Will this hearing from CFTC with their positive note end the manipulation of Commodities(Energy/GOLD/SILVER) by the big banks end after having deregulated back in late 80's so that they have total control on thier position sizing on thier investments. Anyway here is whole story and Hearing.
CFTC to Hold Three Open Hearings to Discuss Energy, Position Limits, and Hedge Exemptions
First Hearing Scheduled for July 28, 2009
WASHINGTON -- The Commodity Futures Trading Commission (CFTC) today announced that it will hold three hearings to address the current application of position limits and exemptions from position limits in energy markets. The hearings are scheduled to be held between 9 a.m. ET and 1 p.m. ET on Tuesday, July 28, Wednesday, July 29, and Wednesday, August 5, 2009.
The first hearing will consist of testimony by Congressman Bart Stupak, CFTC staff presentations and two witness panels:
Panel 1: Jeff Sprecher, Intercontinental Exchange, and
Terry Duffy, Chicago Mercantile Exchange
Panel 2: Todd Petzel, Futures Industry Association; Ben Hirst, Delta Airlines; Laura Campbell, American Public Gas Association; and Sean Cota, Petroleum Marketers Association of America
"The CFTC is directed by statute and provided with broad authorities to ensure the fair, open, and efficient functioning of futures markets," CFTC Chairman Gary Gensler said. "While the CFTC currently sets and ensures adherence to federal position limits for certain agriculture products, the agency does not do the same for energy markets. Our hearings, beginning next week, will be critical as we look into different approaches to regulate energy markets. I look forward to hearing from our panelists as we consider applying position limits to energy markets.Full Story
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