Code of Federal Regulations: Containing a Codification of Documents of ...

(1) The quantity of open contracts held in all cotton futures on all contract markets, by markets and by futures;

(2) The market position;

(3) The make-up of the net fixedprice spot cotton position;

(4) The make-up of the hedgeable interest in spot cotton;

(5) The make-up of the basis position in spot cotton;

(6) The fixed-price spot cotton positions, long and short;

(7) The quantity of certificated cotton owned; and

(8) The quantity of call cotton bought or sold on which the price has not been fixed, together with the respective futures on which based. As used herein, call cotton refers to spot cotton bought or sold, or contracted for purchase or sale, at a price to be fixed later based upon a specified future.

(b) Standards and conversion factors. Every such merchant, processor, or dealer, in computing his spot position, shall use such standards and conversion factors with respect to cotton products or by-products as are usual in the cotton trade. If it is the regular business practice of such merchant, processor, or dealer to exclude certain items, products, or by-products in determining his spot position for hedging (as defined in section 4a of the act), the same shall be excluded in the report. Such merchant, processor, or dealer shall furnish to the Commodity Exchange Authority upon request detailed information concerning the kind and quantity of each item, product or by-product so excluded. (Sec. 41, 49 Stat. 1496, as amended; 7 U.S.C. 61)

§ 19.03 Merchants, processors, and dealers in eggs and egg products. (a) Details of cash egg position. Merchants, processors, and dealers in eggs and egg products shall show in each report the make-up of the cash egg position, as determined by stocks owned, unfilled fixed-price purchase commitments, and unfilled fixed-price sales commitments, with respect to: (1) Shell eggs (in cold storage and elsewhere); (2) frozen whole eggs; (3) frozen plain egg whites; (4) frozen plain egg yolks; and (5) egg products.

(b) Exclusions in determining cash egg position. If it is the regular business practice of such merchant, processor, or dealer to exclude certain eggs not

in cold storage or certain egg products in determining his cash position for hedging (as defined in section 4a of the act), the same shall be excluded in the report. Such merchant, processor, or dealer shall furnish to the Commodity Exchange Authority upon request detailed information concerning the eggs or egg products so excluded.

(Sec. 41, 49 Stat. 1496, as amended; 7 U.S.C. 61)

§ 19.04 Time and place of filing reports.

If the reporting merchant, processor, or dealer is located in a city in which the Commodity Exchange Authority has an office, reports shall be filed with such office not later than the first business day following the week or other period covered by the report. If the reporting merchant, processor, or dealer is located elsewhere, reports shall be transmitted by mail, postmarked not later than midnight of the first business day following the week or other period covered by the report, as follows:

(a) Reports with respect to transactions in wheat, corn, oats, rye, barley, flaxseed, soybeans, grain sorghums, and eggs to the Commodity Exchange Authority office in Chicago, Illinois, unless otherwise specifically authorized by the Commodity Exchange Authority.

(b) Reports with respect to transactions in cotton-to the Commodity Exchange Authority office in New York, New York.

(Sec. 41, 49 Stat. 1496, as amended; 7 U.S.C. 61)

PART 20-REPORTS BY MEMBERS OF CONTRACT MARKETS

§ 20.00

Uncleared transactions.

(a) Each member of a contract market who executes uncleared transactions in any commodity future on any contract market, commonly called "pass-outs", shall report such transactions to the Commodity Exchange Authority in accordance with its instructions, showing whether the transaction is a purchase or sale; the date, market, commodity, future, quantity, and price; the name of the opposite party to the transaction; and such other information as may be required.

(b) The requirements of this section shall not apply to any member of a contract market whose uncleared transactions are recorded on the books of a

21.00 Preparation and transmission of information upon special call.

21.01 Special calls for information on controlled accounts from futures commission merchants. 21.02 Special calls for information on open contracts in accounts carried by futures commission merchants, members of contract markets, and foreign brokers.

AUTHORITY: §§ 21.00 to 21.02 issued under sec. 8a, 49 Stat. 1500, as amended; 7 U.S.C. 12a. Additional authority is cited in parentheses following the sections affected.

§ 21.00 Preparation and transmission of information upon special call.

All information required upon special call shall be prepared in such form and manner and in accordance with such instructions, and shall be transmitted at such time and to such office of the Commodity Exchange Authority, as may be specified in the call.

