V10Silver
16th December 2010, 08:53 AM
I'm trying to understand if we got what we wanted or if we just got screwed again???
http://www.reuters.com/article/idUSTRE6BF2RI20101216
(Reuters) - The U.S. Commodity Futures Trading Commission on Thursday unveiled its eighth set in a series of rules as it works to take oversight of the $600 trillion over-the-counter derivatives market.
The CFTC used the meeting to propose its long-awaited plan to limit speculative positions held by commodity traders.
Here are details of what was proposed:
POSITION LIMITS PROPOSAL
Establish limits on positions in physical commodity futures contracts as well as swaps that are economically equivalent to those contracts.
Comment period: 60 days
* Limits to be placed on 28 core physical-delivery contracts and their "economically equivalent" derivatives.
* Commodities covered include gold, silver, copper, platinum, palladium, crude oil, natural gas, heating oil, and gasoline, corn, rice, soybeans, wheat, live cattle, lean hogs, milk, cocoa, coffee, orange juice, sugar, and cotton.
FIRST PHASE
* Initial transitional phase would focus on spot-month, with limits based on deliverable supply and levels determined by exchanges:
* Limits set at 25 percent of deliverable supply for a given commodity, with a conditional spot-month limit of five times that amount for entities with positions exclusively in cash-settled contracts.
http://www.reuters.com/article/idUSTRE6BF2RI20101216
(Reuters) - The U.S. Commodity Futures Trading Commission on Thursday unveiled its eighth set in a series of rules as it works to take oversight of the $600 trillion over-the-counter derivatives market.
The CFTC used the meeting to propose its long-awaited plan to limit speculative positions held by commodity traders.
Here are details of what was proposed:
POSITION LIMITS PROPOSAL
Establish limits on positions in physical commodity futures contracts as well as swaps that are economically equivalent to those contracts.
Comment period: 60 days
* Limits to be placed on 28 core physical-delivery contracts and their "economically equivalent" derivatives.
* Commodities covered include gold, silver, copper, platinum, palladium, crude oil, natural gas, heating oil, and gasoline, corn, rice, soybeans, wheat, live cattle, lean hogs, milk, cocoa, coffee, orange juice, sugar, and cotton.
FIRST PHASE
* Initial transitional phase would focus on spot-month, with limits based on deliverable supply and levels determined by exchanges:
* Limits set at 25 percent of deliverable supply for a given commodity, with a conditional spot-month limit of five times that amount for entities with positions exclusively in cash-settled contracts.