WASHINGTON (Reuters) - U.S. regulators, eager to send a tough message to high flying oil markets by bringing its biggest ever oil manipulation case to court, may have simply gotten lucky. The Commodity Futures Trading Commission announced in late May it wasowned by Norwegian billionaire John Fredriksen for manipulating oil prices by buying and selling physical crude in Cushing, Okla., the delivery point for the U.S. crude contract.
WASHINGTON (Reuters) - Wall Street's top trade groups on Friday [Dec. 2] launched a second major legal assault on the biggest overhaul of U.S. financial regulations in decades, suing to block new rules on commodity speculation. In the suit, which had been widely expected given fierce objections from big investment banks and traders, the groups said the Commodity Futures Trading Commission's rule to prevent excessive speculation in markets like oil and gold was procedurally flawed and "lacked a reasoned basis.
WASHINGTON (Reuters) - Internal strife at the Commodity Futures Trading Commission over how to craft a workable rule to crack down on speculation in oil markets has prompted two internal whistleblowers to ask the agency's inspector general to step in. The whistleblowers say the CFTC team working on the politically charged "position limits" rule has suffered staffing setbacks. It has also struggled to harmonize the proposal with another rule, potentially forcing commissioners to vote in coming weeks on a doomed-to-fail measure.
WASHINGTON (Reuters) - U.S. regulators this week will finalize their toughest crackdown yet on volatile oil and metal markets, concluding nearly four years of fierce debate over whether limits on speculative trade can tame prices. As Wall Street bemoans the measure as a sop to politicians who have vilified speculators for driving grain and oil prices to painful peaks since 2008, the Commodity Futures Trading Commission will push through a groundbreaking rule to restrict the number of commodity contracts a trader can hold.
On March 31, Secretary of the Treasury Henry Paulson released the product of a year's worth of work on behalf of Treasury officials and staff, policymakers, academics, advocates and industry leaders. This plan, known as Treasury's Blueprint for Financial Regulatory Reform, is aimed at improving the American financial regulatory structure. The blueprint proposes to merge the Securities and Exchange Commission, which oversees markets, and the Commodity Futures Trading Commission, which regulates oil, grain and currency futures. Under the blueprint, the Federal Reserve would be tasked with evaluating the capital, liquidity and margin practices across the entire financial system in an effort to determine whether any of these pose a risk to the financial system as a whole. As with any plan a...
WASHINGTON (Reuters) - A group of 17 U.S. senators called on the Commodity Futures Trading Commission on Wednesday [May 11] to immediately crack down on excessive speculation in crude oil markets by hastening planned rules to limit concentration. In a letter to the CFTC's chairman and commissioners, the lawmakers said they wanted the agency to unveil a plan by May 23 to impose position limits in all energy futures markets, beginning with crude oil. The agency has already proposed such limits as part of the financial reform, but has not finalized them.
With $135 per barrel oil, and perhaps more importantly $4 gas at the pump, the Commodity Futures Trading Commission (CFTC) had no time to celebrate its reauthorization as Acting Chairman Walt Lukken was brought before an alphabet soup of Congressional committees to address the role of speculators in rising commodity prices. Congress has turned up the heat on the CFTC since mid-May, as several experts during Congressional hearings blamed speculators in general and commodity index funds in particular for skyrocketing prices, while the CFTC maintained that traditional supply and demand factors are at fault. While senators suggested the CFTC do more to bring about lower prices, experts note that controlling prices is not the CFTC's job. But it appears Congress has already come to a conclusi...
WASHINGTON (Reuters) - An outspoken U.S. senator who criticized the country's futures regulator for failing to crackdown on energy speculation said on Thursday [June 2] he will introduce legislation next week that will force the agency to act. Sen. Bernie Sanders (Ind.-Vt.) said the legislation would force the head of the U.S. Commodity Futures Trading Commission to use emergency authority to impose limits on the positions investors can take in crude oil, gasoline and heating oil. The move could occur without support from the majority of the agency's commissioners.
WASHINGTON -- The Senate voted 94-0 Tuesday to move ahead on legislation to curb speculation in oil markets. But any hope of bipartisanship to pass the bill is likely a mirage. The Senate bill would require the Commodity Futures Trading Commission to set limits on trading in oil markets by investors and speculators and close a loophole that allows speculators trading on the London oil market to escape scrutiny by U.S. regulators.
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