Merrill Unit Fined For Exceeding Cotton Futures Limits
The U.S. Commodity Futures Trading Commission alleged in an administrative order that Merrill Lynch Commodities Inc. exceeded speculative position limits in Cotton No. 2 futures contracts over four consecutive days in late January and early February of this year, a violation of the Commodity Exchange Act.
“These [Merrill Lynch Commodities] positions exceeded the CFTC’s speculative position limit of 5,000 contracts...
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