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Can exchanges change the rules any time they want to?

The answer is yes. Such an event happened at the Comex a number of years ago! It was called the "Great Silver Fiasco," which was associated with the Hunt brothers. Silver made 19 consecutive moves to the downside, and destroyed several individual commodity traders, when the Comex Board of Directors changed the exchange rules to allow silver prices to fall and not rise. A "liquidation only" restri...

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Derivative transactions, including futures, are complex and carry a high degree of risk. They are intended for sophisticated investors and are not suitable for everyone. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results, and all of which can adversely affect actual trading results. For more information, see the Risk Disclosure Statement for Futures and Options.