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RELEASE: pr6937-14

  • May 27, 2014

    CFTC Staff to Host a Public Roundtable to Discuss Position Limits for Physical Commodity Derivatives

    Washington, DC — The Commodity Futures Trading Commission (CFTC) today announced that staff will hold a public roundtable on Thursday, June 19, 2014, from 9:30 a.m. to 3:30 p.m., to discuss position limits for physical commodity derivatives.

    The roundtable will focus on hedges of a physical commodity by a commercial enterprise, including gross hedging, cross-commodity hedging, anticipatory hedging, and the process for obtaining a non-enumerated exemption. Discussion will include the setting of spot month limits in physical-delivery and cash-settled contracts and a conditional spot-month limit exemption. Further, discussion will include aggregation of positions based on ownership interests of greater than 50 percent of an owned entity and aggregation based on substantially identical trading strategies.

    Agenda for the Public Roundtable Discussion:

    9:30 a.m.

    First Session—Hedges of a physical commodity: Gross Hedging, Cross-Commodity Hedging, Anticipatory Hedging

    11:00 a.m.

    Morning Break

    11:15 a.m.

    First Session— continued

    11:45 a.m.

    Second Session — Process for Non-enumerated Exemption

    12:00 p.m.

    Lunch Break

    1:00 p.m.

    Third Session — Spot-month Limits and Conditional Exemption

    2:00 p.m.

    Afternoon Break

    2.15 p.m.

    Fourth Session — Aggregation of Positions

    3:30 p.m.

    Roundtable Concludes

    The roundtable will be held in the Conference Center at the CFTC’s Headquarters at Three Lafayette Centre, 1155 21st Street, NW, Washington, DC, 20581. The discussion will be open to the public. Members of the public may also listen by telephone and should be prepared to provide their first name, last name, and affiliation.

    Listening information:

    US Toll-Free Number:

    866-844-9416

    International Toll Numbers:

    See Related Link

    Passcode

    CFTC

    A video of the roundtable discussion will be made available on CFTC’s website.

    Members of the public wishing to submit their views on the topics addressed at the roundtable may do so via:

    • Paper submission to Melissa Jurgens, Secretary, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, N.W., Washington, DC 20581; or

    • Comments may be submitted electronically through the CFTC’s Comments Online process. All comments will be posted on the CFTC’s website.

    All submissions to the CFTC in either electronic form or on paper may be published on the Commission’s website without review or removal of personally identifying information.

    Last Updated: June 27, 2014

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