Scott O'Malia, a member of the Commodity Futures Trading Commission, explains his stand on such issues as the agency's jurisdiction and systemic risks. For example, O'Malia said position limits can effective in helping the markets remain orderly. "We want to use position limits to make sure that you've got contracts that perform appropriately and continue to focus on convergence, managing that relationship from the financial to the physical," he said. "Position limits in the spot month are critical to ensuring an orderly phase-out and unwinding of that futures position."

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