S.Amdt. 5158

1. Strikes section 3

   Strikes

   In S. 3268 · Placed on Calendar Senate

   Struck: SEC. 3. SPECULATIVE LIMITS AND TRANSPARENCY OF OFF-SHORE TRADING.

   Struck: Section 4 of the Commodity Exchange Act (7 U.S.C. 6) is amended by adding at the end the following:

   Struck: "(e) Foreign Boards of Trade.--

   Struck: "(1) In general.--The Commission may not permit a foreign board of trade to provide to the members of the foreign board of trade or other participants located in the United States, or otherwise subject to the jurisdiction of the Commission, direct access to the electronic trading and order matching system of the foreign board of trade with respect to an agreement, contract, or transaction in an energy commodity that settles against any price (including the daily or final settlement price) of 1 or more contracts listed for trading on a registered entity, unless--

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   Struck: "(A) the foreign board of trade--

   Struck: "(i) makes public daily trading information regarding the agreement, contract, or transaction that is comparable to the daily trading information published by the registered entity for the 1 or more contracts against which the foreign board of trade settles; and

   Struck: "(ii) promptly notifies the Commission of any change regarding--

   Struck: "(I) the information that the foreign board of trade will make publicly available;

   Struck: "(II) the position limits, speculation limits, and position accountability provisions that the foreign board of trade will adopt and enforce;

   Struck: "(III) the position reductions required to prevent manipulation; and

   Struck: "(IV) any other area of interest expressed by the Commission to the foreign board of trade; and

   Struck: "(B) the foreign board of trade (or the foreign futures authority that oversees the foreign board of trade)--

   Struck: "(i) adopts position limits (including related hedge exemption provisions), speculation limits, or position accountability provisions for speculators for the agreement, contract, or transaction that are comparable to the position limits (including related hedge exemption provisions), speculation limits, or position accountability provisions adopted by the registered entity for the 1 or more contracts against which the foreign board of trade settles;

   Struck: "(ii) has the authority to require or direct market participants to limit, reduce, or liquidate any position the foreign board of trade (or the foreign futures authority that oversees the foreign board of trade) determines to be necessary to prevent or reduce the threat of price manipulation, excessive speculation, price distortion, or disruption of delivery or the cash settlement process; and

   Struck: "(iii) provides information to the Commission regarding the extent of legitimate and nonlegitimate hedge trading in the agreement, contract, or transaction that is comparable to the information that the Commission determines to be necessary to publish the commitments of traders report of the Commission for the 1 or more contracts against which the foreign board of trade settles.

   Struck: "(2) Existing foreign boards of trade.--Paragraph (1) shall not be effective with respect to any agreement, contract, or transaction in an energy commodity executed on a foreign board of trade to which the Commission had granted direct access permission prior to the date of enactment of this subsection until the date that is 180 days after the date of enactment of this subsection.".

   Original wording

   Strike section 3.

Read automatically from the Congressional Record. Check the original before relying on it.

As printed