Page:United States Statutes at Large Volume 122.djvu/1463

 12 2 STA T . 1 4 4 0PUBLIC LA W 110 – 2 3 4 —M A Y 22, 200 8(1)insub s ect i o n( a ) — ( A )int h e f i r st sentence , b y insertin g‘ ‘,orone l ectronic tra d ing facilities w ith res p ect to a significant price dis - co v ery contract ’ ’ after ‘‘derivatives transaction e x ecution facilities’’ and ( B ) in the second sentence, by inserting ‘‘, or on an electronic trading facility with respect to a significant price discovery contract,’’ after ‘‘derivatives transaction execution facility’’; and ( 2 ) in subsection (b)— (A) in paragraph (1), by inserting ‘‘or electronic trading facility with respect to a significant price discovery con- tract’’ after ‘‘facility or facilities’’; and (B) in paragraph (2), by inserting ‘‘or electronic trading facility with respect to a significant price discovery con- tract’’ after ‘‘derivatives transaction execution facility’’; and ( 3 ) in subsection (e)— (A) in the first sentence— (i) by inserting ‘‘or by any electronic trading facility’’ after ‘‘registered by the C o m mission’’; (ii) by inserting ‘‘or on an electronic trading facility’’ after ‘‘derivatives transaction execution facility’’ the second place it appears; and (iii) by inserting ‘‘or electronic trading facility’’ before ‘‘or such board of trade’’ each place it appears; and (B) in the second sentence, by inserting ‘‘or electronic trading facility with respect to a significant price discovery contract’’ after ‘‘registered by the Commission’’ . (h) S ection 5 a(d) of such Act ( 7U .S.C. 7a(d)(1)) is amended— (1) by redesignating paragraphs ( 4 ) through ( 9 ) as para- graphs (5) through (1 0 ); and (2) by inserting after paragraph (3) the following

‘‘(4) POSIT IO NL I M IT A TIONS O R A C CO U NTA B ILIT Y .— T o reduce the potential threat of mar k et manipulation or congestion, espe- cially during trading in the delivery month, the derivatives transaction execution facility shall adopt position limits or posi- tion accountability for speculators, where necessary and appro- priate for a contract, agreement or transaction with an under- lying commodity that has a physically deliverable supply.’’. (i) Section 5c(a) of such Act (7 U.S.C. 7a – 2(a)) is amended in paragraph (1) by inserting ‘‘, and section 2(h)(7) with respect to significant price discovery contracts,’’ after ‘‘, and 5b(d)(2)’’. ( j ) Section 5c(b) of such Act (7 U.S.C. 7a–2(b)) is amended— (1) by striking paragraph (1) and inserting the following: ‘‘(1) I N GE NERAL.—A contract market, derivatives trans- action execution facility, or electronic trading facility with respect to a significant price discovery contract may comply with any applicable core principle through delegation of any relevant function to a registered futures association or a reg- istered entity that is not an electronic trading facility.’’; (2) in paragraph (2), by striking ‘‘contract market or deriva- tives transaction execution facility’’ and inserting ‘‘contract market, derivatives transaction execution facility, or electronic trading facility’’; and (3) in paragraph (3), by striking ‘‘contract market or deriva- tives transaction execution facility’’ each place it appears and

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