Traders debate position limits at CFTC hearings
The CFTC announced plans to investigate the need for firm position limits in the energy markets on July 7, 2009.
At three subsequent public hearings held at the end of July and the beginning of August, Commissioners listened to testimonials from a range of commercial and non-commercial industry players, as well as trade bodies and consumer groups.
From the outset, Gary Gensler, CFTC chairman, emphasised the importance of using position limits to prevent a concentration of positions by any single trading entity. Exchanges currently set such limits but are not required by statute to do this. At the first
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