CDSs are not the only members of the derivatives hall of shame. The CFTC, emboldened by bubbles in oil and gas prices to fight “excessive speculation”, this week wrapped up hearings that foreshadow position limits for futures traders in energy markets. Such limits would curb the number or value of contracts a trader could hold in a particular commodity and across relevant exchanges. A trader's intent is hard to pin down, however. Index funds, for instance, do not hold commodities themselves but passively invest their clients' money in energy derivatives to hedge against inflation. And their positions are in any case regularly dwarfed by those of supposedly genuine hedgers, says Kamal Naqvi of Credit Suisse. Market insiders reckon that firms such as Shell and Lufthansa routinely trade more than their commercial needs would justify.
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一些人(不是全部)将近期食品和金属价格的飙涨归咎于商品的过度投机行为。
Immoderate speculation in commodities is blamed by some people (not all) for the recent sharp spikes in food and metal prices.
任何国家都难以避免过度投机行为，但是这一情况在中国的高频率发生应该使政策制定者作认真思考。
No country is immune to the occasional speculative frenzy, but their frequency in China should give policy makers pause.
虽然单方面干预不大可能改变长期走势，但往往会威慑过度投机行为及降低波动，使走势更加“有序化”。
While unilateral intervention is unlikely to change long term trends, it is used to deter excessive speculation and attempt to reduce volatility in favor of more 'orderly' movement.
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