WASHINGTON Nov 15 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.