Gold holds steady below key resistance Aug 31, 2009
1 per cent to 182,982 lots in the week to August 25 from 177,530 lots, a weekly report by the US Commodity Futures Trading Commission showed. Reuters. (Sydney Morning Herald -- Business)
Out of the Shadows Aug 31, 2009
The big picture is held together for us by Michael Greenberger, the director of trading and markets at the Commodity Futures Trading Commission in the Clinton Administration. Greenberger, a talented explainer, charts the development of more and more complicated and preposterous instruments, ending with credit-default swaps. (New Yorker)
Dollar climbs on economic cheer Aug 24, 2009
The latest data from the Commodity Futures Trading Commission showed currency speculators still hold a bigger net long position in the Aussie than any other currency, though the positions have been pared slightly. Aussie bond futures tumbled as optimism over global economic prospects tempered safe-haven bids. (Sydney Morning Herald -- Business)
Is Phil Gramm hopelessly naive or corrupt? Aug 22, 2009
He joined UBS soon after the bank acquired Enron, a company that had gone bankrupt after jumping through the Enron loophole in the Commodity Futures Modernization Act, which Gramm had pushed though Congress. Gramm s wife, Wendy, had been an Enron board member and head of its audit committee but failed to sound the alarm before the Houston-based company collapsed. (Paragould Daily Press, AR)
Market Forecaster Aug 19, 2009
5 million civil fine for attempting to manipulate natural gas futures contracts on the New York Mercantile Exchange, the Commodity Futures Trading Commission said ... The risk of loss in trading commodity futures may be substantial and, therefore, may not be suitable for the recipients of this information. (Midwest Bulls Eye, NE)
Adequate food grain stock to curb prices Aug 17, 2009
We expect this to lead to steady growth in the agri commodity futures volume on the exchanges. The development schemes announced by the government are aimed at providing support to the agricultural sector and could help boost production in respective commodities, thereby bridging the gap between demand-supply, the report said. (India Times)
Australian, New Zealand Dollars Slip as Futures Signal Stocks Will Decline Aug 17, 2009
Futures traders increased bets the Australian dollar will gain against the U.S. currency, figures from the Washington- based Commodity Futures Trading Commission show. The in the number of wagers by hedge funds and other large speculators on an advance in the Australian dollar compared with those on a drop -- so-called net longs -- was 48,846 on Aug. 11, compared with net longs of 46,410 a week earlier. (Bloomberg -- Australia & New Zealand)
Gas climbs past $3 per gallon Aug 8, 2009
A federal regulatory agency - the Commodity Futures Trading Commission - held three meetings in the past two weeks to discuss limiting oil market speculation. The commission's new chairman, Gary Gensler, has suggested placing hard limits on the number of oil contracts that any investor can hold. (San Francisco Chronicle)
FTC Cracks Down on Oil Price Manipulation Aug 7, 2009
A different federal agency, the U.S. Commodity Futures Trading Commission, is expected to decide whether to place trading limits on speculators later this year. The CFTC, which regulates oil and other commodities in the U.S., is dropping its historic hands-off approach, CBS News investigative correspondent Armen Keteyian reported last month. (CBS News)
CME Group Enters Into New Employment Agreements with Chief Executive Officer Craig S. Donohue and President Phupinder Gill Aug 7, 2009
In addition, Donohue serves as a Director of BM&FBOVESPA, Chairman of the Board of the Council for Economic Education, First Vice Chairman of the Executives' Club of Chicago, and as a member of the Commodity Futures Trading Commission's Global Markets Advisory Committee and the Wall Street Journal CEO Council. He also serves as a Director of the Managed Funds Association, the Chicago Council on Global Affairs and the Chicagoland Chamber of Commerce. (PR Newswire)
Political veteran Hatfield to lobby for California wine industry Aug 4, 2009
A Fresno State graduate who held congressional staff positions before securing a presidential appointment to the Commodity Futures Trading Commission, Hatfield now runs his own strategic advising shop ... He served on the Commodity Futures Trading Commission from 2004 through December 2006. (Fresno Bee -- Business)
