Position Accountability Levels are levels which a market participant may exceed without breaching an Exchange Rule. A market participant who owns or controls positions that exceed the respective accountability level or reportable level may be asked by the Market Regulation Department (the Department) to provide information relating to the position, including, but not limited to, its nature and size, the trading strategy, and hedging information. Additionally, any market participant who has a position in excess of an accountability level is deemed to have consented, when so ordered by the Department to:

• not further increase the positions;
• comply with any limit on the size of the position; and/or
• reduce any open position which exceeds a position accountability level.

Generally, these actions would be taken only after having been contacted by the Department regarding the open positions.

There are three methods to calculate the positions for the purpose of accountability levels. Any position that exceeds the applicable Spot Month, Single Month, or All Month accountability levels based on any of the three methods is in excess of the accountability level. The three methods are:

1. Calculation on a net futures-equivalent basis by contract and include contracts that aggregate into one or more base contracts as set forth in the Position Limit Table.
   
2. Calculation on a net futures-only basis.
3. Calculation per option quadrant on a gross basis.

A person who exceeds position accountability or position limit levels as a result of maintaining positions at more than one clearing firm shall be deemed to have waived confidentiality regarding his position and the identity of the clearing members at which the positions are maintained.

For official regulatory guidance, reference the applicable Market Regulation Advisory Notice.