Commodity Futures Trading Commission May 11, 2005 – Federal Register Recent Federal Regulation Documents
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Amendment of Interpretation
Section 4d(a)(2) of the Commodity Exchange Act (``CEA'') and related Commission regulations (hereinafter collectively referred to as ``segregation requirements'') require that all funds received by a futures commission merchant (``FCM'') from a customer to margin, guarantee, or secure futures or commodity options transactions and all accruals thereon be accounted for separately, and not be commingled with the FCM's own funds or used to margin the trades of or two extend credit to any other person.\1\ Further, Section 4d(a)(2) has been construed to require that customer funds, when deposited with any bank, trust company, clearing organization or another FCM, be available to the FCM carrying the customer account upon demand.\2\
Revision of Federal Speculative Position Limits
The Commodity Futures Trading Commission (Commission) is amending Commission regulation 150.2 to increase the speculative position limit levels for all single-month and all-months-combined positions subject to such limits. In addition, the Commission is making other clarifying amendments concerning the aggregation of positions when a Designated Contract Market (DCM) trades two or more contracts with substantially identical terms, and is deleting several obsolete provisions in part 150 that relate to contracts that are no longer listed for trading or to DCMs that no longer exist.
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