Futures:• Futures Soar As Rate Cut Hits Dollar; Crude Oil Advances 8%, Copper 12% Oct 30, 2008
The Reuters-Jefferies CRB index of 19 commodity futures rose 6% for its largest percentage gain since 2005. Analysts said buyers who had bet on short, or lower prices, of commodities had to cover positions as the dollar posted its biggest daily fall in 23 years after the U.S. and China cut rates. (Investors Business Daily)
Why are white men expected to vote against change? Oct 29, 2008
Are there any white males out there still so in the dark that they don't know that the radical banking deregulation legislation that McCain pushed so aggressively is what legally enabled those he condemned on Monday as "the Wall Street bankers and brokers who got us into this mess?" Have they never heard of Phil Gramm, the man McCain picked to co-chair his presidential campaign, who sponsored the Gramm-Leach-Bliley act and the Commodity Futures Modernization Act - both of which made legal, for... (San Francisco Chronicle -- Weird News)
Is the race tightening? Oct 29, 2008
I ve been undecided until I began to read about the sponsors of The Commodity Futures Modernization Act of 2000 which legalized the credit default swaps that created this world wide financial crisis. The financial derivatives were specifically deregulated by Sen. (Atlanta Journal-Constitution)
Hedge funds taking it on chin Oct 28, 2008
" Poor performance has also caused some firms to give their hedge funds a new lease on life by changing the managers, and their investment style. JovFunds Management Inc. bought Horizons Mondiale Fund two years ago when it was run by Vancouver-based hedge fund manager Mondiale Asset Management Ltd. Earlier this year, the fund's name was changed to Horizons Contrarian Fund, and it is now managed in-house by JovFunds using research provided by U.S.-based HSC Management Inc. on changes in commodity... (Globe and Mail -- Business)
Stock Funds Retreat As Global Woes Push Investors To Safety• //• // Futures:• Oil Falls Despite OPEC's Output Cut; Gold Defies Broad Sell-Off, Rising 2% Oct 25, 2008
The basket of 19 commodity futures tracked by the widely followed Reuters-Jefferies CRB index ended down for a fourth straight week, nearing a five-year low. Oil futures fell nearly 10% on the week, gold shed 7%, and copper tumbled 24. (Investors Business Daily)
McCain news more negative Oct 24, 2008
Saxby Chambliss heads the Senate Agriculture Committee, which jointly oversees the Commodity Futures Trading Commission and must this year pass legislation reauthorizing the futures regulator through 2011. The CFTCs current authority expires Sept. 30. (Atlanta Journal-Constitution -- Opinion)
Oil hits record on Middle East tensions Oct 22, 2008
The proposal would require the Commodity Futures Trading Commission to collect more information and to set limits on futures holdings, and it expands the CFTC's enforcement power. Story Tools. (Sydney Morning Herald -- Business)
The McCain we need to see tonight Oct 16, 2008
Commodity Futures Modernization Act. The most costly of all follies is to believe passionately in the palpably not true. (Atlanta Journal-Constitution -- Opinion)
Salazar staff: Farm bill boosts farmers Oct 16, 2008
New titles include horticulture and organic agriculture, livestock, crop insurance, commodity futures, and trade and taxes. Salazar was not able to attend Wednesday s presentation at the Holiday Inn Express in Montrose due to a family emergency. (Montrose Daily Press, CO)
Futures:• Commodities Reverse Early Advance On Renewed Fears About Credit Crisis Oct 15, 2008
The Reuters-Jefferies CRB index, a global commodities benchmark made up of 19 commodity futures led by crude oil, was down 0. 76%, or 2. (Investors Business Daily)
How Congress set the stage for a fiscal meltdown Oct 13, 2008
That's why the financial industry was alarmed in March 1998, when a little-known agency called the Commodity Futures Trading Commission sought to regulate derivatives. Financiers erupted. (USA Today)
Who did Congress bail out? Oct 8, 2008
Gramm became Enron s White Knight by sponsoring the Commodity Futures Modernization Act of 2000 that further deregulated the banking industry. Many in Congress believe this one piece of legislation helped ensure the Enron scandal. (Taylor Daily Press, TX)
