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

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • RA1205-5
      • Notice Date
      • 20 July 2012
      • Effective Date
      • 01 August 2012
    • The following tables set forth the spot month and step down speculative position limits and the associated effective dates for all August 2012 CME and CBOT contracts and for core August 2012 NYMEX and COMEX contracts. 
       
      For the following products, the spot month limits are effective at the close of business on the dates listed:
       

      Exchange
      Commodity Code
      Product
      Effective Date
      (Close of Business)
      Spot Month Limit
      CBT
      S
      SOYBEAN
      07/30/2012
      600
      CBT
      YK
      MINI SOYBEAN
      07/30/2012
      3000
      CBT
      06
      SOYBEAN MEAL
      07/30/2012
      720
      CBT
      07
      SOYBEAN OIL
      07/30/2012
      540
      CBT
      EH
      ETHANOL
      07/30/2012
      200
      CBT
      DDG
      DISTILLERS DRIED GRAIN
      07/30/2012
      200
      CBT
      UFN
      UREA (GRANULAR) FOB U.S. GULF SWAP
      08/27/2012
      250
      CBT
      UFU
      UAN FOB NOLA SWAP
      08/27/2012
      200
      CBT
      DFL
      DAP FOB NOLA SWAP
      08/27/2012
      250
      CBT
      DFT
      DAP FOB TAMPA SWAP
      08/27/2012
      250
      CME
      LN
      LEAN HOG1
      08/07/2012
      950
      CME
      48
      LIVE CATTLE – initial step-down
      08/06/2012
      450
      CME
      48
      LIVE CATTLE2 – second step-down
      08/24/2012
      300
      CME
      62
      FEEDER CATTLE1
      08/16/2012
      300
      CME
      CB
      BUTTER
      08/21/2012
      100
      CME
      DY
      DRY WHEY
      08/21/2012
      200
      CME
      ISM
      INTL SKIMMED MILK POWDER
      08/15/2012
      500
      CME
      NF
      NONFAT DRY MILK
      08/21/2012
      100
      COMEX
      GC
      COMEX 100 GOLD
      07/30/2012
      3,000
      COMEX
      HG
      COMEX COPPER
      07/30/2012
      1,200
      COMEX
      SI
      COMEX 1000 SILVER
      07/30/2012
      1,500
      NYMEX
      CL
      NYMEX CRUDE OIL (PHYSICAL)
      7/17/2012
      3,000
      NYMEX
      HO
      NYMEX HEATING OIL (PHYSICAL)
      7/26/2012
      1,000
      NYMEX
      NG
      NATURAL GAS HENRY HUB (PHYSICAL)
      7/24/2012
      1,000
      NYMEX
      PA
      NYMEX PALLADIUM FUTURES
      7/30/2012
      650
      NYMEX
      PL
      NYMEX PLATINUM FUTURES
      7/30/2012
      500
      NYMEX
      RB
      NYMEX NY HARBOR GAS (RBOB) (PHY)
      7/26/2012
      1,000

       
      1    Hedge exemptions are not applicable at expiration.
      2   Hedge exemptions are not applicable during the last 5 trading days.
       
      For the following products, the spot month limits are effective at the start of business on the dates listed:
       

      Exchange
      Commodity Code
      Product
      Effective Date
      (Start of Business)
      Spot Month Limit
      CME
      KRW
      KOREAN WON/USD
      08/06/2012
      2,000
      CME
      MP
      MEXICAN PESO
      08/08/2012
      20,000
      CME
      RA
      S. AFRICAN RAND
      08/06/2012
      5,000
      CME
      RMB
      CHINESE RENMINBI (USD)
      08/07/2012
      2,000
      CME
      RME
      CHINESE RENMINBI (EURO)
      08/07/2012
      2,000
      CME
      RMY
      CHINESE RENMINBI (JY)
      08/07/2012
      2,000
      CME
      RU
      RUSSIAN RUBLE
      08/08/2012
      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 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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