Like the proverbial bad penny, the issues raised by the CFTC’s proposals to establish limits on the size of speculative positions held in derivative markets never seem to go away. Chairman Timothy Massad has indicated that he is determined to pass a final version of the related rules and regulations this year.Like the proverbial bad penny, the issues raised by the Commodity Futures Trading Commission’s (CFTC’s) proposals to establish limits on the size of speculative positions held in derivative markets never seem to go away. The political class decided that a root cause of the financial crisis of 2008/09 was excessive speculation, however defined. One of the underlying themes of the famous Dodd-Frank financial market reform legislation tha...

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