Vote better food, softer mattresses Oct 7, 2008
Gramm s piece de resistance came on Dec. 15, 2000, when he slipped into an omnibus spending bill a provision called the Commodity Futures Modernization Act (CFMA), which prohibited any governmental regulation of credit default swaps, those insurance policies covering losses on securities in the event they went belly up. As the housing bubble ballooned, the face value of those swaps rose to a tidy $62 trillion. (Atlanta Journal-Constitution -- Opinion)
OBAMA CALLS MCCAIN 'ERRATIC IN CRISIS'... Oct 5, 2008
This great act was followed by the "Commodity Futures Modernization Act of 2000" The Bill was slipped in and rammed through both the House and Senate without any debate. The way the latter passed was extraordinary: 262 pages of dense language slipped into an 11,000-page omnibus bill on the Friday before the Christmas recess. (The Drudge Report)
Obama’s tax cuts Oct 3, 2008
ematt wrote on Sep 30, 2008 10:10 AM:" Saint20-As opposed to the CMA (Commodity Futures Modernization Act, yes signed by Clinton) which Democrats have tried to close up since then, which has been continually blocked by the Republicans? This has far more to do with the financial mess now than the CRA. Seriously, are you pointing this entire fiasco toward Carter?McCain was officially "cleared of impropriety but criticized for poor judgment" from the Senate Ethics committee. "Please deal in facts... (Helena Independent Record, MT)
Faculty receive endowed chairs; first Neubauer fellows join the faculty Oct 3, 2008
Together with her husband, Nobel laureate and former Chicago faculty member Merton Miller, Dusak Miller is considered to have been one of the world s foremost experts in the field of commodity futures prices. Dusak Miller was the first scholar to apply modern financial theory to commodity futures prices. (Univeristy of Chicago Chronicle, IL)
McCain's judgement questioned about possible treasury secretary pick Oct 3, 2008
Wendy Gramm, spouse of Phil, was once chairwoman of the U.S. Commodity Futures Trading Commis-sion ... Jim Sylva idCitizenJ wrote on Sep 30, 2008 7:52 PM:" In December 2002, hours away from Christmas break, the U.S. rushed to pass an 11,000 page reauthorization bill. At the last minute, Phil Gramm urged the senate to add a 262 page amendment to the bill. This amendment, known as the Commodity Futures Modernization Act, along with the Gramm-Leach-Bliley Act passed the year before, created the... (Burley South Idaho Press, ID)
Oil, Copper Fall As Uncertainty Reigns, But Traders Find A Safe Haven In Gold Sep 25, 2008
"There are simply too many balls in the air each with a different bias on prices to allow participants a clearer read on where prices are heading," said Edward Meir, an energy and base metals analyst at MF Global, the world's biggest commodity futures brokerage. "In such a treacherous environment, it may be best to opt for the sidelines, as these types of markets generate trading losses and form the basis for poor hedging decisions," Meir said. (Investors Business Daily)
BUSINESS BRIEFS Sep 24, 2008
The US Commodity Futures Trading Com mission has subpoenaed traders as it probes why a Nymex oil contract rose the most ever Monday, sources said. Cox swaps. (New York Post -- Business)
Wall Street on trial Sep 24, 2008
If I'm not mistaken, the legislation Cox is referring to is the Commodity Futures Modernization Act of 2000, a bill that former Senator Phil Gramm was instrumental in passing. Maybe Cox is still smarting at the attack launched against him last week by Gramm's disciple in all affairs economic, John McCain. (Salon)
CANDIDATES LIKELY TO SKIP VOTE... Sep 23, 2008
As Congress and the White House were hurriedly hammering out a $384-billion omnibus spending bill, Gramm slipped in a 262-page measure called the Commodity Futures Modernization Act. Written with the help of financial industry lobbyists and cosponsored by Senator Richard Lugar (R-Ind. (The Drudge Report)
Rescue Plan Sows Seeds of New Kind of Capitalism Sep 23, 2008
The Commodity Futures Trading Commission lowered the required margin for anyone wishing to speculate -- from the long side, of course -- in energy futures. Meanwhile, the Securities and Exchange Commission's ban on short-selling of 799 financial stocks, which has been extended 48 times and broadened to include whatever industry group was sagging, wasn't having the desired results. (Bloomberg -- Columnists)
