CFTC APPROVES POSITION LIMIT APPEAL

The CFTC voted 3-2 Thursday to move forward with an appeal of a federal district judge’s September ruling vacating the position limits rule mandated by Dodd-Frank and approved by the CFTC.

Anyone believe Mr. Dimon and Mr. Blankfein do not have appeals judges in their pocket as well?

Washington, DCThe Commodity Futures Trading Commission (CFTC) will move forward with an appeal of a federal district court’s decision vacating the position limits rule.  The Commission approved the appeal on a 3-2 vote.

“As part of the Dodd-Frank Act, Congress directed the Commission to limit promptly speculative positions in physical commodity futures and options contracts and economically equivalent swaps. The rule addresses Congress’ concern that that no single trader be permitted to obtain too large a share of the market, and that derivatives markets remain fair and competitive. I believe it is critically important that these position limits be established as Congress required. I support the Commission’s continued efforts to put in place position limits on speculative positions by appealing the September ruling,” said CFTC Chairman Gary Gensler.

Source: CFTC