(Sec. 5(b), 42 Stat. 1000; 7 U.S.C. 7(b)) [26 F.R. 2972, Apr. 7, 1961]

§ 21.01 Special calls for information on controlled accounts from futures commission merchants.

Upon call by the Act Administrator, each futures commission merchant shall file with the Commodity Exchange Authority the names and addresses of all persons who, by power of attorney or otherwise, exercise trading control over any customer's account or accounts in commodity futures on contract markets. (Sec. 4f(1), 49 Stat. 1495, as amended; 7 U.S.C. 6f(1))

(Sec. 4f(1), 49 Stat. 1495, as amended; 7 U.S.C. 6f (1) [26 F.R. 2972, Apr. 7, 1961, as amended at 26 F.R. 4887, June 2, 1961]

§ 21.02

Special calls for information on open contracts in accounts carried by futures commission merchants, members of contract markets, and foreign brokers.

Upon special call by the Act Administrator, each futures commission merchant, member of a contract market, or foreign broker, shall furnish to the Commodity Exchange Authority the following information for the commodity, contract market, and date specified in such call: (a) The name, address, and principal occupation of all traders, including house accounts, holding open contracts on the records of such futures commission merchant, member of a contract market, or foreign broker;

(b) The open contracts held or controlled by such traders in each future; and

(c) The classification of such traders' open contracts as speculative, spreading (straddling), or hedging, or as "futures commission merchant" or "foreign broker", if such trader is another futures commission merchant or foreign broker. [26 F.R. 4887, June 2, 1961]

PART 50-INTERPRETATIONS AND STATEMENTS OF GENERAL POLICY UNDER THE COMMODITY EXCHANGE ACT

§ 50.1

Interpretation of "Eggs" as used in section 2(a) of the Commodity Exchange Act (7 U.S.C. 1958 ed., § 2).

It is the view of the Department of Agriculture that the term "eggs," as used in the Commodity Exchange Act (7 U.S.C. 1958 ed., section 2) should be construed to include shell eggs, frozen whole eggs, frozen plain egg whites, and frozen plain egg yolks.

(49 Stat. 1491, 1500; 7 U.S.C. 2, 12a) [26 F.R. 126, Jan. 7, 1961]

PART 100-ORDERS OF THE SECRETARY OF AGRICULTURE

§ 100.1 Delivery period required with respect to certain grains.

A period of 7 business days is ordered and required during which contracts for future delivery in the current delivery month of wheat, corn, oats, barley, rye,

or flaxseed may be settled by delivery of the actual cash commodity after trading in such contracts has ceased, for each delivery month after May 1938, on all contract markets on which there is trading in futures in any of such commodities, and such contract markets, and each of them, are directed to provide therefor. (Sec. 8a, as added by sec. 10, 49 Stat. 1500; 7 U.S.C. 12a. Interprets or applies sec. 5a (4), as added by sec. 7, 49 Stat. 1497; 7 U.S.C. 7a (4)) [13 F.R. 7860, Dec. 18, 1948]

PART 150-ORDERS OF THE COMMODITY EXCHANGE COMMISSION

Sec. 150.1

150.2

150.3

150.4

150.5

150.6

Limits on position and daily trading in grain for future delivery. Limits on position and daily trading in cotton for future delivery. Limits on position and daily trading in rye for future delivery. Limits on position and daily trading in soybeans for future delivery. Limits on position and daily trading in eggs for future delivery. Limits on position and daily trading in cottonseed oil for future delivery. Limits on position and daily trading in soybean oil for future delivery. Limits on position and daily trading in lard for future delivery. Limits on position and daily trading in onions for future delivery. AUTHORITY: §§ 150.1 to 150.9 issued under sec. 4a, as amended by sec. 5, 49 Stat. 1492; 7 U.S.C. 6a.

150.7

150.8

150.9

§ 150.1

Limits on position and daily trading in grain for future delivery. The following limits on the amount of trading under contracts of sale of grain for future delivery on or subject to the rules of contract markets which may be done by any person are hereby proclaimed and fixed, to be in full force and effect on and after December 31, 1938:

(a) Position limits. (1) The limit on the maximum net long or net short position which any person may hold or control in any one grain on any one contract market, except as specifically authorized by paragraph (a) (2) of this section, is: 2,000,000 bushels in any one future or in all futures combined.