SEC's Cox `Asleep at the Switch' as Paulson, Bernanke Encroach on His Turf Sep 23, 2008
Then, in March of this year, came the Treasury Department's ``blueprint'' for restructuring federal regulation of the financial industry, which called for the merger of the SEC with the Commodity Futures Trading Commission. Since then, Paulson the deregulator has evolved into Paulson the interventionist, with his shepherding of the Bear Stearns takeover by JPMorgan and the government's appropriation of and federally backed mortgage packagers Fannie Mae and Freddie Mac. (Bloomberg)
House compromises on offshore drill bill Sep 23, 2008
The bill would broaden the oversight authority of the Commodity Futures Trading Commission and increase its staffing. Supporters of the bill cited concerns that speculation on energy futures contributed to the skyrocketing surge in gas prices this year. (Columbia Daily Herald, TN)
Met leaders? So who cares! Sep 19, 2008
then they could move to the 2000 Commodity Futures Modernization Act which legalized all the mortgage swaps and made it impossible to figure out who was the originator, and who is the collector. No one knows much about who has what anymore. (Albany Democrat-Herald, OR)
'Crisis not over yet' Sep 18, 2008
"The FT quotes John Reade, a commodity strategist at UBS, who says investors in commodity indices were increasingly aware that they did not own hard assets, but rather a swap on an index of commodity futures with counterparty risk... Therein lies the rub and the panic with regard to Lehman and AIG," Hansen said. Now that AIG had been given a lifeline, he said the panic selling of commodities might end and possibly turn the other way. (iAfrica.com)
Futures prove a perfect fit for booming economy Sep 18, 2008
The demand for commodity futures as hedging tools has been on the rise as the Chinese economy continues to advance at a brisk pace ... To diversify their product ranges, the nation's three commodity futures exchanges are doing research to introduce new contracts ... The combined turnover of the nation's three commodity futures exchanges totaled 40. (Xinhuanet, China)
CME Group Issues Order Concerning AIG Block Trades Sep 17, 2008
CHICAGO, Sept. 16 /PRNewswire-FirstCall/ -- CME Group, the world's largest and most diverse derivatives exchange, has issued the following statement: "CME Group took an emergency action today to facilitate the reduction of the positions of American International Group, Inc. (AIG) and its subsidiaries and to protect the orderly functioning of the market. The agreed-upon order permits the limited execution of block trades by AIG in certain CME and CBOT commodity futures products, including... (PR Newswire)
Candidates trade barbs on economy Sep 17, 2008
excuseme wrote on Sep 16, 2008 5:49 PM:" While you are looking up Phil Gramm...Mc's adivsor that called you whiners...check his wife: Gramm held several positions in the Reagan Administration, including heading the Commodity Futures Trading Commission from 1988 to 1993. After a lobbying campaign from Enron, the CFTC exempted it from regulation in trading of energy derivatives. Subsequently, Gramm resigned from the CFTC and took a seat on the Enron Board of Directors and served on its Audit... (The Pantagraph newspaper)
How is McCain connected to the almost bankrupt AIG? Sep 17, 2008
one Clinton appointee at the Commodity Futures Trading Commission (CFTC), Brooksley Born, did attempt to bring derivatives trading under the CFTC's regulatory ambit, but she was shot down by a powerhouse of government officials, including Fed Chair Alan Greenspan, SEC head Arthur Levitt, Treasury Secretary Robert Rubin and Senate Banking Committee chairman Phil Gramm ... The act, he declared, would ensure that neither the SEC nor the Commodity Futures Trading Commission got into the business of... (Salon)
CME Group Statement on CFTC Staff Report on Swap Dealers and Index Traders Sep 12, 2008
