Agricultural/Financial correspondent
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Mar 21, 2012

US CFTC urges more funding as gasoline price surges

WASHINGTON, March 21 (Reuters) – The head of the U.S.
regulator in charge of ridding commodity markets of fraud and
manipulation implored lawmakers on We dnesday to think of
consumers paying more for gasoline as Congress decides how much
money to give his agency.

Gary Gensler, chairman of the U.S. Commodity Futures Trading
Commission, warned that without sufficient funding, his agency
would struggle to employ new market-surveillance tools to target
inappropriate activity.

Mar 20, 2012

U.S. CFTC approves new swaps-clearing requirements

WASHINGTON, March 20 (Reuters) – The U.S. futures regulator
o n Tuesday approved rules outlining clearing requirements for
swaps, a step regulators hope will increase transparency over
Wall Street’s risky bets and make markets operate more smoothly.

The Commodity Futures Trading Commission’s measures,
approved 4-1 by the agency’s five commissioners, detail the
documentation for customer clearing, requirements for processing
of their positions and risk-management procedures that must be
followed by clearing members.

Mar 20, 2012

CFTC to vote on swaps clearing requirements

WASHINGTON, March 20 (Reuters) – The U.S. futures regulator
on Tuesday will vote on rules outlining clearing requirements
for swaps, a step regulators hope will increase transparency to
Wall Street’s risky bets and make markets operate more smoothly.

The Commodity Futures Trading Commission measures being
finalized detail the documentation for customer clearing,
requirements for processing of their positions and risk
management procedures that must be followed by clearing members.

Mar 15, 2012

Market players hold little hope of Dodd-Frank revamp

WASHINGTON, March 15 (Reuters) – U.S. financial market
players are resigned to the idea that the Dodd-Frank financial
reform package will not be overhauled and are preparing to cope
with the new rules, insiders said on the sidelines of a Futures
Industry Association meeting this week.

Trading firms, exchange operators and other industry players
have made a political calculation that even if Republicans make
a clean sweep in November elections, they will not rip up
reforms sold as a way to guard against a repeat of the 2007-2009
financial crisis.

Mar 14, 2012

Ex-MF Global trader charged with manipulation

BOCA RATON, Fla (Reuters) – The U.S. Commodity Futures Trading Commission said on Wednesday it charged a former MF Global broker with attempted manipulation of palladium and platinum futures prices during a two-year period on the New York Mercantile Exchange.

The CFTC complaint alleges that Joseph Welsh, while working for the firm, used a manipulative scheme commonly known as “banging the close” between at least June 2006 through May 2008 on no fewer than 12 separate occasions to alter prices.

Mar 6, 2012

CFTC watchdog finds no wrongdoing in commodity position limits

WASHINGTON, March 6 (Reuters) – The Commodity Futures
Trading Commission’s internal watchdog found agency employees
working on its controversial position limits rule did not engage
in wrongdoing, downplaying allegations by whistleblowers of
misconduct.

The CFTC’s Office of the Inspector General conducted a
preliminary investigation into allegations last year that the
leader of the team writing the position limits rule was
undermining the effort by removing senior employees and trying
to push an unworkable rule.

Mar 6, 2012

CFTC watchdog finds no wrongdoing in commodity position limits

WASHINGTON, March 6 (Reuters) – The Commodity Futures
Trading Commission’s internal watchdog found agency employees
working on its controversial position limits rule did not engage
in wrongdoing, downplaying allegations by whistleblowers of
misconduct.

The CFTC’s Office of the Inspector General conducted a
preliminary investigation into allegations last year that the
leader of the team writing the position limits rule was
undermining the effort by removing senior employees and trying
to push an unworkable rule.

Mar 5, 2012

US lawmakers urge crackdown on oil speculators

WASHINGTON, March 5 (Reuters) – Democratic U.S.
lawmakers have called on the country’s futures regulator to
crack down on excessive speculation in oil markets as rising
gasoline prices move to the forefront of the U.S. election
campaign.

In a letter to the U.S. Commodity Futures Trading
Commission, 23 senators and 45 members of the House of
Representatives called on the agency to stop “dragging its feet”
on implementing new regulations to stop Wall Street from
dominating the oil market.

Mar 5, 2012

US lawmakers urge regulatory crackdown on oil speculators

WASHINGTON, March 5 (Reuters) – U.S. Democratic
lawmakers called on the country’s futures regulator to crack
down on excessive speculation in oil markets as rising gasoline
prices moves to the forefront of the U.S. election campaign.

In a letter to the U.S. Commodity Futures Trading
Commission, 23 senators and 45 members of the House of
Representatives called on the agency to stop “dragging its feet”
on implementing new regulations to stop Wall Street from
dominating the oil market.

Mar 2, 2012

Exclusive: CFTC poised to raise swap dealer threshold

WASHINGTON (Reuters) – The U.S. futures regulator may agree to raise the threshold used to identify the biggest swaps market traders to $3 billion, an agency official told Reuters on Friday, providing more relief to commodity merchants and corporations that have fiercely fought the rule.

The $3 billion cut-off, based on the notional value of a company’s annual swaps trade, will determine which market participants are deemed swap dealers, saddling them with more onerous capital requirements and higher hedging costs.

    • About Christopher

      "Currently based in Washington, Christopher reports on agriculture in Congress and the U.S. Agriculture Department. He also is actively involved in covering regulatory reform, with a focus on the U.S. Commodity Futures Trading Commission."
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