CFTC keeps no-action letters, position limit rules not defined

Commodity Futures Trading Commission (CFTC) is sticking to its policy of using no-action letters on a case-by-case basis for foreign boards of trade to the annoyance of New York Mercantile Exchange (Nymex), which claimed it had suffered because of the policy which had allowed ICE Futures in London to gain a competitive advantage.

CFTC had been discussing the issue for the past several months, with heavy lobbying for change to the policy from some exchanges. Nymex officials argued that the no-action letter process had given ICE Futures in London the opportunity to capture energy marketshare. That led to some speculation that CFTC would try and extend its regulatory oversight of foreign boards of trade through the no-action process. Customers on ICE Futures whave...