CHICAGO, Sept. 11 /PRNewswire-FirstCall/ -- CME Group, the world's largest and most diverse derivatives exchange, today issued the following statement in response to the Commodity Futures Trading Commission (CFTC) report on Swap Dealers and Index Traders: "We commend the Commission and its staff's hard work on this report to ensure that exchange-traded and over-the-counter (OTC) derivatives markets in energy and agriculture products are functioning properly and to ensure that regulators have... (PR Newswire)
Lehman seeks buyer after shares dive - sources Sep 12, 2008
Lehman lost 22 percent of its Futures Commission Merchant assets last month, data from the U.S. Commodity Futures Trading Commission (CFTC) show. Moody's Investors Service, Standard s and Fitch Ratings all said they may cut Lehman's ratings after the firm's results. (guardian.co.uk)
Speculative bets by index funds didn't push oil prices up, report says Sep 12, 2008
But the new 69-page study, by the Commodity Futures Trading Commission, shows that, rather than rising, the stake of index funds in the oil market actually declined in the first half of this year. Today in Business with Reuters. (International Herald Tribune -- Business)
Energy: Speculators' Reprieve Sep 12, 2008
In its report, the Commodity Futures Trading Commission said this year's spike in crude futures appears to be due to "an appreciation of the value of existing investments caused by the rise in crude oil prices and not the result of more money flowing into commodity index trading.". In other words, real supply and demand, not paper speculation. (Investors Business Daily)
Futures:• Crude, Metals Fall On Financial Rout; Reuters-Jefferies Index Plumbs Depths Sep 10, 2008
The drop in oil yanked down the Reuters-Jefferies CRB index, which tracks prices of 19 commodity futures and has a bias toward oil, to 7 1/2-month lows. Economic worries aside, traders said oil was hit by producer group OPEC leaning toward leaving formal output targets unchanged despite indications that crude markets were oversupplied. (Investors Business Daily)
Letters from readers Sep 10, 2008
Gramm was also one of the five co-sponsors of the Commodity Futures Modernization Act of 2000. It was written with the help of Enron executives, who got an Enron loophole, freeing them from the regulations that might have saved investors from huge losses. (Florida Times-Union)
`Massively Overvalued' Pound Seen Declining 20% as Darling Voices Despair Sep 9, 2008
Traders have amassed a net 47,285 futures contracts betting on a pound decline, data from the Commodity Futures Trading Commission in Washington showed on Sept. 5. That's the most since at least 1992 and compares with 1,460 wagers on a stronger pound at the end of July. (Bloomberg)
Stock Market Rebound, Dollar Surge Extend Metals' Sell-Off; Oil Edges Up Sep 9, 2008
"We suspect that fund money may leave commodities over the next day or two, especially in light of the stronger equity markets," said Edward Meir, a commentator on energy and metals at MF Global, the world's largest broker in commodity futures. "In addition, with the dollar pushing higher, there will be further pressure on metals as well," Meir said. (Investors Business Daily)
Rising dollar and slowing emerging markets complicate investing Sep 8, 2008
The Reuters-Jefferies CRB index of commodity futures has dropped for three months in a row after rising nine out of the previous 12 months. This does not mean, of course, that investors are giving up on emerging markets, just perhaps that the short-term outlook is bearish. (International Herald Tribune -- Money Report)
Leadership Summit Features Colin Powell, Top Execs Aug 30, 2008
-- James E. Newsome, president and chief executive officer of the New York Mercantile Exchange, the world's largest physical commodity futures exchange and pre-eminent energy and precious metals trading forum. He holds master's and doctoral degrees from MSU. -- Shirley Olson, president of Jackson-based Olson Consulting Group. (PR Newswire)
Colin Powell to speak at MSU Aug 28, 2008
The New York Mercantile Exchange is the world s largest physical commodity futures exchange, as well as an energy and precious metals trading forum. Newsome holds master s and doctoral degrees from MSU.. (Columbus Commercial Dispatch, MS)
Get your facts right before betting on currency futures Aug 23, 2008
First, there is an element of overnight risk since unlike commodity futures, trading will not go till late evening and traders cannot change positions after the US market opens. Also, there is little, if any, clarity about the tax treatments on gains or losses arising from trading in currency futures. (India Times)