Oil jumps on US GDP data Aug 1, 2009
We are getting a delayed reaction to the GDP numbers and the dollar is making a big move,'' said Tom Bentz, a senior energy analyst at BNP Paribas Commodity Futures Inc. in New York. I would have expected prices to move higher right after the release of the report but sometimes the market needs time to digest news. (Sydney Morning Herald -- Business)
Global Recession Continues to Weigh Heavily on Canfor's Operating Results in Second Quarter Jul 31, 2009
4 Commodity futures $ (0 ... 4 Commodity futures (0 ... 6) Commodity futures (0. (CCNMatthews Press Releases)
Slap Speculators in Bondage So Free Markets Choke: Mark Gilbert Jul 30, 2009
July 30 (Bloomberg) -- The Commodity Futures Trading Commission is examining ways to curb price swings in energy markets. Chairman says the CFTC must address excessive speculation, not how we can eliminate speculation. (Bloomberg -- Columnists)
US may limit energy trading Jul 28, 2009
The Commodity Futures Trading Commission will begin hearings Tuesday to gather views from consumers, businesses and traders. "I believe we're going to do something," Bart Chilton, one of the four CFTC commissioners, said in an interview. (The Augusta Chronicle)
U.S. House approves $502,000 for crop research at Institute Jul 22, 2009
Commodity Futures Trading Commission: funds the commission to enhance oversight of the commodity futures markets, to better secure them from improper speculation. Livestock Competition: assures fair competition and trade practices, safeguards farmers and ranchers, and protects consumers and members of the livestock, meat, and poultry industries from unfair, deceptive, discriminatory and monopolistic practices. (Chatham Star Tribune, VA)
Knee-Deep (and Getting Deeper) Jul 21, 2009
Shortly after George W. Bush was elected president, Congress and President Clinton were trying to pass a $384 billion omnibus spending bill, and while the debates swirled around the passage of this bill, Senator Phil Gramm clandestinely slipped a 262-page amendment into the omnibus appropriations bill titled: Commodity Futures Modernization Act ... 8 million to the Gramm household, prior to the passage of the Commodity Futures Modernization Act. (Townhall.com)
Shining a harsh light on hedge funds Jul 17, 2009
Aside from Brooksley Born, the former chair of the Commodity Futures Trading Commission, who tried (and failed) to get credit derivatives regulated during the waning years of the Clinton administration, the rest of the six Democratic nominees on the committee are a middle-of-the-road bunch who aren't likely to fundamentally shake up the system. And Californians who remember Angelides' lackluster campaign for governor against Arnold Schwarzenegger in 2006 aren't going to be too excited about his... (Salon)
Feeder Funds Held Subject to Commodity Pool Regulation Jul 16, 2009
A fund that solicits money from investors for trading in commodity futures is subject to registration and regulation as a commodity pool operator, even if it does no trading itself, the 3rd U.S. Circuit Court of Appeals held Monday in a precedent-setting ruling ... "The actual trading of commodity futures is not required." ... The ruling came in an enforcement action filed by the Commodity Futures Trading Commission against Equity Financial Group, the creator and operator of Shasta Capital... (Law.com)
Rand loses ground Jul 13, 2009
"Fading risk appetite is evident in the latest Commodity Futures Trading Commission data, which shows that speculators have switched to net long positions in the JPY. This position should be sustained given the uncertainly over the global outlook, with US bank results and local US data, particularly retail sales, likely to rouse investors' concerns," Cairns said. "However, this alone will not provide the impetus for the ZAR to weaken further. With little in the way of local or international... (iAfrica.com)
Geithner Seeks to Curb Derivatives Market With `Difficult-to-Evade' Laws Jul 10, 2009
The Securities and Exchange Commission and the Commodity Futures Trading Commission would jointly oversee the industry. Peterson Is Warming. (Bloomberg -- US)
Commission OKs zone to allow tax credits Jul 8, 2009
