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Non-Commerical Report ( View Detailed Report) - ( View Summary Report).

Commercial (Large Hedgers) Report ( View Detailed Report) - ( View Summary Report).

For example, a financial organization trading in financial futures may have a banking entity whose positions are classified as commercial and have a separate money-management entity whose positions are classified as non-commercial. Nonetheless, a multi-functional organization that has more than one trading entity may have each trading entity classified separately in a commodity. A single trading entity cannot be classified as both a commercial and non-commercial trader in the same commodity. A trader may be classified as a commercial trader in some commodities and as a non-commercial trader in other commodities. A trading entity generally gets classified as a "commercial" trader by filing a statement with the Commission, on CFTC Form 40: Statement of Reporting Trader, that it is commercially ".engaged in business activities hedged by the use of the futures or option markets." To ensure that traders are classified with accuracy and consistency, Commission staff may exercise judgment in re-classifying a trader if it has additional information about the trader's use of the markets. When an individual reportable trader is identified to the Commission, the trader is classified either as "commercial" or "non-commercial." All of a trader's reported futures positions in a commodity are classified as commercial if the trader uses futures contracts in that particular commodity for hedging as defined in CFTC Regulation 1.3(z), 17 CFR 1.3(z). From time to time, the Commission will raise or lower the reporting levels in specific markets to strike a balance between collecting sufficient information to oversee the markets and minimizing the reporting burden on the futures industry. The aggregate of all traders' positions reported to the Commission usually represents 70 to 90 percent of the total open interest in any given market.

If, at the daily market close, a reporting firm has a trader with a position at or above the Commission's reporting level in any single futures month or option expiration, it reports that trader's entire position in all futures and options expiration months in that commodity, regardless of size. Those reports show the futures and option positions of traders that hold positions above specific reporting levels set by CFTC regulations. Reportable PositionsĬlearing members, futures commission merchants, and foreign brokers (collectively called reporting firms) file daily reports with the Commission. Open interest, as reported to the Commission and as used in the COT report, does not include open futures contracts against which notices of deliveries have been stopped by a trader or issued by the clearing organization of an exchange. A trader's long and short futures-equivalent positions are added to the trader's long and short futures positions to give "combined-long" and "combined-short" positions. For example, a trader holding a long put position of 500 contracts with a delta factor of 0.50 is considered to be holding a short futures-equivalent position of 250 contracts. Likewise, short-call and long-put open interest are converted to short futures-equivalent open interest. Long-call and short-put open interest are converted to long futures-equivalent open interest. For the COT Futures-and-Options-Combined report, option open interest and traders' option positions are computed on a futures-equivalent basis using delta factors supplied by the exchanges.

Open interest held or controlled by a trader is referred to as that trader's position. The aggregate of all long open interest is equal to the aggregate of all short open interest. Open interest is the total of all futures and/or option contracts entered into and not yet offset by a transaction, by delivery, by exercise, etc. THE COMMITMENT OF TRADERS (COT) REPORT Open Interest