Commodity Futures Trading Commission v. Monex Deposit Co.

EASTERBROOK, Circuit Judge.

The Commodity Futures Trading Commission regulates contracts concerning commodities for future delivery when offered on margin or another form of leverage.. 7 U.S.C. § 2(c)(2)(D)(i)(II), (in), § 6, § 6b. But the statute creates an exception for a contract that “results in actual delivery within 28 days or such other longer period as the Commission may determine by rule or regulation based upon the typical commercial practice in cash or spot markets for the commodity involved”. 7 U.S.C. § 2(c)(2)(D)(ii)(III)(aa).

The CFTC opened an investigation to determine whether…