The Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange and Commodity Exchange have revised their position limit rules by removing provisions that formerly deemed a market participant to have violated a position limit if it entered a bid or offer that, if accepted, would cause the market participant to exceed the position limit. The revised position limit rules also clarify that the position limits established by the exchanges are applied on an intraday basis. The exchanges further noted that all bids and offers remain subject to the exchanges’ disruptive trading practices rules. The revised rules are effective February 6, pending relevant regulatory review periods.

The Special Executive Report describing the revised rules is available here.