CFTC says Nymex practices underscore need for stricter limits

07/29/2009 | Bloomberg

The New York Mercantile Exchange often allows investors to hold as much as three times the self-imposed accountability levels for crude oil, heating oil, natural gas and gasoline contracts, according to the Commodity Futures Trading Commission. The commodities regulator says the situation highlights the need for stricter limits. "They have used this authority to a degree," said CFTC Chairman Gary Gensler. "The majority of the time, however, the exchanges do not execute their authority to require participants to decrease or refrain from increasing the size of their positions."

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