• Effective Dates for November 2012 Spot Month and Step Down Position Limits

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • CME Group RA1212-5R
      • Notice Date
      • 12 October 2012
      • Effective Date
      • 12 October 2012
    • This Advisory Notice is being reissued to reflect the correct spot month limit effective date attendant to the NYMEX NY Harbor Gasoline RBOB (Physical) contract.
       
      The following tables set forth the spot month and step down speculative position limits and the associated effective dates for core November 2012 CME, CBOT, NYMEX and COMEX contracts. 
       
      For the following products, the spot month limits are effective at the close of trading on the dates listed:

      Exchange
      Commodity Code
      Product
      Effective Trade Date
      (Close of Trading)
      Spot Month Limit
      CBT
      S, YK
      SOYBEAN and MINI SOYBEAN
      10/30/2012
      600 aggregate1
      CBT
      EH
      ETHANOL
      10/30/2012
      200
      CBT
      14
      ROUGH RICE
      10/30/2012
      600
      CME
      62
      FEEDER CATTLE
      11/01/2012
      300
      CME
      CB
      CASH-SETTLED BUTTER
      11/27/2012
      100
      CME
      DY
      DRY WHEY
      11/27/2012
      200
      CME
      NF
      NONFAT DRY MILK
      11/27/2012
      100
      CME
      LB
      LUMBER
      11/01/2012
      435
      NYMEX
      CL
      NYMEX CRUDE OIL (PHYSICAL)
      10/17/2012
      3,000
      NYMEX
      HO
      NYMEX HEATING OIL (PHYSICAL)
      10/26/2012
      1,000
      NYMEX
      NG
      NATURAL GAS HENRY HUB (PHYSICAL)
      10/24/2012
      1,000
      NYMEX
      PA
      NYMEX PALLADIUM FUTURES
      10/30/2012
      650
      NYMEX
      PL
      NYMEX PLATINUM FUTURES
      10/30/2012
      500
      NYMEX
      RB
      NYMEX NY HARBOR GAS (RBOB) (PHY)
      10/26/2012
      1,000
      COMEX
      GC
      COMEX 100 GOLD
      10/30/2012
      3,000
      COMEX
      HG
      COMEX COPPER
      10/30/2012
      1,200
      COMEX
      SI
      COMEX SILVER
      10/30/2012
      1,500

      1One mini-sized soybean contract is equivalent to one-fifth of a corresponding full-sized soybean contract, and positions in soybean and mini-sized soybean contracts will be aggregated for the purpose of determining compliance with the contracts’ position limit. For position limit purposes, standard and mini contracts may not be netted.
       
      For the following product, the spot month limit is effective at the start of trading on the date listed:

      Exchange
      Commodity Code
      Product
      Effective Trade Date
      (Start of Trading)
      Spot Month Limit
      CME
      RU
      RUSSIAN RUBLE
      11/08/2012
      2,000

       
      Please refer to the “Position Limit, Position Accountability, and Reportable Level Table” (“Table”) in Chapter 5 of each Exchange’s Rulebook and the applicable product chapter for further information regarding the aggregation of contracts for position limit purposes with respect to these contracts. The Tables also should be consulted for the applicable spot month limits and associated effective dates for CME, CBOT, NYMEX and COMEX contracts not listed above. 
       
      Market participants carrying concurrent long and short positions in physically delivered contracts should be cognizant of the requirements of each Exchange’s Rule 854.B. concerning restrictions on the manner in which positions may be offset.
       
      Market participants are further reminded that position limits apply to intraday positions as well as end-of-day positions.
       
       
      Questions regarding this advisory may be directed to the following individuals in Market Regulation:
       
      For CME & CBOT Products:
      Cindy Pender, Analyst, at 312.435.3539
      Sandra Valtierra, Manager, at 312.347.4137
      Bill Lange, Senior Director, at 312.341.7757
      Bill Kokontis, Senior Director, at 312.435.3665
       
      For NYMEX & COMEX Products:
      Ryne Toscano, Supervisor, at 212.299.2879
      Chris Reinhardt, Director, at 212.299.2882
       
      For media inquiries concerning this Advisory Notice, please contact CME Group Corporate Communications at 312.930.3434 or news@cmegroup.com.
       
       

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