Wrong again. It's an act prohibiting the futures market in onions.
Onion Futures Act - Wikipedia, the free encyclopedia
The law was enacted after national protests from onion farmers who accused the futures traders at the Chicago Mercantile Exchange of cornering the market for onions, a form of market manipulation that they claimed resulted in absurdly low prices for their crops. The law was proposed by Republican Congressman Gerald Ford, who later became the President of the United States.
The law was enacted after national protests from onion farmers who accused the futures traders at the Chicago Mercantile Exchange of cornering the market for onions, a form of market manipulation that they claimed resulted in absurdly low prices for their crops.
The law was proposed by Republican Congressman Gerald Ford, who later became the President of the United States.
I remember having a laugh with my equivalent (Head of Compliance etc) at the big French exchange, then called MATIF, when he said that their Le Havre delivery potato futures contract represented < 0.01% of MATIF trading volume and > 80% of his problems.
That rang a bell, because the UK potato contract, then on the Baltic Exchange, was essentially a game of 'chicken' between two different cabals/shooting parties of UK potato farmers. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
