Position Limits, Automated Trading Rules Likely Delayed by Months

Position Limits, Automated Trading Rules Likely Delayed by Months

Feb 7, 2017

by Margarita Fournier; Copyright 2016 by Competitive Assets, LLC.  All rights reserved

On 2/4/17, SNL Energy reported on the progress of certain trading rules, observing that some “of the biggest ‘game-changing’ rules still pending before the Commodity Futures Trading Commission could be delayed by many more months as the agency drops to just two commissioners and awaits nominations and Senate confirmations to fill the three vacancies.” “In December 2016, the CFTC also re-proposed a rule on limits to speculative positions in 25 core physical commodity futures contracts, including natural gas, light sweet crude oil, heating oil, and gasoline. The comment period for the rule closes at the end of February. Referred to by [Commissioner] Bowen as the ‘eternal rulemaking,’ rules on position limits have had a long and often-contentious past at the commission. Limits have been proposed in several forms in the past five years and one rule was even approved only to be vacated by a federal court in 2012.” But now, a decision on this rule will take many more months, “as former Chairman Timothy Massad is set to leave the agency by the end of February, leaving just two commissioners: Bowen and acting Chairman Chris Giancarlo. Speaking at the conference on Jan. 31, Mike Gill, chief of staff for Giancarlo, said that while the comment period for ‘Reg AT’ has been extended until May, he does not expect a decision in May.”

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Posted by CompetitiveAssets on February 7th, 2017

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