CFTC’s Sommers: Position limit rule likely for Dec.

By Reuters
Posted Nov. 3, 2010 at 5:49 p.m.

The U.S. futures regulator is unlikely to unveil its new proposal to limit speculative positions until December, a top official of the Commodity Futures Trading Commission told Reuters on Wednesday.

Position limits for futures and swaps mandated by the Dodd-Frank financial reform law are a top concern for commodity traders who say the plan could limit fund participation in markets.

The CFTC is holding a series of public meetings to discuss the many regulatory proposals required by the law before opening the rules up for public comment. Meetings are slated for Nov. 10 and 19 and Dec 1.

Jill Sommers, a Republican commissioner at the CFTC, told Reuters on the sidelines of a futures industry conference that it was unlikely the agency would put forth its position limits proposal in November.

Sommers said the plan would more likely be discussed on Dec. 1 or 9.

Earlier this month, the agency tentatively slated the meeting for Nov. 30, but it has since said that date would not work.

The CFTC announced earlier on Wednesday its agenda for Nov 10, saying it would consider a series of rules for swap dealers and major swap participants, as well as whistleblower provisions.

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