Slapping position limits on traders in OTC energy markets would be punishing the innocent, argues Michael Cosgrove of GFI Group. Markets do need to operate under rules, but rules must be based on understanding, he contends – in an article responding to the editorial published in the last issue of FOW.I read the editorial in FOW’s July/August number with some interest and was struck by two things. First, the thoughtfulness of the consideration and second, the anonymity of the apparent culprit: “markets”. As I have earned my living in the energy markets for the past 28 years it seemed to me that this message was targeted to me as much as anyone and so I would like to join this discussion. I am a wealthy American, inasmuch as my family and I do not want for the basic necessities of life. Having said this, there is no disputing that price...