Washington SFTC the beginning of public hearings to discuss various options to tighten regulation of commodities markets. The Commission agreed that speculators have played a significant role in the rocking of oil prices (the full text studies CFTC will publish in August). Now, it intends to tighten the rules of investing in oil futures to financial companies, in particular, to establish limits for investments in commodity derivatives.
When the administration of President George W. Bush 's conclusions were antithetical. British financial regulator FSA last year also failed to find evidence of abuse. The analysis was carried out at the inferior statistics, explains Bart Chilton of the CFTC.
Last year the price hikes were unprecedented: In July, the peak was recorded at $ 147.5 per barrel in December - a minimum of $ 36.2. Petroleum traders manipulated the prices of major banks for several years: in the past two years, I testified three times before the U.S. Congress on the matter - said managing director of Oppenheimer Co. Fadel Gheit. - Regulators knew that this is happening, but public pressure forced they begin to speak the truth.
In July 2008, $ 300 billion was invested in commodity futures, estimated the International Energy Agency. This is almost four times more than in January 2006 among the major players of the oil market were Goldman Sachs and Morgan Stanley, said earlier in an interview with Bloomberg, former senior advisor Dan Waldman CFTC.
This year, the prices also rose up and rushed twice for five months - with a minimum of $ 39.35 per barrel up to a maximum of $ 73.5 - and now exceed $ 69.
in the global financial and economic instability of oil has become a good investment: financial players searching for ways to preserve their investment and increase investment in oil futures, said the representative of Lukoil Gennady Krasovsky. But oil companies are in the side of speculation: the strong volatility of unprofitable producers, he continued.
Investigation CFTC can prove a massive conspiracyand market manipulation that lead to the prosecution, said Gheit, but is unlikely to greatly change the trading system.
Simply tighten regulation could lead traders to transfer operations to the shadow patterns or cause movement of funds to other non-regulated markets, said Craig Donahyu of GME. Stricter regulation can spur ingenuity of financial players and complicate the scheme of derivatives contracts, and then it will be difficult to prove abuse, says consultant OECD Alexander Martusevich.
yet recommended that the real situation will not change, because the State in different ways evaluates actions of speculators, says Valery Nesterov from Troika Dialog. Talk of market regulation were in the past year, while inflation bubble, he recalls, the impact of speculative factors on the price of oil was estimated at 30-50%. But the talks produced no effect, as the bubble burst, - noted Nesterov.
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