• Revisions to CBOT Position Limit, Position Accountability and Reportable Level Table

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-6853
      • Notice Date
      • 27 September 2013
      • Effective Date
      • 11 October 2013
    • Pending all relevant regulatory review periods, effective October 11, 2013, the Board of Trade of the City of Chicago, Inc. (“CBOT”) will adopt revisions to its Position Limit, Position Accountability and Reportable Level Table (“Table”) located in the Interpretations & Special Notices Section of Chapter 5 of the CBOT Rulebook.
       
      The majority of the changes are non-substantive and are generally stylistic in nature; for example, formatting changes designed to increase readability, consolidation of various tabs within the Table, etc. 
       
      In addition, for cleared-only calendar swaps on corn, soybean and wheat, the single and all months limits will be set at the same levels as those of the corresponding Corn, Soybean and Wheat futures, representing an increase from the current single month and all months combined limits applicable to these products. The new limits, which will also be effective on trade date October 11, 2013, are shown below, with additions underscored and deletions overstruck. Additionally, the intra-crop year spread allowance for these products will be deleted as this spread allowance is no longer applicable.
       

      Contract Name
      Rule Chapter
      Commodity Code
      Contract Size and Unit
      Single Month Aggregate Into Futures Equivalent Leg (1)
      Single Month Limit (In Net Futures Equivalents) Leg (1) / Leg (2)
      "Intra Crop Year Spread Allowance"
      All Month Limit Aggregate Into Futures Equivalent Leg (1)
      All Month Limit (In Net Futures Equivalents) Leg (1) / Leg (2)
      Corn Calendar Swaps (Clearing Only)
      10C
      CCS
      5,000 Bushels
      CCS
      33,000 13,500
      Additional contracts may be held within a single contract month if the excess of 13,500 contracts is part of a spread within a single crop year, provided that the total of such positions when combined with outrights do not exceed 22,000 contracts. The crop year in Corn is December through September.
      CCS
      33,000 22,000
      Soybean Calendar Swaps (Clearing Only)
      11D
      SNS
      5,000 Bushels
      SNS
      15,000 6,500
      Additional contracts may be held within a single contract month if the excess of 6,500 contracts is part of a spread within a single crop year, provided that the total of such positions when combined with outrights do not exceed 10,000 contracts. The crop year in Soybean is November through August.
      SNS
      15,000 10,000
      Wheat Calendar Swaps (Clearing Only)
      14C
      WCS
      5,000 Bushels
      WCS
      12,000 5,000
      Additional contracts may be held within a single contract month if the excess of 5,000 contracts is part of a spread within a single crop year, provided that the total of such positions when combined with outrights do not exceed 6,500 contracts. The crop year in Wheat is July through May.
      WCS
      12,000 6,500

       
      To view the changes in their entirety, please reference CBOT Submission 13-436 located in the CFTC Rule Filings repository available on the CME Group website via the following link:
       
       
      To view the revised Table on October 11, 2013, please click on the following link: Table (XLS)
       
      If you have any questions concerning this matter, please contact Nadine Brown, Market Surveillance Specialist, at 212.299.2223.
                             
       
      For media inquiries concerning this Special Executive Report, please contact CME Group Corporate Communications at 312.930.3434 or news@cmegroup.com.
       

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