WASHINGTON Federal regulators will examine whether the government should impose limits on the number of futures contracts in oil and other energy commodities held by speculative traders, the head of the Commodity Futures Trading Commission said. The agency will hold a public hearing this month to gather views from consumers, businesses and market participants , CFTC Chairman Gary Gensler said in a statement. (The Augusta Chronicle)
Mukherjee Seeks Support for Indian Budget After Plunge in Stocks, Currency Jul 7, 2009
The minister ended a plan to tax trading of commodity futures in India, the worlds biggest user of gold and second- biggest grower of rice and wheat, aiming to lure more investors to a market thats doubled to $1 trillion in the past three years. To support consumption in rural India, where more than three-fifths of Indias 1. (Bloomberg -- Asia)
World Economy Jul 5, 2009
The "hold" put on Gary Gensler's nomination as chairman of the US Commodity Futures Trading Commission - at least while it lasted - was remarkably contrary to form. - Julian Delasantellis (May 19,'09). (Asia Times Online)
First Half Closes On Weak Note Jul 4, 2009
Trading commodity futures or options involves risk, and past performance doesn t indicate future results. Alan Levitt is president of Levcom, Inc., a Crystal Lake, Ill. (Agri-View, WI)
Commodity Rally May Be Ending as Production Expands, Hedge Funds Trim Bets Jun 30, 2009
Hedge funds and speculators cut their bets on higher prices by 23 percent in the two weeks ended June 23, the first back-to-back drop since March, based on an using U.S. Commodity Futures Trading Commission data ... Hedge funds and other large speculators are holding a net 653,915 contracts betting on higher prices, according to an index of combined positions in 20 commodities tracked by the U.S. Commodity Futures Trading Commission. (Bloomberg -- Canada)
CME seethes over Senate wheat findings Jun 25, 2009
Investigations by the Commodity Futures Trading Commission, the Government Accounting Office, Informa and CME itself have refuted claims that speculators are at fault for higher prices or any disconnect between futures and cash prices, CME said ... The Senate report recommends that the Commodity Futures Trading Commission end the allowance for some index traders that enables them to hold more than the standard 6,500 wheat futures contracts at a given time. (Crain's Chicago Business)
Obama Proposes Sweeping Overhaul Of Financial Rules Jun 19, 2009
A merger of the Securities and Exchange Commission and the Commodity Futures Trading Commission is off the table, for instance, due largely to political obstacles. Fair And Balanced. (Investors Business Daily)
Should the Government Decide Your Salary? Jun 16, 2009
00004000 Starting with Reagan: usury laws repealed (see massive credit card debt), mortgage laws repealed (see S&L crisis and our current housing crisis), the repeal of Glass/Steagal and the Commodity Futures Trading Act led to the credit default swaps; in 2005 Bush repealed laws that governed participation and transparency in oil futures (see $4. 00/gal gas). (CBS News -- Opinion)
New financial protections geared toward consumers could be on the horizon Jun 6, 2009
Investor protections - One idea being shopped around by the Treasury Department is to combine two existing bodies, the Securities and Exchange Commission and the smaller Commodity Futures Trading Commission, to create a new agency aimed at protecting investors. (The SEC oversees stock trading activity; the other commission oversees the trading of oil, gas and other commodities. (Boston Globe)
Taylor: Obama Exploding Deficits A Threat May 29, 2009
According to a report in yesterday's Daily Deal, the Committee on Capital Markets Regulation issued a report Tuesday calling for a complete overhaul of the financial regulatory system by merging agencies such as the SEC and the Commodity Futures Trading Commission, enhancing the Federal Reserve's powers and prescribing rules for derivatives. The report by the group contains 57 recommendations for the creation of a new financial regulatory structure. (Newsmax)
Obama Plan Has Fed Serving As Risk Regulator May 28, 2009
The investor protection function could be carried out by an agency that merges the SEC and the smaller Commodity Futures Trading Commission, which oversees the trading of oil, gas and other commodities. By expanding the FDIC's role, the administration would give the government a centralized means for addressing failing banking institutions. (Click2Houston, TX)
