Hedge Funds, Others To Talk Oil Trading With FSA

Jul 31 2009 | 10:30am ET

Britain’s Financial Services Authority is set to meet with hedge funds and other oil-trading players next week amidst pressure to impose trading limits on black gold.

The FSA and U.K. Treasury will met with hedge fund managers, oil traders, banks, brokers and representatives of the oil industry on Aug. 5 to discuss FSA regulation of the oil futures market. The players will talk “market efficiency and transparency as part of our regular process of engagement with market participants,” the FSA said.

There is increasing pressure on British regulators to curb speculation in the oil markets. Prime Minister Gordon Brown earlier this month railed against volatility in the oil markets, and the U.S. Commodity Futures Trading Commission held a hearing on trading limits on oil. Gary Gensler, the chairman of the CFTC, said U.S. regulators should “seriously consider” setting tight position limits.

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