the London Loophole Act on June 12, “to ensure that the CFTC has all the information and authority it needs
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