SEC Head: Obama Watchdog Plan "Damaging" May 21, 2009
The Clinton administration blocked the Commodity Futures Trading Commission from regulating financial derivatives -- which became the basis for massive speculation ... Congress in 2000 prohibited regulation of financial derivatives when it passed the Commodity Futures Modernization Act. (CBS News)
House climate bill aims to minimize price rise May 16, 2009
Meanwhile, Democratic Representative Bart Stupak introduced legislation on Friday seeking to curb excessive speculation in energy markets and give the Commodity Futures Trading Commission the authority to regulate the trading of contracts based on carbon emissions. For the draft legislation, click on http://energycommerce. (Scientific American)
Treasury asks for control of derivatives market May 14, 2009
Current law largely excludes regulation of the instruments, which are referred to as "over-the-counter" derivatives because they are traded privately rather than through commodity exchanges now regulated by the Commodity Futures Trading Commission ... Commodity Futures Trading Commission. (Yahoo News)
Treasury pitches derivatives regulation to Congress May 14, 2009
Current law largely excludes regulation of the instruments, which are referred to as "over-the-counter" derivatives because they are traded privately rather than through commodity exchanges now regulated by the Commodity Futures Trading Commission. It was unclear how the rules would affect hedge funds, which are large, mostly unregulated entities that use complex trading tactics to earn big returns for high-dollar investors. (OregonLive, OR -- Business)
Futures fee floated, again May 8, 2009
The budget proposal said the Commodity Futures Trading Commission (CFTC) is the only federal financial regulator that isnt funded by fees on those it regulates, and since the CFTC's programs provide clear benefits to market participants it is appropriate for those participants to at least partially offset or contribute toward the cost of providing those programs. . (Crain's Chicago Business)
Yen Falls as Speculation Global Slump Easing Spurs Demand for High Yields May 4, 2009
Futures traders pared bets the yen will decline against the dollar, figures from the Washington-based Commodity Futures Trading Commission show. Net Shorts Pared. (Bloomberg -- Japan)
Berkshire's Munger Favors `100% Ban' on Default Swaps That Added to Crisis May 2, 2009
Creditors that have hedged themselves might well want its borrower to go into bankruptcy and have incentives to use its control rights to help grease the skids, Hu told the House Committee on Agriculture, which oversees the Commodity Futures Trading Commission. Credit-default swaps, which are used to hedge against losses or to speculate on a companys ability to repay its debt, pay the buyer face value if a borrower defaults in exchange for the underlying securities or the cash... (Bloomberg -- US)
Pound Rally Proves Britain No `Basket Case' as Brown Gets No Lift in Polls Apr 17, 2009
in the futures market that the pound will fall against the dollar increased in the last two weeks, with so- called net short positions rising to 34,462 on April 7 from 30,746 March 24, according to data from the Washington-based Commodity Futures Trading Commission. The pound will fall to $1. (Bloomberg)
Study: Securities litigation on the rise Apr 16, 2009
The SEC tracked 70 Ponzi cases between 2007 and last year while the Commodity Futures Trading Commission reported that it followed twice as many leads in possible Ponzi cases last year, resulting in 15 prosecutions. As for settlements, 95 were reached in 2008, the lowest number in the past decade. (Columbus Business First, OH)
Bankers get a model rush Apr 9, 2009
In Trading Places, John Landis' 1983 comedy about the commodity futures markets, blueblooded and snooty commodity firm manager Louis Winthorpe III is the victim of a bizarre nature versus nurture experiment that places him poor and among the dregs of society. Through plot gyrations, he finds himself awakening on Christmas morning back in his privileged bed, attended to by his faithful manservant Coleman. (Asia Times Online)
Market Forcaster Apr 8, 2009