(2) To the extent that the net position held or controlled by any person in all futures combined in any one grain on any one contract market is shown to represent spreading in the same grain between markets, the limit on net position in all futures combined set forth in

paragraph (a) (1) of this section may be exceeded on such contract market, but in no case shall the excess result in a net position of more than 3,000,000 bushels in all futures combined nor more than 2,000,000 bushels in any one future.

(b) Daily trading limits. (1) The limit on the maximum amount which any person may buy, and on the maximum amount which any person may sell, of any one grain on any one contract market during any one business day, except as specifically authorized by paragraph (b) (2) of this section, is: 2,000,000 bushels in any one future or in all futures combined.

(2) To the extent that purchases or sales of any one grain on any one contract market during any one business day made by any person are shown to represent spreading, or the closing of spreads, in the same grain between markets, the limit set forth in paragraph (b) (1) of this section may be exceeded on such contract market, but in no case shall the excess result in total purchases of more than 3,000,000 bushels, or total sales of more than 3,000,000 bushels, and in no event shall such person's total purchases or total sales, during any one business day, in any one future exceed 2,000,000 bushels.

(c) Bona fide hedging. The foregoing limits upon position and upon daily trading shall not be construed to apply to bona fide hedging transactions as defined in section 4a (3) of the Commodity Exchange Act (sec. 4a(3), as added by sec. 5, 49 Stat. 1493; 7 U.S.C. 6a (3)).

(d) Manipulation; corners; responsibility of contract market. Nothing contained in this section shall be construed to affect any provisions of the Commodity Exchange Act relating to manipulation or corners, nor to relieve any contract market, or its governing board, from responsibility to prevent manipulation and corners under section 5(d) of the Commodity Exchange Act (sec. 5(d), 42 Stat. 1000, as amended; 7 U.S.C. 7(d)).

(e) Definitions. As used in this part, the word "grain" includes wheat, corn, oats, barley, and flaxseed, and the word "person" imports the plural or singular and includes individuals, associations, partnerships, corporations, and trusts.

(f) Application of limits. The foregoing limits upon positions and upon daily trading shall be construed to apply, respectively, to positions held by, and

trading done by, two or more persons acting pursuant to an expressed or implied agreement or understanding, the same as if the positions were held by, or the trading were done by, a single individual.

[13 F.R. 7860, Dec. 18, 1948, as amended at 27 F.R. 12367, Dec. 13, 1962]

§ 150.2 Limits on position and daily

trading in cotton for future delivery. The following limits on the amount of speculative trading under contracts of sale of cotton for future delivery, on or subject to the rules of any contract market, which may be done by any person, are hereby proclaimed and fixed, to be in full force and effect on and after September 5, 1940:

(a) Position limit. The limit on the maximum net long or net short position which any person may hold or control in cotton on any one contract market is 30,000 bales in any one future or in all futures combined.

(b) Daily trading limit. The limit on the maximum amount of cotton which any person may buy, and on the maximum amount which any person may sell, on any one contract market during any one business day is 30,000 bales in any one future.

straddles.

(c) Bona fide hedging; The foregoing limits upon position and upon daily trading shall not be construed to apply to bona fide hedging transactions, as defined in section 4a (3) of the Commodity Exchange Act (sec. 4a (3), as added by sec. 5, 49 Stat. 1493; 7 U.S.C. 6a (3)), nor, except during the delivery month, to (1) net positions in any one future to the extent that they are shown to represent straddles between cotton futures or markets, or (2) purchases and sales of cotton which are shown to represent straddles or the closing of straddles between futures or markets.

(d) Manipulation; corners; responsibility of contract market. Nothing contained in this part shall be construed to affect any provisions of the Commodity Exchange Act relating to manipulation or corners, nor to relieve any contract market or its governing board from responsibility under section 5(d) of the Commodity Exchange Act (sec. 5(d), 42 Stat. 1000, as amended; 7 U.S.C. 7(d)) to prevent manipulation and corners.

(e) Definition. As used in this part, the word "person" imports the plural or singular and includes individuals, associations, partnerships, corporations, and trusts.

(f) Application of limits. The foregoing limits upon positions and upon daily trading shall be construed to apply, respectively, to positions held by, and trading done by, two or more persons acting pursuant to an expressed or implied agreement or understanding, the same as if the positions were held by, or the trading were done by, a single individual.

