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February 20, 2012

CFTC opposes request to block position limits rule

 

The U.S. futures regulator said the financial industry had failed to prove that a federal court should temporarily block regulations that the agency approved last year, aimed at preventing excessive speculation in the commodity markets.

The Securities Industry and Financial Markets Association (SIFMA) and the International Swaps and Derivatives Association (ISDA) told the court earlier this month if the U.S. Commodity Futures Trading Commission’s rules go into effect they would irreparably harm their members and the public.

But the CFTC late on Friday countered in a 52-page filing that the groups failed to meet any of the criteria needed for a preliminary injunction, and as a result their request should be denied by the U.S. District Court for the District of Columbia.

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