CFTC Proposes Further Amended Position Limit Aggregation Rules

Overview

On November 15, 2013, the Commodity Futures Trading Commission (the "CFTC") published proposed revised aggregation rules for speculative position limits in certain commodity interests (the "Proposed Rules"). The Proposed Rules modify standards for determining when positions held by two or more persons must be aggregated for determining compliance with CFTC position limit rules. The Proposed Rules continue the CFTC's existing aggregation policy, which generally requires that a person aggregate all positions in accounts for which a person directly or indirectly controls trading or holds a 10% or greater ownership interest. The Proposed Rules retain modified versions of the existing exemptions from the aggregation requirements and create several new exemptions¹.