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The Onion Futures Act is a United States law banning the trading of futures contracts on onions as well as "motion picture box office receipts". [1] In 1955, two onion traders, Sam Siegel and Vincent Kosuga, cornered the onion futures market on the Chicago Mercantile Exchange. The resulting regulatory actions led to the passing of the act on ...
Vincent W. Kosuga (January 17, 1915 – January 19, 2001) [1] was an American onion farmer and commodity trader best known for manipulating the onion futures market.Public outcry over his practices led to the passing of the Onion Futures Act, which banned the trading of futures contracts on onions.
In the late 1950s, United States onion farmers alleged that Sam Seigel and Vincent Kosuga, Chicago Mercantile Exchange traders, were attempting to corner the market on onions. Their complaints resulted in the passage of the Onion Futures Act, which banned trading in onion futures in the United States and remains in effect as of 2024. [5]
The collapse of onion prices drove many onion farmers into bankruptcy. [9] A public outcry ensued among onion farmers who were left with large amounts of worthless inventory. [8] Soon the Commodity Exchange Authority investigated and the Senate Committee on Agriculture held hearings on a proposed ban on onion futures trading. [10]
The incident led to the passing of the Onion Futures Act. The video game crash of 1983 was largely caused by excess inventory of low-quality games. Atari, Inc. greatly overproduced the game E.T. and could not sell them, and disposed of the inventory in a landfill.
Cotton Futures Act; Cotton Futures Act of 1916; F. Food, Conservation, and Energy Act of 2008 ... H.R. 1003 (113th Congress) O. Onion Futures Act; R. Real prices and ...
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Many of his articles continue to be widely used in courses on futures markets. He published a 1963 study concluding that the Onion Futures Act, which was designed to prevent market manipulation in onion prices by banning onion futures trading, had actually increased onion price volatility.