Gray was a consultant for such policy and regulatory bodies as the Chicago Board of Trade, the Food and Agriculture Organization of the United Nations and the Commodity Futures Trading Commission, as well as an expert witness in a number of famous manipulation and tax cases.
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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.
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