Commodity Futures Trading Commission June 2008 – Federal Register Recent Federal Regulation Documents
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Renewal of the Global Markets
The Commodity Futures Trading Commission has determined to renew the charter of its Global Markets Advisory Committee. As required by sections 9(a)(2) and 14(a)(2)(A) of the Federal Advisory Committee Act, 5 U.S.C. app. 2, Sec. Sec. 9(a)(2) and 14(a)(2)(A), and 41 CFR 101-6.1007 and 101-6.1029, the Commission has consulted with the Committee Management Secretariat of the General Services Administration. The Commission certifies that the renewal of this advisory committee is necessary and is in the public interest in connection with the performance of duties imposed on the Commission by the Commodity Exchange Act, 7 U.S.C. 1, et seq., as amended. This notice is published pursuant to section 9(a)(2) of the Federal Advisory Committee Act, 5 U.S.C. app. 2, Sec. 9(a)(2), and 41 CFR 101-6.1015.
Revision of Federal Speculative Position Limits
On November 21, 2007, the Commodity Futures Trading Commission (Commission or CFTC) published a proposed rulemaking to increase the Federal speculative position limits for certain agricultural commodity contracts set out in Commission regulation 150.2 (proposed rulemaking).\1\ The proposed rulemaking would have increased the single-month and all-months-combined position limits for all contracts except contracts based on oats in accordance with the formula set out in Commission regulation 150.5(c). The proposed rulemaking would have also required the aggregation of traders' positions in contracts that share substantially identical terms with regulation 150.2-enumerated contracts, regardless of whether such contracts were specifically delineated in that regulation, for the purposes of ascertaining compliance with the Federal speculative position limits. For the reasons provided below, the Commission has determined to withdraw the proposed rulemaking.
Risk Management Exemption From Federal Speculative Position Limits
On November 27, 2007, the Commodity Futures Trading Commission (Commission or CFTC) published proposed rules to create a ``risk management exemption'' from Federal speculative position limitsthe limits on the size of speculative positions that traders may hold or control in futures and futures equivalent option contracts on certain designated agricultural commodities. The Commission has determined to withdraw these proposed rules.
Order Exempting the Trading and Clearing of Certain Products Related to SPDR®
On April 23rd, 2008, the Commodity Futures Trading Commission (``CFTC'' or the ``Commission'') published for public comment in the Federal Register \1\ a proposal to exempt the trading and clearing of products called options on streetTRACKS [supreg] Gold Trust Shares (``ST Gold Options''), proposed to be traded on national securities exchanges, and cleared by The Options Clearing Corporation (``OCC''), from the provisions of the Commodity Exchange Act (``CEA'') \2\ and Commission regulations thereunder to the extent necessary for them to be so traded and cleared. The Commission has determined to issue this Order essentially as proposed. Authority for this exemption is found in Section 4(c) of the CEA.\3\
Exemptive Order for SPDR®
The Commodity Futures Trading Commission (Commission or CFTC) is exempting certain transactions in physically delivered futures contracts based on SPDR[reg] Gold Shares (SPDR[reg] gold futures contracts) from those provisions of the Commodity Exchange Act (CEA or Act),\1\ and the Commission's regulations thereunder, that are inconsistent with the trading and clearing of SPDR[reg] gold futures contracts as security futures. The exemption is conditioned on the compliance of transactions in SPDR[reg] gold futures contracts with the requirements established for the trading and clearing of security futures. The authority for the issuance of this exemption is found in Section 4(c) of the Act.\2\
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