2013-05-14 — ftadviser.com
A top US financial regulator has launched a broad inquiry into the legitimacy of more than 1m energy and metals transactions by the biggest traders in commodities markets over the past two years, reports the Financial Times.
The Commodity Futures Trading Commission has issued a "special call" asking Wall Street banks and other traders to provide documents that would prove recent derivatives transactions known as "exchanges of futures for swaps" were legal. Lawyers at the CFTC enforcement division are also scrutinising the trades for possible violations.
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