Release Date: September 28, 2012
Contact: Andrew DeSouza, 202.962.7390, firstname.lastname@example.org
Liz Pierce, 212.313.1173, email@example.com
SIFMA Supports Important District Court Ruling on ISDA/SIFMA Position Limits Lawsuit
New York, N.Y., September 28, 2012— The International Swaps and Derivatives Association, Inc. (ISDA) and the Securities Industry and Financial Markets Association (SIFMA) are pleased with today’s ruling vacating the Commodity Futures Trading Commission’s (CFTC) final rule limiting the positions that investors may own in certain commodities.
“ISDA and SIFMA are pleased with today’s ruling by the D.C. District Court in their suit against the Commodity Futures Trading Commission’s (CFTC) final rule that limits the positions that investors may own in certain commodities,” said Robert Pickel, ISDA Chief Executive Officer and T. Timothy Ryan, Jr., SIFMA President and CEO. “The Court’s ruling today vacates the rule and remands it back to the CFTC. The position limits rule would adversely impact commodities markets and market participants, including end-users, by reducing liquidity and increasing price volatility. On behalf of our members in the U.S. and around the world, we are pleased that the rule has been vacated and sent back to the CFTC for reconsideration. We are committed to working with the Commission and other regulators to promote safe, efficient markets.”
The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.