A group of 17 U.S. Senators have urged the Commodity Futures Trading Commission (CFTC) to impose position limits on oil markets, NASDAQ reports. CFTC has been asked to come up with a plan to impose position limits on energy commodities markets by May 23, 2011.
The agency has put out a proposal, though it has not implemented any limits yet. The CFTC is considering new rules that will place limits on the positions of big commodity traders, capping how many futures and swaps contracts any one market participant can control, adds Reuters.
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