Position Limits and Position Accountability for Security Futures Products

The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing to amend its position limits rules for security futures products (``SFPs'') by: Increasing the default level of equity SFP position limits, and modifying the criteria for setting a higher level of position limits and position accountability levels. In addition, the proposed amended position limit regulation would provide discretion to a designated contract market (``DCM'') to apply limits to either a person's net position or a person's position on the same side of the market. The Commission also proposes criteria for setting position limits on an SFP on other than an equity security, generally based on an estimate of deliverable supply.