Page:United States Statutes at Large Volume 124.djvu/1745

 124 STAT. 1719 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(A) IN GENERAL.—The board of trade shall establish, monitor, and enforce compliance with the rules of the con- tract market, including— ‘‘(i) access requirements; ‘‘(ii) the terms and conditions of any contracts to be traded on the contract market; and ‘‘(iii) rules prohibiting abusive trade practices on the contract market. ‘‘(B) CAPACITY OF CONTRACT MARKET.—The board of trade shall have the capacity to detect, investigate, and apply appropriate sanctions to any person that violates any rule of the contract market. ‘‘(C) REQUIREMENT OF RULES.—The rules of the contract market shall provide the board of trade with the ability and authority to obtain any necessary information to per- form any function described in this subsection, including the capacity to carry out such international information- sharing agreements as the Commission may require. ‘‘(3) CONTRACTS NOT READILY SUBJECT TO MANIPULATION.— The board of trade shall list on the contract market only con- tracts that are not readily susceptible to manipulation. ‘‘(4) PREVENTION OF MARKET DISRUPTION.—The board of trade shall have the capacity and responsibility to prevent manipulation, price distortion, and disruptions of the delivery or cash-settlement process through market surveillance, compli- ance, and enforcement practices and procedures, including— ‘‘(A) methods for conducting real-time monitoring of trading; and ‘‘(B) comprehensive and accurate trade reconstructions. ‘‘(5) POSITION LIMITATIONS OR ACCOUNTABILITY.— ‘‘(A) IN GENERAL.—To reduce the potential threat of market manipulation or congestion (especially during trading in the delivery month), the board of trade shall adopt for each contract of the board of trade, as is necessary and appropriate, position limitations or position account- ability for speculators. ‘‘(B) MAXIMUM ALLOWABLE POSITION LIMITATION.—For any contract that is subject to a position limitation estab- lished by the Commission pursuant to section 4a(a), the board of trade shall set the position limitation of the board of trade at a level not higher than the position limitation established by the Commission. ‘‘(6) EMERGENCY AUTHORITY.—The board of trade, in con- sultation or cooperation with the Commission, shall adopt rules to provide for the exercise of emergency authority, as is nec- essary and appropriate, including the authority— ‘‘(A) to liquidate or transfer open positions in any con- tract; ‘‘(B) to suspend or curtail trading in any contract; and ‘‘(C) to require market participants in any contract to meet special margin requirements. ‘‘(7) AVAILABILITY OF GENERAL INFORMATION.—The board of trade shall make available to market authorities, market participants, and the public accurate information concerning— ‘‘(A) the terms and conditions of the contracts of the contract market; and