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Lawyers advising commodity-trading advisors say the CFTC’s action against Elephas Investment last week highlights the challenges of complying with position limits on agricultural futures.On July 2, the futures commission fined the Hong Kong manager $160,000 for exceeding the number of CBOT contracts a speculative trader can hold for soft red winter wheat. Elephas also paid a penalty of more than $166,000 to CME Group, which operates the...

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