Market regulation · 18/09/1998

Revision of Federal Speculative Position Limits and Associated Rules

The Commodity Futures Trading Commission (``Commission'') on July 17, 1998, published in the Federal Register a Notice of Proposed Rulemaking. In that notice, the Commission proposed to revise Commission speculative position limits, to codify various policies relating to the requirement that exchanges set speculative position limits as required by Commission rule 1.61, to amend the applicability of the limited exemption from non-spot month speculative position limits under Commission rule 150.3 for entities that authorize independent account controllers to trade on their behalf and to amend the Commission's rule on aggregation. Comments on the proposals were due by September 15, 1998. On September 10, 1998, the Managed Funds Association requested that the Commission extend the comment period for thirty days, ``to insure that a more complete and responsive comment letter can be prepared.'' The Commission is granting this request.