On Dec 5th we reported that Blythe's boyz at the International Swaps & Derivatives Association & the Securities Industry and Financial Markets Association had filed suit against the CFTC over position limits.
On Tuesday the CFTC voted down a request by the ISDA and SIFMA to postpone the implementation of position limits 3-2.
The CFTC Wednesday asked an appeals court to dismiss the frivilous suit by the ISDA and SIFMA.
Blythe better make sure the presiding Judge is offered a healthy enough bribe to make sure the suit is heard and delays the implementation of position limits for another 10 years.
Before our readers get too excited about the implementation of position limits, please recall that the CME just granted JPM and the rest of the cartel "temporary" waivers for reporting positions exceeding speculative limits through May 31st 2012.
WASHINGTON, Jan 4 (Reuters) - The Commodity Futures Trading Commission on Wednesday asked an appeals court to dismiss a challenge of its rules aimed at preventing excessive speculation in markets such as oil and gold that was filed by two top industry groups.
The futures regulator urged the U.S. Court of Appeals for the District of Columbia Circuit to dismiss the lawsuit, saying the laws under which the rules were passed do not require the appeals court to directly review them.
The CFTC said that none of the provisions cited by the Securities Industry and Financial Markets Association and the International Swaps and Derivatives Association "provides for direct appellate review of their challenge to the rule."
Earlier this week, the CFTC rebuffed a request by ISDA and SIFMA to have the CFTC postpone the rule as part of the lawsuit the groups filed last month, challenging the agency's rulemaking on "position limits."
The CFTC voted 3-2 against the request. The decision was finalized on Tuesday.
"I think if folks pause and take a deep breath, it becomes obvious that we hit a fair balance that will protect consumers and markets and won't harm legitimate business hedging," Bart Chilton, a CFTC Democratic commissioner, said in a statement.
Andrew DeSouza, a spokesman for SIFMA, said the group disagreed with the CFTC's decision and looked forward to presenting its case in court.Read more: