Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

CFTC to Consider Position Limits in Early Fall, Gensler Says

CFTC Chairman Gary Gensler
Gary Gensler, chairman of the Commodity Futures Trading Commissio. Photographer: Andrew Harrer/Bloomberg

July 21 (Bloomberg) -- The U.S. Commodity Futures Trading Commission is likely to move to implement limits on speculation by “early fall,” Chairman Gary Gensler said today.

The proposal for so-called position limits, which was issued by the CFTC in January, has been among the most contentious aspects of the agency’s rulemaking required by the Dodd-Frank Act. The proposal spurred more than 13,000 comments from supporters such as Delta Air Lines Inc. and opponents such as Barclays Plc.

Democrats in Congress, citing run-ups in commodity prices, have urged the agency to quickly implement the trading curbs.

Gensler said the agency has been going through the public comments, holding internal discussions and meeting with other regulators as it considers how to implement the limits.

“We hope to move to that in early fall,” probably in September or October, he told reporters after testifying at a Senate Banking Committee hearing marking the one-year anniversary of Dodd-Frank.

The CFTC is also likely to consider final rules in the “early fall” governing clearinghouses, business-conduct standards for swap dealers involved with clients such as municipalities and pension funds, and the definition of swap dealers, Gensler told House Agriculture Committee members at a separate hearing today.

Gensler told lawmakers the CFTC aims to consider final rules on trading and how quickly trades must be reported later in the fall.

CFTC commissioners may consider a final rule governing whistleblowers at its next meeting, scheduled for Aug. 4, Gensler said on July 19.

To contact the reporter on this story: Phil Mattingly in Washington at pmattingly@bloomberg.net.

To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.