[13 F.R. 7860, Dec. 18, 1948, as amended at 27 F.R. 12367, Dec. 13, 1962]

§ 150.3 Limits on position and daily trading in rye for future delivery.

The following limits on the amount of trading under contracts of sale of rye for future delivery on or subject to the rules of any contract market, which may be done by any person, are hereby proclaimed and fixed, to be in full force and effect on and after December 3, 1945:

(a) Position limit. The limit on the maximum net long or net short position which any person may hold or control in rye on or subject to the rules of any one contract market is 500,000 bushels in any one future or in all futures combined.

(b) Daily trading limit. The limit on the maximum amount of rye which any person may buy, and on the maximum amount which any person may sell, on or subject to the rules of any one contract market during any one business day is 500,000 bushels in any one future or in all futures combined.

(c) Bona fide hedging. The foregoing limits upon position and upon daily trading shall not be construed to apply to bona fide hedging transactions, as defined in section 4a (3) of the Commodity Exchange Act (sec. 4a(3), as added by sec. 5, 49 Stat. 1493; 7 U.S.C. 6a(3)).

(d) Manipulation; corners; responsibility of contract market. Nothing contained in this part shall be construed to affect any provisions of the Commodity Exchange Act relating to manipulation or corners, nor to relieve any contract market or its governing board from responsibility under section 5(d) of the Commodity Exchange Act (sec. 5 (d), 42 Stat. 1000, as amended; 7 U.S.C. 7(d)) to prevent manipulation and

corners.

(e) Definition. As used in this part, the word "person" imports the plural or singular and includes individuals, associations, partnerships, corporations, and trusts.

[13 F.R. 7861, Dec. 18, 1948, as amended at 27 F.R. 12367, Dec. 13, 1962]

§ 150.4

Limits on position and daily trading in soybeans for future delivery.

The following limits on the amount of trading under contracts of sale of soybeans for future delivery on or subject to the rules of any contract market, which may be done by any person, are hereby proclaimed and fixed, to be in full force and effect on and after October 1, 1951:

(a) Position limit. The limit on the maximum net long or net short position which any person may hold or control in soybeans on or subject to the rules of any one contract market is 2,000,000 bushels in any one future or in all futures combined.

(b) Daily trading limit. The limit on the maximum amount of soybeans which any person may buy, and on the maximum amount which any person may sell, on or subject to the rules of any one contract market during any one business day is 2,000,000 bushels in any one future or in all futures combined.

(d) Manipulation; corners; responsibility of contract market. Nothing contained in this section shall be construed to affect any provisions of the Commodity Exchange Act relating to manipulation or corners, nor to relieve any contract market or its governing board from responsibility under section 5 (d) of the Commodity Exchange Act (7 U. S. C. 7 (d)) to prevent manipulation and corners.

(e) Definition. As used in this part, the word "person" imports the plural or singular and includes individuals, associations, partnerships, corporations, and trusts.

[16 F.R. 8107, Aug. 16, 1951, as amended at 18 F.R. 7230, Nov. 14, 1962; 27 F.R. 12367, Dec. 13, 1962]

§ 150.5

Limits on position and daily trading in eggs for future delivery. The following limits on the amount of trading under contracts of sale of eggs for future delivery on or subject to the rules of any contract market, which may be done by any person, are hereby proclaimed and fixed, to be in full force and effect on and after October 1, 1951:

(a) Position limit. The limit on the maximum net long or net short position which any person may hold or control in eggs on or subject to the rules of any one contract market is 150 carlots in any one future or in all futures combined: Provided, That no person may hold or control a net long or net short position in excess of (1) 100 carlots in the October egg future, (2) 75 carlots in the November egg future, (3) 50 carlots in the December egg future, or (4) 50 carlots in the January egg future.

(b) Daily trading limit. The limit on the maximum amount of eggs which any person may buy, and on the maximum amount which any person may sell, on or subject to the rules of any one contract market during any one business day is 150 carlots in any one future or in all futures combined: Provided, That no person may buy or sell during any one business day more than (1) 100 carlots in the October egg future, (2) 75 carlots in the November egg future, (3) 50 carlots in the December egg future, or (4) 50 carlots in the January egg future.

to bona fide hedging transactions, as de

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