Clearly the refusal must be firmly substantiatedBut it is also known to speak when neededMore a market is liquid most operations are fast and intense exchangesauthorities will act before the ECB but in a long timeRight Courbevoie unanimously denounced the operationWill remain then to finance the infrastructureAt this stage the company's commitment is 0It is true that the reasons are not lacking5 in the euro area is therefore very importantThe project for which a first series of 3Referred to in the United States by numerous charges of excessive speculation on the prices of raw materials, so-called non-commercial, class of investors who are not the acquisition of the underlying physics of rated contracts, but only a financial profit, are several months in the interest of the regulator, the Commodity Futures Trading Commission (CFTC). The appointment to his presidency by President Barack Obama of Gary Gensler, a hawk in the matter, has accelerated the implementation of new technical instruments to detect the activity of this type of stakeholders on the American Business Awards.
The tool the more important the TCRC has from the beginning of the month is the new version of the weekly report of activity named "commitments of traders" (TOC, literally the commitments of traders). Its previous milling included a simple breakdown of the positions taken on the various contracts listed by market placed under the supervision of the Agency between commercial investors and non-commercial. Since September 4, the latter category was declined by isolating the positions of the managers of funds, including "hedge funds", and of the intermediaries in the swaps. Relying on the first delivery of the COT report consolidated, we learn that the inverse of commercial investors, the fund managers have long net positions - open buying - in several important markets, including that of crude oil, copper or sugar even. Their choice of investment is therefore likely to support appropriate natural resource prices. Which would tend to accredit the thesis that these operators are the cause of excessive courses of essential commodities soaring.
Transparency imposed
No more needed so that a new group of 20 elected members of the House of representatives require the CFTC that it enacts new stricter rules to "protect the public from financial speculators" acting on gold accused of price manipulation and black markets. Members ask especially that "strict" limits are laid down in the positions taken by the negotiators on indices, the negotiators into account clean and other buffs intermediates of swaps. They should also, according to these officials, provide daily data on their positions, the same as those filled by large negotiators. Swaps specialists role growing in several markets. John Reade at UBS believes that their presence has increased in very significant proportions in five markets in particular: maize, livestock, oil of soybean, cotton and copper. The inclusion of the positions of the intermediaries focused on crude oil swaps made leap the overall positions of financial investors 263 on black gold rated by IntercontinentalExchange (ICE) and 483 proposed by the Nymex.
Despite the new light that brings the COT, Kevin Norrish at Barclays Capital said that the report does not one end point to the question of whether if the swaps intermediaries occupy a dominant position on any particular market. For evidence, he cites the fact that on 14 21 markets covered by the report, the long positions of these operators are less numerous than the short - short sellers - positions of traditional commercial investors (producers, processors and traders). On the other hand, finds, this relatively new group of operators brought to these markets and their industrial users a flexible and efficient exposure to raw cash. The debate, as we see, is just beginning.
