News & Analysis as of

Position Limits

A Position Limit is a limitation on the number of options or futures contracts an investor is allowed to hold. Position Limits are meant to prevent manipulation and excessive speculation in the market. 

US Commodity Futures Trading Commission Provides Time-Limited No-Action Relief for Aggregation Notice Filings for Position Limits

by Shearman & Sterling LLP on

The CFTC’s Division of Market Oversight issued a time-limited no-action letter stating that, from February 14, 2017 to August 14, 2017, it will not recommend an enforcement action for failure to file a notice when relying on...more

Bridging the Week - February 2017 #2

Retail Foreign Exchange Dealer Agrees With CFTC and NFA to Cease Doing Business for Concealing Relationship With Closely Tied Market Maker - Forex Capital Markets, LLC, a retail foreign exchange dealer, and two of its...more

Corporate and Financial Weekly Digest - Volume XII, Issue 6

SEC/CORPORATE - Acting SEC Chair Directs Staff to Reconsider Pay Ratio Disclosure Rule - On February 6, the acting Securities and Exchange Commission Chairman, Michael Piwowar, issued a statement soliciting public...more

CFTC Finalizes Aggregation Rules and Re-Proposes Position Limits Rule

by Katten Muchin Rosenman LLP on

On December 5, the Commodity Futures Trading Commission (CFTC) issued final regulations regarding the aggregation of positions and accounts to assess compliance with speculative position limits, as well as to add a potential...more

CFTC Adopts Amendments to Position Limit Aggregation Rules

Key Points - - Unless an exemption from aggregation is available, all positions in accounts for which any person controls the trading or holds a 10 percent or greater ownership or equity interest must be aggregated...more

Corporate and Financial Weekly Digest - Volume XI, Issue 47

by Katten Muchin Rosenman LLP on

SEC/CORPORATE - Supreme Court Rules on Insider Trading Involving Family and Friends - In its first insider trading decision in nearly two decades, the US Supreme Court ruled unanimously to uphold an insider trading...more

Bridging the Week - December 2016 #2

by Katten Muchin Rosenman LLP on

Last week, the Commodity Futures Trading Commission proposed revised position limit rules and finalized requirements related to the aggregation of positions and accounts to assess compliance with speculative position limits...more

US Commodity Futures Trading Commission Issues Supplement Modifying Position Limits Proposal

by Shearman & Sterling LLP on

The CFTC issued for public comment a supplement to the CFTC’s December 2013 position limits proposal. The supplement would permit exchanges to recognize, subject to CFTC review, certain positions in commodity derivative...more

Financial Regulatory Developments Focus - June 2016

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

CFTC Proposes To Allow Designated Contract Markets and Swap Execution Facilities To Recognize Certain Hedging and Spread Positions...

On May 26, the Commodity Futures Trading Commission (CFTC) proposed amendments to its previously proposed rules related to speculative position limits on 28 core referenced futures contracts (the "2016 Amendment"). If...more

Corporate and Financial Weekly Digest - Volume XI, Issue 22

BROKER-DEALER FINRA - Issues Guidance With Respect to Stop Orders and Volatile Market Conditions - On May 26, FINRA issued guidance encouraging firms to review their policies with respect to the use of stop orders...more

CFTC Unanimously Approves Supplemental Proposal on Position Limits

On May 26, 2016, the Commodity Futures Trading Commission (“CFTC”) unanimously approved a proposed supplement (“Supplemental Proposal”) to its December 2013 proposal to establish position limits on futures and economically...more

"CFTC Eliminates End-User Trade Option Reporting Requirements and Addresses Applicability of Position Limits"

The Commodity Futures Trading Commission (CFTC or Commission) adopted a final rule effective March 21, 2016, that eliminates the reporting and recordkeeping requirements under the CFTC’s existing trade option exemption for...more

CFTC Adopts Final Trade Option Rule

On March 16, 2016, the Commodity Futures Trading Commission (“CFTC”) unanimously approved amendments to the rules applicable to certain physically-settled options referred to as “trade options.” This final rule substantially...more

Dodd-Frank Almost 6 Years Later: Where Are We Now? Energy-Related Derivatives Regulation

by Latham & Watkins LLP on

In the almost six years since the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the US Commodity Futures Trading Commission (CFTC) has, in large part, finalized its rulemakings...more

Bridging the Week - February 2016 #5

CFTC Advisory Committee Says There Is No Evidence Justifying Proposed New Position Limits: A report issued by the Energy and Environmental Markets Advisory Committee of the Commodity Futures Trading Commission roundly...more

Bridging the Week - February 2016 #2

Two Broker-Dealers to Pay US $154 Million to the State of NY and the SEC to Resolve Allegations of Wrongdoing by Their Dark Pools: Barclays Capital Inc. and Credit Suisse Securities settled allegations by the Securities and...more

CFTC Updates Position Limits Rule

by WilmerHale on

On September 22, 2015, the Commodity Futures Trading Commission (CFTC or Commission) unanimously approved the publication of a “supplemental” proposed rule on position limits. The supplemental proposal would modify the...more

Energy Industry News and Trends

by DLA Piper on

This regular publication by DLA Piper lawyers focuses on helping clients navigate the ever-changing business, legal and regulatory landscape. - Oil companies may need to prepare for more regulation of rail shipments of...more

CME Group Exchanges Revise Position Limit Rules

The Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange and Commodity Exchange have revised their position limit rules by removing provisions that formerly deemed a market participant to have...more

CFTC FORM 40/40S Reporting Requirements

by Latham & Watkins LLP on

Significant amendments to the CFTC’s large trader reporting program will apply as of August 15, 2014. The U.S. Commodity Futures Trading Commission (CFTC) has seemingly increased the number of Form 40/40S requests it...more

Legal Alert: CFTC Division of Market Oversight Releases Questions for June 19 Roundtable on Position Limits

The Commodity Futures Trading Commission (CFTC) will host a public roundtable on June 19, 2014, to discuss questions related to a proposed rulemaking to establish speculative position limits for 28 exempt and agricultural...more

CFTC Seeks Additional Comments on Position Limits for Physical Commodity Derivatives

The Commodity Futures Trading Commission is seeking additional comments on its proposed regulations relating to position limits for physical commodity derivatives. The CFTC will accept comments on its proposals regarding...more

The Gift That Keeps On Giving: CFTC’s Misaligned Definition of Forward Contracts Gives Rise to Another Potential Burden on LDCs...

by Moore & Van Allen PLLC on

In our recent post, “CFTC Forward vs. Trade Option: LDCs Still Struggle as Trade Option Reporting Deadline Looms,” we discussed the unintended impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act...more

A Simple Framework for Determining Whether Dodd-Frank Applies to Your Energy Trade

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank” or the “Act”) authorizes the Commodity Futures Trading Commission (“CFTC”) to comprehensively regulate energy trading activities. Dodd-Frank is...more

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