Well, we know at least one bank has some sizable, non-grandfatherable commodity block positions. Per Reuters:
- BARCLAYS SAYS CFTC SHOULD DEFER DECISIONS ABOUT NATURE AND EXTENT OF POTENTIAL LIMITS UNTIL AFTER IT COLLECTS NEW DATA ABOUT OTC MARKETS
Why Barclays thinks CFTC does not have data on OTC markets is beyond us. So while we await the CFTC to issue its decision on position limits, any minute now, we wonder just how many other banks (wink wink Blythe) will follow up with comparable objections demanding an "indefinite" delay to what may soon unleash true price discovery, particularly in the PM market. And incidentally, whatever happened to the Fed's mandated disclosure of the confidential bank rescue information. At what point will Ben Bernanke be held in contempt to court for not following the decision of the Superior Court?
And just as we hit print, the following related CFTC news come out:
The U.S. futures regulator said on Monday it has canceled its latest rule-making meeting scheduled on March 30.
The U.S. Commodity Futures Trading Commission did not give a reason for the cancellation. The agency had planned to introduce at its 13th rule-making session a measure for data recordkeeping and reporting requirements for swaps prior to implementation of the rule, as well as transition swaps.
The CFTC is writing dozens of regulations to implement the Dodd-Frank law, which was enacted last July and gives the agency oversight of the $600 trillion global swaps market.
The agency also has scheduled a meeting on April 7 to introduce another batch of proposals. Measures including capital and margin requirements for non-bank companies, and a definition for the types of swaps that will be required to clear and trade have yet to be introduced.