NGFA supports CFTC changes to large trader reporting requirements admin September 1, 2023

NGFA supports CFTC changes to large trader reporting requirements

In comments submitted to the Commodity Futures Trading Commission (CFTC) this week, NGFA asked the agency to publish daily Commitments of Traders (COT) reports and to reduce the three-day lag between data collection and report publication.  

CFTC proposed revisions to the large trader position reporting requirements for futures and options in the June 27 Federal Register. The large trader position data serves as the basis for the Commission’s weekly COT report and market surveillance functions. The COT report data is collected on Tuesday and reported on Friday in a summary of open interest positions held by various types of market participants. The report helps participants make informed decisions about the market dynamics and their risk exposure. The COT report is CFTC’s most downloaded item, NGFA noted.

“NGFA supports CFTC’s efforts to update and reconcile the format for clearing members to transmit large trader reports with the Commission’s transactional reporting structures,” said NGFA in its comments submitted Aug. 28. 

“These proposed changes in data reporting standards will make available the opportunity for CFTC to more expeditiously and frequently publish COT reports,” the comments stated. “Preferably CFTC would publish the COT report the day following data collection to provide more timely information about open positions.”