FarmLogs provides Chicago Commodities futures market information, video commentary, and related news.
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It is designed to imitate the futures market in commodities such as corn, wheat and steel.
And Vega's traders began to more aggressively take out futures contracts on the commodities market in Malaysia, which, along with Indonesia, accounts for most of the world's palm oil production.
In February the Forward Market Commission, the commodities market regulator, banned wheat and rice futures in a bid to cool down food-price inflation.
Fueled by the worldwide commodities boom, MCX has become India's largest commodity futures market.
Instead, the ban could kill growing interest in the futures market, as dealers fear that more food commodities may be added to the blacklist.
There is no futures market for feed as there is for most agricultural commodities.
Likewise, commodities traders may identify market manipulations such as the cornering of a futures market.
That, in turn, could eventually lead to a derivatives market, much like the futures markets in other commodities.
The complaints have gotten a sympathetic ear on Capitol Hill, where lawmakers have just gotten a proposal by the Treasury Department for a sweeping overhaul of financial market regulation, including the merger of the SEC with the Commodities Futures Trading Commission and the reassignment of many of the SEC's enforcement duties to the stock exchanges and other self-regulatory agencies.
Last year, as the subprime market began its collapse, the President's Working Group, which includes the Treasury Department, the Federal Reserve, the SEC and the Commodities Futures Trading Commission, recommended against tighter oversight of the over-the-counter market, in the context of vetoing tighter regulation of hedge funds, saying the industry can self-police.
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