CME Wants To Increase Open Position Limits
The Chicago Mercantile Exchange (CME Group) wants to let its traders hold a greater number of open positions by increasing the spot-month position limit for its bitcoin futures contract.
In order to do this CME has to get the approval of the U.S. Commodity Futures Trading Commission (CFTC) which will enable them to increase limits from 1,000 contracts per spot month to 2,000 for any single investor.
This would mean that a trader’s maximum exposure from 5,000 BTC to 10,000 BTC or in fiat terms from $50 million at current rates to $100 million.
According to CFTC position limits are designed to prevent excessive speculations in commodities that underpins futures product which may result in too much price volatility in the futures market.
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