February VOL.78 NO.02
Editor's Note
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Some movement
at the CFTC
T
Petroleum Marketers Association
of America have been pushing for
commodities market reform and against
long odds managed to get provisions in
the Dodd-Frank Wall Street Reform &
Consumer Protection Act of 2010. The
fight did not end there however, and the
rulemaking process has been the scene
of some fierce resistance to actually giving those components of the law any
teeth. Is there finally some light at the
end of the tunnel?
As Stephen Bennett notes in his article,
"Reining in Market Speculation" on page
18, some progress is finally being made
in the position limits battle. The rule was
written and finalized, but was challenged
by the International Swaps and Derivatives
Association and the Securities Industry
and Financial Markets Association. That
has bogged down progress and an attempt
is being made to draft a new rule and see if
that one can move forward.
I have been a supporter of these initiatives, though not of Dodd-Frank
more broadly outside of the Durbin
Amendment covering debit fees. The
Keith Reid
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kreid@m2media360.com
Managing Editor
Debra Reschke Schug
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Columnists
Keith Reid
he New England Fuel Institute and
Editor
reason is that the linkage to the deregulation from the Commodity Futures
Modernization Act of 2000 and a look
at the demographics of the trading world
(taking into account that the Goldman
Sachs of the world have been technically
defined as commercial players) would
indicate that much of the volatility and
perhaps much of pricing is not tied into
the supply and demand scenarios that are
offered up for investor consumption.
That's not to say that emerging market demand, the devaluation of the dollar
and declining production in traditional
oil fields play no role. The question, to my
estimation, is to what extent does each factor play including speculation, and to what
extent is it a safe assumption, for example,
that China's growth is assured or that we
have reached some peak oil period where
some of the traditional fields that are in
decline will not be replaced.
Any move back toward transparency and traditional speculative limits in
the markets will provide a much clearer
answer to these questions over time, while
likely leading to less volatility and perhaps
lower oil prices more immediately.
Charles Bursey, Sr.
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