CFTC Commissioners adopted amendments to the Position Limits and Position Accountability for Security Futures Products ("SFP"). The amendments will increase current position limits that apply solely to security futures products and harmonize them with limits set for equity options traded on a securities exchange.

Commissioner Brian Quintenz supported the Final Rule on SFPs, stating that regulations establishing position limits and position accountability levels for SFPs have not been amended since they were first adopted in 2001. Commissioner Dawn Stump stated that the amendments to the position limits will (i) align position limits with CFTC rules for other futures contracts, (ii) modify the time when position limits must be in effect and (iii) increase exchange discretion when administering position limits for SFPs in specific circumstances. Commissioner Dan M. Berkovitz said the amendments (i) take account of deliverable supply in setting spot month limits for physical delivery contracts, and (ii) allow for position accountability based on the liquidity of the underlying securities.

The "Position Limits and Position Accountability for Security Futures Products" amendments will go into effect 60 days after publication in the Federal Register.

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