美国期货交易委员会将在今年3月开始执行新法律，严格限制白银大规模做空的现状。但实际的情况是怎样子的呢？

JP Morgan Wins: CFTC Position Limits Do Not Apply (To Them)
http://www.zerohedge.com/article/guest-post-jp-morgan-wins-cftc-position-limits-do-not-apply-them
粗略的翻译一下：

首先：
The Commission’s proposed regulations call for:

Position limits to be placed on 28 core physical-delivery contracts and their “economically equivalent” derivatives.

Establishment of position limits on physical commodity derivatives in two phases:

* Initial transitional phase: spot-month position limits only, based on deliverable supply determined by and levels currently set by DCMs.
* Second phase: spot-month position limits, based on the Commission’s determination of deliverable supply, and position limits outside of the spot month.

该限制分两步走
第一步只包括现货交易
第二步包括现货交易和远期交易
也就是说目前“限制”只针对现货交易

影响：
注意远期交易的疯狂，JPM一直想打擦边球

其次：
Spot-month position limit levels set at 25% of deliverable supply for a given commodity, with a conditional spot month limit of five times that amount for entities with positions exclusively in cash-settled contracts

实物交易只许存货的25%， 现金结帐允许存货的125%

影响：
JPM从来都不会关注实物交易。空头的一颗子弹顶多头五颗。目前的市场操纵实际上可以继续。另外，存货的具体定义？

再次：
Exemptions for bona fide hedging transactions (based on the Dodd-Frank Act’s new requirements for such transactions) and for positions that are established in good faith prior to the effective date of specific limits adopted pursuant to the proposed regulations.

。。。意思是JPM可以高枕无忧了

影响：
当所有人都以为以为JPM之流会因为这个新法规而被迫平掉空仓的时候（将导致银价飙升），这个法规却说不必。。。于是最近金银大跌
小散们的公平梦想再次破灭，他们只需要改一下规则，就能拿走你的一切

总的来说，这更像一个局

再贴一些给力的评论：
What sort of a limit is that?? That's like trying to limit the damage from auto accidents by limiting freeway speeds to 'no more than' 175 mph.

To everybody who hopes to make money by being on the opposite side of that trade, good luck collecting your winnings. They will simply be rule-changed right out of your hot little hands.
Thank you for playing sir, and sorry about your luck; would you care to try again?