The Commodity Futures Trading Commission simultaneously filed and settled charges this past week against ADM Investor Services for violating rules governing post-execution allocations, maintenance of books and records, and supervision of its employees ... The risk of loss in trading commodity futures may be substantial and, therefore, may not be suitable for the recipients of this information. (Midwest Bulls Eye, NE)
Copper Declining Demand Pushing Prices 15% Lower as Traders Assess Quarter Apr 7, 2009
6 percent in the week ended March 31, according to U.S. Commodity Futures Trading Commission data. Speculative short positions, or bets prices will fall, outnumber long positions by 18,525 contracts. (Bloomberg)
Dow Drops Back Below 8,000 Apr 7, 2009
Phil Gramm (R, TX) led the charge for Gramm-Leach-Bliley and the Commodity Futures Modernization Act. Gramm had pushed to repeal the Glass-Steagall Act, which for decades had kept regulatory barriers between commercial banks and investment banks and let government halt predatory subprime lending. (CBS News)
'Bailout psychology' destroying the economy Apr 5, 2009
Why didn't Bush or Obama pick Brooksley Born (the Commodity Futures Trading Commission chair who tried to regulate credit default swaps) or Harry Markopolos (the whistle-blower in the Madoff scandal) to serve as treasury secretary or chairman of the SEC. Because Born and Markopolos are technically competent and possess integrity. (San Francisco Chronicle -- Opinion)
Born again - and again Apr 2, 2009
Thirty eight years later, in 1998, US Commodity Futures Trading Commission chairwoman Brooksley Born, in seeking to uphold the integrity of the financial system, was similarly accosted ... That pattern held at the US Commodity Futures Trading Commission (CFTC), the government agency charged with regulating and monitoring the frequently very topsy-turvy world of commodity and financial futures markets and trading. (Asia Times Online)
Mark-to-Market Lobbying Buoys Bank Profits 20% as FASB Prepares to Say Yes Apr 1, 2009
Gensler, who has since been nominated to chair the Commodity Futures Trading Commission, declined to comment. Bank of New York would be one of the biggest beneficiaries of FASBs proposed changes, said , director of research at Chicago-based brokerage Howe Barnes Hoefer & Arnett. (Bloomberg)
FOXBusiness: Congress Weighs Fed Analysis of Plan Mar 27, 2009
It could be the FDIC, the Securities and Exchange Commission, the Commodity Futures Trading Commission or a new Federal insurance agency depending on what agency was best suited to resolve the particular institution. . (Fox News)
Wife of Westridge fraud suspect got $19 million Mar 27, 2009
The Commodity Futures Trading Commission said Janet Schaberg received $18. 9 million from an account held by WG Trading Investors, a firm controlled by her former husband, Stephen Walsh, and his partner, Paul Greenwood. (Pittsburgh Post-Gazette, PA)
Fired Doctor of Derivatives Waiting to Cry as 282,000 Finance Jobs Vanish Mar 25, 2009
Their performance has a low correlation with the stock market, and theyre regulated by the Commodity Futures Trading Commission. That, he says, could draw some investors whove been burned by opaque and illiquid investment products. (Bloomberg)
SGX Announces Intention to Migrate to NASDAQ OMX GENIUM Platform Mar 23, 2009
SGX facilitates the trading and clearing of commodity futures and over-the-counter (OTC) derivatives such as forward freight agreements and oil swaps. Through strategic alliances and partnerships with other exchanges around the world, SGX is firmly positioned as an Asian Gateway. (Primezone Releases)
Economic Shifts and Oil Price Volatility, Remarks by John Lipsky, First Deputy Managing Director of the International Monetary Fund Mar 20, 2009
First, institutional investors have concluded that they can improve the risk-return balance of their portfolios by adding alternative asset classes such as commodity futures and related instruments. The correlation of the returns on these assets with those on their core holdings of equities and bonds has been relatively low, and increased commodity exposure has provided diversification benefits. (IMF News)
Futures:• Fed's Planned Intervention In Bonds Hits Buck, Sparks Futures After Hours Mar 19, 2009
The Reuters-Jefferies CRB index, which tracks 19 commodity futures prices, fell more than 1% to a low of 213. 65. (Investors Business Daily)
WFU members discuss NFU priorities with Obama Administration, Congress (4) Mar 15, 2009
