WASHINGTON, March 25 The Commodity Futures Trading Commission held a hearing on Thursday to examine whether position limits are needed to curb speculation in metals futures markets.
Here are comments from participants' testimony, and from interviews done by Reuters:
GARY GENSLER, Chairman, CFTC
"Based upon what we learn, we will further review CFTC rules to determine what, if any, course of action is most appropriate."
BART CHILTON, Democrat Commissioner, CFTC
"The sensible, reasonable approach to position limits that guards against manipulation and stops excessive speculation is what we need to protect consumers."
STEVE SHERROD, Acting Director of Surveillance, CFTC
Citing an internal study of disaggregated commitment of traders data for COMEX, NYSE Liffe:
"In gold for all months combined and for a trader's net futures and delta-adjusted options combined position, 56 traders exceeded the position accountability levels on one or more days during the two and one-quarter year sample period.
"The maximum number of traders holding positions in gold at or above the position accountability level on any one day was 26."
"Seventeen traders on average exceeded accountability levels for an average of 34 Tuesdays of the 115 Tuesdays in the sample period. The average position while over accountability levels was 20,233 contracts." (Reporting by Christopher Doering, Frank Tank, Tom Doggett; Editing by Roberta Rampton; Editing by Marguerita Choy)
Our top photos from the past week.