Futures:• Crude Tumbles 5.4%, Erasing Gains From Previous Session; Dollar Revives Aug 23, 2008
Even so, the benchmark basket of 19 commodity futures was up 3 ... The greenback's recovery from July's record lows purged speculative excess from commodity futures, which are priced in dollars, by weakening the purchasing power of buyers using other currencies, analysts said. (Investors Business Daily)
Commodities Roar Back, Led By Oil; Gold Rises As Popular Coins Sell Out Aug 22, 2008
The Reuters-Jefferies CRB index of 19 commodity futures rose to a 17-day high and closed up 3. 7% at 405. (Investors Business Daily)
Pivotal perceptions Aug 21, 2008
More importantly perhaps, the US credit and banking problems may have started to starve liquidity for funding commodity futures. Whatever the combination of events, it seemed to have created a tipping point, which started rolling the ball downhill faster than what it ever had raced uphill. (iAfrica.com)
Futures:• Oil Ends Higher Despite Supply Build As Russia Focuses Traders' Attention Aug 21, 2008
The Reuters-Jefferies CRB index of 19 commodity futures rose 0. 73% to 391. (Investors Business Daily)
Rogue fund manager ordered to pay US$291M Aug 21, 2008
The bizarre career of renegade hedge fund manager Paul Eustace appeared to be near the end of its trajectory on Tuesday as a U. S. court ordered him to pay US$291-million in restitution and penalties after the U.S. Commodity Futures Trading Commission accused him of defrauding clients. As head of Philadelphia Alternative Asset Management Co. (PAAM), Oakville, Ont. (Financial Post)
Hedge fund founder ordered to pay $300 million Aug 20, 2008
On Tuesday, the Commodity Futures Trading Commission said Eustace was ordered to pay $279 million in restitution and a $12 million civil penalty ... According to the commodities trading commission, Eustace fraudulently operated four commodity pools from 2001 to 2005, when he lost about $200 million while trading commodity futures and options. (International Herald Tribune -- Business)
Oil ETFs and the IRS Aug 19, 2008
For ETFs investing in commodity futures, you must report gains each year to Uncle Sam even if you don't sell the ETFs. So there's no tax benefit to these babies. (SmartMoney)
Oil remains choppy amid storm threat Aug 19, 2008
The latest data from the Commodity Futures Trading Commission showed that the speculative net short position rose 64. 5 per cent to 9,130 lots in the week ending August 12 when WTI hit $113. (FT.com -- Markets)
PRESS DIGEST - India Commodity News - Aug 18 Aug 18, 2008
A study conducted by industry body CII has revealed that the proposed Commodity Transaction Tax could impact the volume of commodity futures trading in the range of 18-59 percent just within seven days of its imposition. BUSINESS STANDARAD (www. (Reuters India)
Pelosi On Energy Policy Aug 16, 2008
The only problem here is that the Commodity Futures Trading Commissions July report () showed that there is no evidence that speculators are responsible for record oil prices. If they were, there would be telltale signs such as rising inventory levels, and changes in investor positions preceding changes in futures prices. (Townhall.com)
Hill answers constituents Aug 12, 2008
His bill, H.R. 6372, strengthens oversight of commodity futures markets. It puts rules back in place and creates transparency, he continued. (Brownstown Jackson County Banner, IN)
Daily Briefing Aug 12, 2008
The Commodity Futures Trading Commission said Monday that it was establishing the task force to focus on fraud in the off-exchange retail foreign currency market, as well as to work with other federal and state regulators and criminal authorities. TECHNOLOGY. (Atlanta Journal-Constitution -- Business)
Corn, Soybean Flood Damage May Be Less Than Estimated as Weather Improves Aug 11, 2008
Long positions in Chicago corn futures held by and other large speculators outnumbered short positions by 226,148 contracts on Aug. 5, down 37 percent since June 10, while net-long positions in fell 32 percent to 85,471 contracts, data from the Commodity Futures Trading Commission showed last week. As of Aug. 3, the crops were in better shape than a year earlier. (Bloomberg -- US)
