CFTC Reproposes Rules On Position Limits For Futures And Swaps

Overview

On November 5, 2013, the Commodity Futures Trading Commission (the "Commission") approved the issuance of a proposal to expand its rules concerning speculative position limits (the "Proposed Rules"). The Proposed Rules would establish Commission-mandated limits for speculative positions in futures and options contracts on 28 agricultural, energy and metals commodities as well as economically equivalent futures contacts, options contracts, and swaps. In connection with establishing these limits, the Proposed Rules would add and amend certain definitions, revise the exemptions from speculative limits, including for bona fide hedging, and add reporting requirements for persons claiming exemptions from the limits.