AIMA

The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry

CFTC Position Limits

Section 737 of the Dodd-Frank Act mandates the Commodity Futures Trading Commission (CFTC) to establish position limits for futures and options contracts traded on a designated contract market and economically equivalent swaps. On 26 January 2011, the CFTC published proposed rulemaking for the establishment of position limits for 28 core physical commodity futures and options contracts and their economic equivalents.  Final Rules were published in November 2011. 

In September 2012, the US District Court for the District of Columbia vacated the CFTC Final Rules on the basis that the CFTC misinterpreted its statutory authority to impose such limits. 

On 5 November 2013, the CFTC approved proposals for amended rules on position limits for derivatives, in addition to the aggregation of positions. These have been published in the Federal Register and are subject to deadlines of 10 February 2014 and 14 January 2014, respectively. AIMA is currently working on its formal response.  


Key legislative documents

United States District Court for the District of Columbia judgement striking down CFTC Final Rules on position limits (September 2012)

CFTC Final Rule – Position Limits for Futures and Swaps (November 2011)

Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (section 737)


Relevant consultations

CFTC Proposed Rulemaking on Position Limits for Derivatives (November 2013) 

CFTC Proposed Rulemaking on Aggregation of Positions (November 2013) 

CFTC request for comments on Position Limits for Derivatives (January 2011)


AIMA documents

US DFA CFTC PR - Aggregation of Positions - 2014 - Response to Consultation (February 2014)

US DFA CFTC PR - Position Limits for Derivatives - 2014 - Response to Consultation (February 2014)

Response to Proposed Rulemaking - Aggregation Under Part 151, Position Limits for Futures and Swaps (July 2012)

Response to CFTC's interim Final Rule on Position Limits for Futures and Swaps (January 2012)

Summary of CFTC Final Rule on Position Limits for Futures and Swaps (December 2011)

Response to the CFTC request for comments on Position Limits for Derivatives (March 2011)

 

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      1. AIFMD
      2. European Capital Markets Regulation
      3. MiFID / MiFIR
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        1. ETFs and Structured UCITS
      5. Venture Capital
    2. US Hedge Fund Adviser Regulations
      1. Registration and Reporting
      2. Incentive-Based Compensation
      3. JOBS Act
    3. Asia Pacific Asset Management regulation
    4. Other Jurisdictions’ Asset Management Regulation
    5. Regulation of NBFCs / SIFIS
    6. Supervision
      1. UK regulatory reform
      2. European Supervisory Authorities
      3. US Self-Regulatory Organisations
    7. Remuneration
      1. UK
      2. US
      3. CRD IV and CRR
      4. AIFMD
      5. MiFID
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      7. CFTC Automated Trading
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