CME Group Prices $1.3 Billion Aggregate Principal Amount of Notes to Finance Its Acquisition of NYMEX Holdings, Inc. Aug 8, 2008
Among the factors that might affect our performance are: our ability to obtain the required approvals and to satisfy the closing conditions for our proposed merger with NYMEX Holdings, Inc. and our ability to realize the benefits and control the costs of the proposed transaction and operating NYMEX Holdings' businesses after the completion of the proposed transaction; the risk of an unfavorable judgment or ruling in the class action litigation regarding the proposed merger with NYMEX Holdings;... (PR Newswire)
Henry Paulsonhas lost control Aug 6, 2008
Paulson is also head of the President's Working Group on Financial Markets - composed of the secretary of the Treasury and the chairmen of the Federal Reserve Board, the Securities and Exchange Commission and the Commodity Futures Trading Commission. The working group is the financial world's equivalent of the Pentagon war room. (Asia Times Online)
LETTER: We should be drilling for oil here and now Aug 5, 2008
The commodity futures markets are just that; millions of people from around the world are deciding where prices will be at some point in the future. The make up of the markets are either hedgers or speculators; both are necessary in order to find fair prices for all commodities. (Mattoon Journal-Gazette, IL)
FACTBOX - US Presidential Candidates on Energy Issues Aug 4, 2008
Obama - proposed requiring US energy futures to trade on regulated exchanges; wants more data gathered on index funds and other similar types of investors in futures markets; backs legislation directing Commodity Futures Trading Commission to investigate proposals such as increasing margin requirements; supports fully closing Enron Loophole. McCain - has expressed concern about excessive speculation in futures markets; also supports closing Enron Loophole; supports investigations into possible... (Planet Ark, United States)
Even just the whiff of change is welcome Aug 4, 2008
He said index speculators had flooded the commodity futures markets with $55 billion in just the first 52 trading days of this year. As a result, speculators "have now stockpiled, via the futures market, the equivalent of 1.1 billion barrels of petroleum, effectively adding eight times as much oil to their own stockpile as the US has added to the strategic petroleum reserve over the past five years". (Business Report, South Africa)
More of this story Aug 2, 2008
The group said it awaits a report due in September by the Commodity Futures Trading Commission, the government agency that regulates market speculators. The group decided to focus on increasing supply and reducing demand, lawmakers said in a statement. (Pine Bluff Commercial, AR)
The Brualdi Law Firm, P.C. Announces Class Action Lawsuit Against MF Global Ltd. Aug 2, 2008
On June 19, 2008, The Wall Street Journal published an article regarding the Company's planned $300 million offering and its other recent problems, including a probe by the Commodity Futures Trading Commission. On this news, MF Global's stock dropped to $6. (Primezone Releases)
Fraser Papers Announces Second Quarter Financial Results Aug 1, 2008
From time to time, Fraser Papers enters into commodity futures contracts which serve to hedge a portion of Fraser Papers' future sales against changes in the selling price for these products. Fraser Papers does not use derivative financial instruments for speculative purposes. (CCNMatthews Press Releases)
Crude Futures' Slide Resumes After One-Day Rally; CRB Falls 10% In July Aug 1, 2008
The Reuters-Jefferies CRB Index, an index of 19 commodity futures with a bias toward energy products like crude oil and natural gas, saw its worst month in 28 years in July. The index lost 10% during the month, against a drop of 10. (Investors Business Daily)
LETTERS: NCT, July 30, 2008 Jul 31, 2008
Commodity futures in oil must be better regulated for the benefit of both the oil producers and oil consumers. Allowing wealthy commodity speculators and traders to control the market with only a 5% or a 6% margin is not working to anyones advantage except themselves and others who have done nothing to earn or deserve more money. (North County Times)
