John Fenton

Deputy Director for Market Surveillan

Division of Market Oversight

Presentation for CFTC’s Ener

Markets Advisory Committee Me

June 10, 2008
NYMEX Crude Oil Nearby Futur

January 2001 to June 2008
Commitments of Traders Repor

NYMEX Crude Oil Futures & Optio

June 3, 2008
NYMEX Crude Oil Futures & Option

Net positions of Commercials & Non-Commercials

June 2006 to June 2008

Non-commercials

Commercials
NYMEX Crude Oil Futures & Option

Net positions of Swap Dealers

June 2006 to June 2008
Direct Investment

(Non-Commercial)

Individual

Investors

Seek Commodity 

Index Exposure 

as an Asset Class

Des

Co

Index Trader 

Classification

C

Exc

Financial Services

Firms

Swaps Dealers

Banks

(Commercial)

CTA, CPO &

Hedge Funds

(Non-Commercial)

Commodity Index Futures Trading Overview

For AgIndex primafutureEnergMetalsthree

InstitutionalInvestors-Pension Funds-Endowments-Insurance Cos.
COMMITMENTS OF TRADER

Traditional

WHEAT — CHICAGO BOARD OF TRADE

OPTION AND FUTURES COMBINED POSITIONS AS OF Apr.8, 200

NONCOMMERCIAL COMMERCIAL TOTAL N

LONG SHORT SPREADS LONG SHORT LONG SHORT LON

 ( CONTRACTS OF 5,000 BUSHELS) OPEN INTEREST: 534,053COMMITMENTS

86,352 56,558 170,150 240,720 249,279 497,222 475,987 36,8

CHANGES FROM Apr. 1, 2008 CHANGE IN OPEN INTEREST: -596

-1,355 1,905 -6,064 5,871 1,746 -1,548 -2,413 952 

PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADERS

16.2 10.6 31.9 45.1 46.7 93.1 89.1 6.9 

NUMBER OF TRADERS IN EACH CATEGORY ( TOTAL TRADERS: 372 )

91 134 157 91 127 292 322 
COMMITMENTS OF TRADER

Supplemental with Commodity Index Traders

WHEAT — CHICAGO BOARD OF TRADE

OPTIONS AND FUTURES COMBINED POSITIONS AS OF Apr. 8, 2008

NONCOMMERCIAL COMMERCIAL INDEX TRADERS TOTAL N

LONG SHORT SPREADS LONG SHORT LONG SHORT LONG SHORT 

 (CONTRACTS OF 40,000 LBS) OPEN INTEREST: 534,053COMMITMENTS 

56,123 55,646 168,914 56,491 219,817 215,695 31,611 497,222 475,987 

CHANGES FROM APR. 1, 2008 CHANGE IN OPEN INTEREST: -596

-1,451 1,905 -5,617 -808 864 6,328 435 -1,548 -2,413 

PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADERS 

10.5 10.4 31.6 10.6 41.2 40.4 5.9 93.1 89.1 

NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS: 372) 

80 133 152 77 114 25 19 292 322 

-30,229 -184,229
Index Traders' Net Long Positions for COT Supplemental Commo

All Futures and Options (Delta Adjusted) Combined on 4/8/08

0

50

100150200250300350400450500

CATTLE

HOGS

CBT WHEAT

SUGAR

KCBT WHEAT

COFFEE

FEEDERS

SOYBEANS

COTTON

SOYBEAN OIL

CORN

Thousand Contracts .

Index Trader Long Positions% of AFOC Open Interest
Commodity Index Trading In Agricultural M

June 2006 to June 2008

0

200400600800

1,0001,2001,4001,6001,8002,0002,200

Jun-06

Jul-06

Aug-06

Sep-06

Oct-06

Nov-06

Dec-06

Jan-07

Feb-07

Mar-07

Apr-07

May-07

Jun-07

Jul-07

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Thousands of Contracts
Special Call to Swap Deal

• Report the notional value of all outst

OTC commodity index transactions.

– Notional value for each index and sub-

• Report the futures equivalent positio

each commodity resulting from:

– Commodity index transactions.– Single-commodity swaps.

• Report OTC counterparty positions 

meeting threshold reporting levels. 
Enhanced Large Trader Reportin

For ICE Futures Europe’s Energy Con

Linked to U.S. Prices 

• Daily reports. • All futures months.• Enhanced trader identification.• Seamless integration into the CFTC

surveillance system.

• Notification by ICE Futures Europe w

traders exceed position accountabililevels.