Opponents of the Act, which include futures industry groups, and institutional investors, believe the regulations will stifle investment in the commodity markets, and reduce the liquidity provided by speculative trading. As you can expect, the final text of the Act is extremely voluminous, at over 2,300 pages. Further complicating the matter is the fact that much of the Act simply authorizes the CFTC to enact regulations, which will be many months down the road. Given the level of controversy surrounding the Act, it is no surprise that many commentators are predicting the ultimate impact of the legislation will be determined by federal courts. For the grain industry, Title VII is the portion of the Act to watch. Needless to say, participants in the industry often overlook the degree to which the trading of grain and other commodities are impacted by state and federal law. The new era of market volatility, spurred by dynamic shifts in supply and demand, federal energy policy, the flow of capital into and out of commodities, and to an increasing extent, the global economy, has changed the legal landscape for buyers and sellers.