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INCREASES TO SPOT-MONTH POSITION LIMITS FOR NYMEX SOFT COMMODITY FUTURES
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- To
- Members, Member Firms and Market Users
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- From
- Market Regulation Department
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- #
- SER-5610
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- Notice Date
- 01 February 2011
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- Effective Date
- 01 February 2011
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The exchange will increase spot-month position limits beginning with the March 2011 contract in NYMEX Cocoa, Coffee, and No. 11 Sugar and with the December 2011 contract in NYMEX Cotton.Currently, the four agricultural soft commodity futures contracts traded at NYMEX (Cocoa, Coffee, Cotton, and No. 11 Sugar) are cash settled with their daily and final settlement prices set to the value of the corresponding primary physically-delivered contracts at ICE-US. The current spot-month speculative position limit is 300 contracts for NYMEX Cocoa; 100 contracts for NYMEX Coffee; 50 contracts for NYMEX Cotton; and 100 contracts for NYMEX No. 11 Sugar. These spot-month position limits go into effect at the open of trading on the third to last trading day of the expiring contract. The current spot-month limits are low relative to the single- and all-month limits resulting in the possibility of market congestion in the days leading up spot-month limit implementation. Market participants have requested that the Exchange increase the spot-month position limits to at least the level of the primary market spot-month limits.Based on the reasons above, the Exchange will increase the spot-month speculative position limits from 300 to 1,000 for NYMEX Cocoa futures; from 100 to 500 for NYMEX Coffee futures; from 50 to 300 for NYMEX Cotton futures, consistent with Federal Limits for cotton; and from 100 to 1,000 for NYMEX No. 11 Sugar futures.These spot-month position limits go into effect as of the open of trading on the third to the last trading day of the expiring contracts. More specifically, the Exchange intends to implement these increased spot-month limits on the March 2011 contracts for NYMEX Cocoa (2/9/2011); NYMEX Coffee (2/14/2011); NYMEX No. 11 Sugar (2/24/2011); and on the December 2011 contract for NYMEX Cotton (11/18/2011).If you require any additional information, please contact Randy Shao at 312-648-3795 or via e-mail at Renyuan.Shao@cmegroup.com; Fred Seamon at 312-634-1587 or via e-mail at Fred.Seamon@cmegroup.com.Deletions [
bracketed andstruck-through]; Additions bolded and underlined.NYMEX Rulebook Chapter 5Trading Qualifications and Practices559. POSITION LIMITS AND EXEMPTIONSThe position limit levels applicable to those contracts with position limits are set forth in the Position Limit, Position Accountability and Reportable Level Table (“Table”) in the Interpretations Section at the end of Chapter 5.……………………………………………………………………………………………Position Limit, Position Accountability and Reportable Level Table
Contract NameRule ChapterCommodity CodeDiminishing Balances ContractsAll Month Accountability LevelAny One Month Accountability LevelAny/All Month LimitExpiration Month LimitExpiration Accountability Level - Penultimate and Metals ContractsExpiration Accountability Level Last Day ContractsReporting LevelAggregate Into (1)Aggregate Into (2)Rule 560Rule 560Rule 559Rule 559Rule 560Rule 560Rule 561PECO ZonePJM PECO Zone 5 MW Peak Calendar-Month Day-Ahead LMP Swap Futures1824N9,0007,0002,000254NPJM PECO Zone 5 MW Off-Peak Calendar-Month Day-Ahead LMP Swap Futures1834P100,00080,00040,000254PPENELEC ZonePJM PENELEC Zone Peak Calendar-Month Day-Ahead LMP Swap Futures292499,0007,0002,0002549PJM PENELEC Zone Off-Peak Calendar-Month Day-Ahead LMP Swap Futures29350200,000150,00040,0002550PEPCO ZonePJM PEPCO Zone Peak Calendar-Month Day-Ahead LMP Swap Futures168R89,0007,0002,00025R8PJM PEPCO Zone Peak Calendar-Month Day-Ahead LMP Swap Option924PEP9,0007,0002,00025R8PJM PEPCO Zone Off-Peak Calendar-Month Day-Ahead LMP Swap Futures169Q8100,00080,00040,00025Q8PPL ZonePJM PPL Zone Peak Calendar-Month Day-Ahead LMP Swap Futures170L59,0007,0002,00025L5PJM PPL Zone Off-Peak Calendar-Month Day-Ahead LMP Swap Futures171F5100,00080,00040,00025F5PSEG ZonePJM PSEG Zone Peak Calendar-Month Day-Ahead LMP Swap Futures172L69,0007,0002,00025L6PJM PSEG Zone Peak Calendar-Month Day-Ahead LMP Swap Option922PSG9,0007,0002,00025L6PJM PSEG Zone Off-Peak Calendar-Month Day-Ahead LMP Swap Futures173W6100,00080,00040,00025W6Western HubPJM Peak Calendar-Month LMP Swap Futures635JM7,0005,0001,00025JMPJM Calendar-Month LMP Swap Option380JO7,0005,0001,00025JMPJM Peak Calendar-Day LMP Swap Futures637JD7,0005,0001,00025JMPJM Western Hub Peak Calendar-Month Real-Time LMP Swap Futures176L17,0005,0001,00025JMPJM Western Hub 50 MW Peak Calendar-Month Real-Time LMP Swap Futures1784S7,0005,0001,00025JMPJM Electricity Option on Calendar Futures Strip3546O7,0005,0001,00025JMPJM Western Hub Peak Calendar-Month Day-Ahead LMP Swap Futures174J450,00030,0007,00025J4PJM Off-Peak Calendar-Month LMP Swap Futures635AJP4,5003,00060025JPPJM Western Hub Off-Peak Calendar-Month Real-Time LMP Swap Futures177N94,5003,00060025JPPJM Western Hub Off-Peak Calendar-Month Day-Ahead LMP Swap Futures175E4300,000250,000120,00025E4Soft CommoditiesNYMEX Cocoa Futures930CJ6,0006,000[300] 1,00025CJNYMEX Coffee Futures931KT5,0005,000[100] 50025KTNYMEX Cotton Futures932TT2,500/5,000[50] 30025TTPosition Limit, Position Accountability and Reportable Level Table
Contract NameRule ChapterCommodity CodeDiminishing Balances ContractsAll Month Accountability LevelAny One Month Accountability LevelAny/All Month LimitExpiration Month LimitExpiration Accountability Level - Penultimate and Metals ContractsExpiration Accountability Level Last Day ContractsReporting LevelAggregate Into (1)Aggregate Into (2)NYMEX No. 11 Sugar FuturesRule 560Rule 560Rule 559Rule 559Rule 560Rule 560Rule 561934YO9,0009,000[100] 1,00025YOCurrency CommoditiesNYMEX US Dollar/Colombian Peso Futures972V220,00012,0004,000350V2
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