(a) The CFTC, rather than exchanges, will set position limits for all contracts in future and be responsible for granting exemptions. This would bring the energy markets into line with current practice for agricultural contracts, which are already subject to federal rather than exchange limits.
(b) Position limits will apply on an aggregate basis across all markets (exchanges and OTC). To enforce this system, the CFTC will demand data on OTC positions and on contracts which are "near to" those it regulates already. The Commission has already begun this process by demanding information on previously exempt contracts which it deems are "significant price discovery contracts."
(c) Position limits on contracts close to expiry may be "hardened" to become fully binding (with few or no exemptions other than for physical hedgers intending to make or take delivery).
(d) Position accountability levels on contracts further from delivery may be hardened somewhat but are unlikely to be made absolutely binding. Exemptions will remain available. But the Commission will almost certainly demand more documentation to back up claims that they are being held for "bona fide hedging" purposes.
(e) The Commission will almost certainly revisit the classification of traders as either commercial or non-commercial. At the moment, all of a trader's positions are classified in one category, depending on its primary business interest, which is often unclear. In future, for firms with both hedging and trading/investment operations, it may require the two to be separated out for reporting and regulating purposes.