The rules set spot month position limits at 25% of estimated physical deliverable supply.
FORBES: CFTC Position Limits Rule Divides Agency, Angers Market Participants
The "position limits" rule at the center of the court battle caps the derivatives contracts traders can hold in certain commodities.
Second, it would be far more disruptive if the Position Limits Rule were allowed to go into effect while on remand.
FORBES: Dramatic Federal Court Ruling Vacates CFTC Positions Limit Rule
Under the rules, there are two types of speculative limits, one for the spot month, and one for non-spot month position limits.
FORBES: CFTC Position Limits Rule Divides Agency, Angers Market Participants
The position limits for the non-spot month are set at 10% of open interest in the first 25, 000 contracts and 2.5% afterward.
FORBES: CFTC Position Limits Rule Divides Agency, Angers Market Participants
This case largely turns on whether the CFTC, in promulgating the Position Limits Rule, correctly interpreted Section 6a as amended by Dodd-Frank.
FORBES: Dramatic Federal Court Ruling Vacates CFTC Positions Limit Rule
For 45 years after the passage of the CEA, the CFTC made necessity findings prior to imposing position limits under Section 6a(a).
FORBES: Dramatic Federal Court Ruling Vacates CFTC Positions Limit Rule
Open interest used in determining non-spot-month position limits will be based on futures open interest, cleared swaps open interest, and uncleared swaps open interest.
FORBES: CFTC Position Limits Rule Divides Agency, Angers Market Participants
Certain agricultural markets, like grains and livestock, already had federally mandated position limits, but position limits for energies and metals were set by the exchange.
FORBES: CFTC Position Limits Rule Divides Agency, Angers Market Participants
This may not be the case though, and even the CFTC says changing the position limits will have little if any impact on market values.
FORBES: CFTC Position Limits Rule Divides Agency, Angers Market Participants
Two of the commissioners who voted in favor, Chairman Gary Gensler and Commissioner Bart Chilton, did so because they believed these position limits would prevent excessive speculation.
FORBES: CFTC Position Limits Rule Divides Agency, Angers Market Participants
See, Position Limits for Futures and Swaps, 76 Fed.
FORBES: Dramatic Federal Court Ruling Vacates CFTC Positions Limit Rule
Kevin Grady, trader on the Comex floor with MF Global, also said gold also has been hurt some by anticipation of a Commodity Futures Trading Commission meeting on position limits for commodities.
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In this case, the Position Limits Rule, which according to both parties is a significant and unprecedented change in the operation of the commodity derivatives market, has not yet gone into effect.
FORBES: Dramatic Federal Court Ruling Vacates CFTC Positions Limit Rule
Even though the limits were quite modest, a federal judge struck them down and ruled it was not clear that position limits could be imposed without determining whether they were necessary and appropriate.
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Although both sides forcefully argue that the statute is clear and unambiguous, their respective interpretations lead to two very different results: one which mandates the Commission to set position limits without regard to whether they are necessary or appropriate, and one which requires the Commission to find such limits are necessary and appropriate before imposing them.
FORBES: Dramatic Federal Court Ruling Vacates CFTC Positions Limit Rule
"Their position greatly limits consumer choice and makes renting a car less affordable, " said Pam Nicholson, Enterprise Holdings president and CEO.
They all have had a strong position on the need to have mandatory limits and the cap-and-trade system that drives costs down.
My guess is the Supreme Court took up McCutcheon to reaffirm their support for campaign contribution limits, which is a perfectly coherent position for judicial conservatives to take.
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Chilton said he would have preferred even tighter limits for certain contracts, particularly precious metals, but added that simply establishing a position limit regime is critically important.
FORBES: CFTC Position Limits Rule Divides Agency, Angers Market Participants
If JP was recording the position value of each tick of the trading day, the size of the array would quickly exceed the memory limits of most computers in a short amount of time.
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