WASHINGTON Nov 15 (Reuters) - U.S. futures regulators on Thursday formally appealed a judge's September ruling against a new rule that would place limits on the number of contracts a commodities speculator can hold.
The Commodity Futures Trading Commission appealed the ruling to the U.S. Court of Appeals for the District of Columbia. The appeal had been widely expected after three people on the five-member panel signaled support for the idea.
Two trade groups challenged the rule, saying regulators have failed to show it was necessary or would reduce excessive speculation in commodities markets.
On Sept. 28, U.S. District Court Judge Robert Wilkins sent the rule back to the CFTC for further consideration, saying that the Dodd-Frank financial oversight law did not give the commission a "clear and unambiguous mandate" to set position limits without showing they were necessary.