CME Group released the following statement regarding today's proposal by the Commodity Futures Trading Commission ("CFTC") to impose position limits in energy markets.
"CME Group supports equitable application of aggregate position limits across CFTC-regulated designated contract markets and exempt commercial markets, CFTC-recognized foreign boards of trade, and OTC energy market participants. Commencing with the CFTC's Hearing on Speculative Position Limits in Energy Markets held on July 28, 2009, and throughout the last several months, CFTC staff and Commissioners have worked hard to understand and incorporate important industry feedback regarding the manner in which position limits should be set and applied across all exchange-traded and over-the-counter energy markets.
"We will continue to analyze the new proposal in greater detail and participate in the CFTC's public comment process to ensure that the recommendations do not create unintended consequences that will push market users to unregulated markets beyond the reach of the CFTC. We will also continue to work with Members of Congress to enact legislation that will advance these same goals and ensure the proposed rules do not injure liquidity or hedging and trading opportunities for market users."
