Revived Dodd-Frank position limits worry energy firms
The US Commodity Futures Trading Commission is gearing up for another big fight over position limits, after its original rule was rejected by a federal court. The agency’s latest proposal, released in November, gives market participants little reason for cheer. By Alexander Osipovich
Of all the regulatory initiatives undertaken by the US Commodity Futures Trading Commission (CFTC) as a result of the Dodd-Frank Act, none have yielded such an angry response from the energy industry as the effort to impose speculative position limits on commodity derivatives.
When the commission first tried to implement position limits in 2011, critics blasted them as flawed and unnecessary, raising doubts about the rule's rationale – the idea that excessive speculation was causing runaway
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