CFTC Reproposes Rules Limiting Speculative Futures And Swaps Positions, Finalizes Aggregation Rules

The CFTC voted unanimously to repropose position limits rules, which would place limits on speculative futures and swaps positions. In a separate vote, the CFTC approved final aggregation rules. 

If adopted, the proposed rules would:

• limit speculative positions in 25 core physical commodity futures contracts and their "economically equivalent" futures, options and swaps;
• provide requirements and acceptable practices to Designated Contract Markets ("DCMs") and Swap Execution Facilities ("SEFs") for (i) setting position limits for the 25 referenced contracts and (ii) exchange position limits or accountability rules in all other listed contracts;
• permit the exchange recognition of non-enumerated bona fide hedging positions and certain enumerated anticipatory hedge positions, and the granting of spread exemptions;