"Convention delegates urged officials to take the following actions to ensure market competition:- Approve legislation banning the ownership of livestock by meat processors;- Appropriate enforcement of existing anti-trust laws;- Coordination and collaboration between the U.S. Department of Agriculture (USDA) and the Department of Justice (DOJ) for anti-trust enforcement;- A producer referendum on all commodity promotion programs and establishment of voluntary assessments determined at point of... (Agri-View, WI)
Choppy to Lower Trade Likely For March Mar 13, 2009
Trading commodity futures or options involves risk, and past performance doesn't indicate future results. Comments. (Agri-View, WI)
Futures:• Gold's Safe-Haven Allure Fades As Investors Grab Equities; Crude Dips Mar 11, 2009
"The EIA report certainly didn't help the market. All it did was renew the concerns about demand," said Tom Bentz, an analyst at BNP Paribas Commodity Futures. The EIA forecast global demand for oil at 84. (Investors Business Daily)
Overhaul Regulatory System, Bernanke Says Mar 11, 2009
No derivatives regulation by the Commodity Futures Trading Commission (CFTC): fire the woman who heads CFTC for suggesting such a thing, and don't listen to that crazy man (Warren Buffett) calling derivatives 'weapons of financial mass destruction. 4. (CBS News)
Congress Sends $410 Billion Bill to Obama That Boosts Domestic Spending Mar 11, 2009
The Consumer Product Safety Commission and the Commodity Futures Trading Commission will get 31 percent funding increases, while the Food and Drug Administrations budget will grow by 19 percent. Under the bill, the budget for the House will increase by 10 percent while funding for Senate operations will grow by 8 percent. (Bloomberg -- US)
Australia, New Zealand Dollars Advance Following Late U.S. Equity Rallies Mar 9, 2009
Futures traders bets that the Australian dollar will decline against the U.S. dollar, figures from the Washington-based Commodity Futures Trading Commission show. The difference in the number of wagers by hedge funds and other large speculators on a fall in the Australian dollar compared with those on a gain -- so-called net shorts -- was 2,786 on March 3, compared with net shorts of 5,583 a week earlier. (Bloomberg -- Australia & New Zealand)
Good example Mar 5, 2009
"Correct, and that's precisely why they "bundle" them into securities and sell them to unsuspecting investors, world-wide. This is a technique NOT mandated by any regulatory agency BUT was made possible by Sen. Phil Gramm, a recent McCain campaign adviser, in his bill, the Commodity Futures Modernization Act, passed at the end of 2000 amid the confusion of the outcome of the p ". Member ID. (Albany Democrat-Herald, OR)
Little chance Pitt, CMU can recoup funds Mar 4, 2009
A court filing yesterday by the U.S. Commodity Futures Trading Commission shows that Westridge clients -- who include the University of Pittsburgh and Carnegie Mellon University -- stand little chance of getting much of their investments back. The schools have a total of $114 million at stake. (Pittsburgh Post-Gazette, PA)
Market Forecaster Mar 3, 2009
Credit default swaps, given their unique nature, also will require further regulation, Gary Gensler said in testimony prepared for a Senate hearing on his nomination for chairman of the Commodity Futures Trading Commission ... The risk of loss in trading commodity futures may be substantial and, therefore, may not be suitable for the recipients of this information. (Midwest Bulls Eye, NE)
Oil falls 2% on economic worries Mar 2, 2009
And crude oil speculators on the New York Mercantile Exchange cut net long positions in the week to Feb. 24, according to data from the US Commodity Futures Trading Commission. The market will likely eye data, including US personal income and consumption and construction spending for January as well as the US February ISM manufacturing index, all due later in the day, for more clues on the health of the economy. (India Times, India)
Pitt, CMU not likely to recover all funds Feb 27, 2009
Also Wednesday, both men were sued in civil court by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, which alleged that the partners misappropriated more than $553 million and "fraudulently solicited" $1. 3 billion from investors since 1996. (Pittsburgh Post-Gazette, PA)
