i.  The federal spot-month limits for derivatives on the 25 physical commodities subject to the most critical elements of the proposal would generally represent significant increases in permissible speculation; ii.  The proposal would not establish federal position limits for non-spot-month derivatives contracts on 16 of the 24 physical commodities subject to the most critical elements of the proposal; iii.  The proposal would dramatically expand (almost triple) the number of self-effectuating enumerated exemptions and for the first time recognize a broad exemption (read, loo

Bona Fide Hedges of Unfixed Price Commitments

Spreads

Non-Enumerated BFH Process

Natural Gas

~Risk management exemption~               

Phased Approach (futures first, then swaps)~               

Flexible~pass through swap exemption~               

Further~Guidance on Swap Dealers’ Monitoring Obligations~

Bona fide hedges of unfixed price commitments

Spreads

BFH Process (Including Sugar No. 11)

Cotton Limit Levels

Updates on Estimated Deliverable Supply ("EDS")