Washington DC, 21 July 2009 

The Commodity Futures Trading Commission (CFTC) today announced that it will hold three hearings to address the current application of position limits and exemptions from position limits in energy markets. 

The hearings are scheduled to be held between 9:00 a.m. EDT and 1:00 p.m. EDT on Tuesday, July 28, Wednesday, July 29, and Wednesday, August 5, 2009. The first hearing will consist of testimony by Congressman Bart Stupak; CFTC staff presentations and two witness panels:

Panel One:

Jeff Sprecher, Intercontinental Exchange and

Terry Duffy, Chicago Mercantile Exchange

Panel Two:

Todd Petzel, Futures Industry Association; Ben Hirst, Delta Airlines;

Laura Campbell, American Public Gas Association; and Sean Cota, Petroleum Marketers Association of America

 “The CFTC is directed by statute and provided with broad authorities to ensure the fair, open and efficient functioning of futures markets,” CFTC Chairman Gary Gensler said.  “While the CFTC currently sets and ensures adherence to federal position limits for certain agriculture products, the agency does not do the same for energy markets.  Our hearings, beginning next week, will be critical as we look into different approaches to regulate energy markets.  I look forward to hearing from our panelists as we consider applying position limits to energy markets.

“Though we are initially focused on energy, the Commission intends to further review other commodities of finite supply in future hearings.”

The Commodity Exchange Act states that the Commission shall impose limits on trading and positions as necessary to eliminate, diminish or prevent the undue burdens on interstate commerce that may result from excessive speculation.  The CFTC’s hearings are intended to examine the role of position limits in energy markets in fulfilling the CFTC’s mission.

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