The group gave Iosco, the body of international securities regulators, a deadline of the end of 2012 to implement a series of recommendations proposed by it last month.
However calls by French President and G20 chair Nicolas Sarkozy and hundreds of economists for position limits appear to have fallen on deaf ears.
Sarkozy had been pushing for limits to be imposed on the positions traders have in food and energy markets, but no mention was given to it in the end of meeting communiqué.
“The proper functioning of commodity markets is key for sustained global economic growth,” said the G20 ministers and central bankers.
Last week 450 economists wrote to G20 finance ministers urging that they introduce the position limits. The US Commodity Futures Trading Commission in contrast is expected to approve these limits later this month.
The recommendations put forward by Iosco in September demand national authorities engage in real-time monitoring and take account of traders’ derivatives and physical market positions and transactions.
It will see changes to contract design and information gathering and intervention powers.
Supervisors are advised to be “alert for any unusual cash market activity on the part of large futures traders” and be able to access market participants’ positions in OTC derivatives as needed.
The changes, which follow a request at the November 2010 G20 summit in Seoul for improved regulation of physical commodities markets, include recommendations on contract design and information gathering and intervention powers.
– First published at gfsnews.com