Position Limits (Vacated)

The following studies relate to the CFTC’s rule on position limits for futures and swaps.

The Effects of Ethanol on Texas Food and Feed
David P. Anderson, et al., Agricultural and Food Policy Center

Placing the 2006/08 Commodity Price Boom into Perspective
John Baffes and Tassos Haniotis, The World Bank Development Prospects Group

Is Speculation Destabilizing?
Celso Brunetti and Bahattin Buyuksahin, Johns Hopkins University / Commodity Futures Trading Commission

Speculators, Commodities and Cross-Market Linkages
Bahattin Büyükşahin and Michel A. Robe, International Energy Agency

Fundamentals, Trader Activity and Derivative Pricing
Bahattin Büyükşahin, et al., Commodity Futures Trading Commission & Securities and Exchange Commission

Staff Report on Commodity Swap Dealers & Index Traders with Commission Recommendations
Commodity Futures Trading Commission


Excessive Speculation and Position Limits in Energy Derivatives Markets
CME Group

Food Commodities Speculation and Food Price Crises; Regulation to reduce the risks of price volatility
Olivier De Schutter, United Nations Special Rapporteur on the Right to Food

Public Consultation: Review of the Markets in Financial Instruments Directive
European Commission


The Oil Price Really Is A Speculative Bubble
R.S. Eckaus, MIT Center for Energy and Environmental Policy Research

Speculation and Recent Volatility in the Price of Oil
James Einloth, Federal Deposit Insurance Corporation

Issues Involving the Use of the Futures Markets to Invest in Commodity Indexes
Orice M. Williams, Government Accountability Office

How to Understand High Food Prices
Christopher L. Gilbert, CIFREM

Speculative Influences on Commodity Futures Prices 2006-08
Christopher L. Gilbert, CIFREM

The Relationship of Unregulated Excessive Speculation to Oil Market Price Volatility
Michael Greenberger, University of Maryland School of Law

Market Growth, Trader Participation and Pricing in Energy Futures Markets
Michael S. Haigh, et al., Commodity Futures Trading Commission

Price Dynamics, Price Discovery and Large Futures Trader Interactions in the Energy Complex
Michael S. Haigh, Jana Hranaiova and James A. Overdahl, Commodity Futures Trading Commission

Causes and Consequences of the Oil Shock of 2007-08
James Hamilton, Brookings Papers on Economic Activity
Spring 2009

The Role of Speculators in the Crude Oil Futures Market
Bahattin Büyükşahin and Jeffrey H. Harris, Commodity futures Trading Commission

Global Financial Stability Report: Financial Stress and Deleveraging; Macrofinancial Implications and Policy
International Monetary Fund


World Economic Outlook: Financial Stress, Downturns, and Recoveries
International Monetary Fund


Task Force on Commodity Futures Markets: Final Report
International Organization of Securities Commissions


The Impact of Index and Swap Funds on Commodity Futures Markets
Scott H. Irwin and Dwight R. Sanders, Organisation for Economic Co-operation and Development

Devil or Angel? The Role of Speculation in the Recent Commodity Price Boom (and Bust)
Scott H. Irwin, Dwight R. Sanders, and Robert P. Merrin, Southern Agricultural Economics Association Meeting

Interim Report on Crude Oil
Interagency Task Force on Commodity Markets


Populists versus theorists: Futures markets and the volatility of prices
David S. Jacks, Simon Fraser University

The 2008 Oil Price “Bubble”
Mohsin S. Khan, Peterson Institute for International Economics

The Role of Inventories and Speculative Trading in the Global Market for Crude Oil
Lutz Kilian and Dan Murphy, Center for Economic and Policy Research

Not All Oil Price Shocks Are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market
Lutz Kilian, Center for Economic and Policy Research

Does Speculation Affect Spot Price Levels? The Case of Metals with and without Futures Markets
George M. Korniotis, Finance and Economics Discussion Series, Federal Reserve Board

How Institutional Investors Are Driving Up Food And Energy Prices
Michael W. Masters and Adam K. White, Accidental Hunt Brothers

Who Is In the Oil Futures Market and How Has It Changed?
Kenneth B. Medlock III and Amy Myers Jaffe, Rice University

Limits to Arbitrage and Commodity Index Investment: Front-Running the Goldman Roll
Yiqun Mou, Columbia University

Commodity Markets and Excess Volatility: An Evaluation of Price Dynamics under Financialisation
Machiko Nissanke, University of London

Black Gold and Fool’s Gold: Speculation in the Oil Futures Market
John E. Parsons, MIT Center for Energy and Environmental Policy Research

Dating the Timeline of Financial Bubbles During the Subprime Crisis
Peter C.B. Phillips and Jun Yu, Cowles Foundation for Research in Economics at Yale University

Measuring the Influence of Commodity Fund Trading on Soybean Price Discovery
Gerald Plato and Linwood Hoffman, Economic Research Service, US Department of Agriculture

Excessive Speculation in the Natural Gas Market
Staff Report, Permanent Subcommittee on Investigations, US Senate

Excessive Speculation in the Wheat Market
Staff Report, Permanent Subcommittee on Investigations, US Senate

When Speculation Matters
Miguel Robles, Maximo Torero and Joachim von Braun, International Food and Policy Research Institute

A Speculative Bubble in Commodity Futures Prices? Cross-Sectional Evidence
Dwight R. Sanders, Scott H. Irwin and Robert P. Merrin, NCCC-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management

The Adequacy of Speculation in Agricultural Futures Markets: Too Much of a Good Thing?
Dwight R. Sanders, Scott H. Irwin and Robert P. Merrin, Department of Agricultural and Consumer Economics, UIUC

Investor Flows and the 2008 Boom/Bust in Oil Prices
Kenneth J. Singleton, Graduate School of Business, Stanford University

World Oil: Market or Mayhem?
James L. Smith, Journal of Economic Perspectives

Commodity Index Investing and Commodity Futures Prices
Hans R. Stoll and Robert E. Whaley, Vanderbilt University

Index Investment and Financialization of Commodities
Ke Tang and Wei Xiong

Global Agricultural Supply and Demand: Factors Contributing to the Recent Increase in Food Commodity Prices
Ronald Trostle, US Department of Agriculture

Global commodities: a long term vision for stable, secure and sustainable global markets
HM Treasury
June 2008

The Financialization of Commodity Markets
United Nations Conference on Trade and Development


The Global Economic Crisis: Systemic Failures and Multilateral Remedies
United Nations Conference on Trade and Development


The Commodities Market Bubble: Money Manager Capitalism and the Financialization of Commodities
L. Randall Wray, Levy Economics Institute of Bard College

International Grain Reserves and Other Instruments to Address Volatility in Grain Markets
Brian Wright, The World Bank

The Global Competitiveness of U.S. Futures Markets Revisited
Division of Economic Analysis, Commodity Futures Trading Commission

The Performance of Chicago Board of Trade Corn, Soybean, and Wheat Futures Contracts after Recent Changes in Speculative Limits
Scott H. Irwin, Philip Garcia and Darrel L. Good, University of Illinois at Urbana-Champaign

Can Position Limits Restrain “Rogue” Trading?
M. Shahid Ebrahim, Bangor University

SIFMA Report on Management & Professional Earnings in the Securities Industry-2010
Securities Industry and Financial Markets Association
Note: This report must be purchased from SIFMA