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‘‘(2) data on speculative positions relative to 
bona fide physical hedgers in those markets to the 
extent such information is available.’’. 
SEC. 6. DETAILED REPORTING FROM INDEX TRADERS AND 
SWAP DEALERS. 
Section 4 of the Commodity Exchange Act (7 U.S.C. 
6), as amended by sections 4 and 5 of this Act, is amended 
by adding at the end the following: 
‘‘(h) INDEX TRADERS AND SWAP DEALERS REPORT-
ING.—The Commission shall issue a proposed rule defin-
ing and classifying index traders and swap dealers (as 
those terms are defined by the Commission) for purposes 
of data reporting requirements and setting routine de-
tailed reporting requirements for such entities in des-
ignated contract markets, derivatives transaction execu-
tion facilities, foreign boards of trade subject to section 
4(e), and electronic trading facilities with respect to sig-
nificant price discovery contracts with respect to exempt 
and agricultural commodities not later than 60 days after 
the date of the enactment of this subsection, and issue 
a final rule within 120 days after such date of enact-
ment.’’. 
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SEC. 7. TRANSPARENCY AND RECORDKEEPING AUTHORI-
TIES. 
(a) IN GENERAL.—Section 4g(a) of the Commodity 
Exchange Act (7 U.S.C. 6g(a)) is amended— 
(1) by inserting ‘‘a’’ before ‘‘futures commission 
merchant’’; and 
(2) by inserting ‘‘and transactions and positions 
traded pursuant to subsection (g), (h)(1), or (h)(2) 
of section 2, or any exemption issued by the Com-
mission by rule, regulation or order,’’ after ‘‘United 
States or elsewhere,’’. 
(b) REPORTS OF DEALS EQUAL TO OR IN EXCESS 
OF TRADING LIMITS.—Section 4i of such Act (7 U.S.C. 
6i) is amended— 
(1) in the first sentence— 
(A) by inserting ‘‘(a)’’ before ‘‘It shall’’; 
and 
(B) by inserting ‘‘in the United States or 
elsewhere, and of transactions and positions in 
any such commodity entered into pursuant to 
subsection (g), (h)(1), or (h)(2) of section 2, or 
any exemption issued by the Commission by 
rule, regulation or order’’ before ‘‘, and of cash 
or spot’’; and 
(2) by striking all that follows the 1st sentence 
and inserting the following: 
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‘‘(b) With respect to agricultural and energy com-
modities, upon special call by the Commission, any person 
shall provide to the Commission, in a form and manner 
and within the period specified in the special call, books 
and records of all transactions and positions traded on or 
subject to the rules of any board of trade or electronic 
trading facility in the United States or elsewhere, or pur-
suant to subsection (g), (h)(1), or (h)(2) of section 2, or 
any exemption issued by the Commission by rule, regula-
tion, or order, as the Commission may determine appro-
priate to deter and prevent price manipulation or any 
other disruption to market integrity or to diminish, elimi-
nate, or prevent excessive speculation as described in sec-
tion 4a(a). 
‘‘(c) Such books and records described in subsections 
(a) and (b) shall show complete details concerning all such 
transactions, positions, inventories, and commitments, in-
cluding the names and addresses of all persons having any 
interest therein, shall be kept for a period of 5 years, and 
shall be open at all times to inspection by any representa-
tive of the Commission or the Department of Justice. For 
the purposes of this section, the futures and cash or spot 
transactions and positions of any person shall include such 
transactions and positions of any persons directly or indi-
rectly controlled by the person.’’. 
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(c) CONFORMING AMENDMENTS.— 
(1) Section 2(g) of such Act (7 U.S.C. 2(g)) is 
amended— 
(A) by inserting ‘‘4g(a), 4i,’’ before ‘‘5a 
(to’’; and 
(B) by inserting ‘‘, and the regulations of 
the Commission pursuant to section 4i(b) re-
quiring reporting in connection with commodity 
option transactions,’’ before ‘‘shall apply’’. 
(2) Section 2(h)(2)(A) of such Act (7 U.S.C. 
2(h)(2)(A)) is amended to read as follows: 
‘‘(A) 
sections 
4g(a), 
4i, 
5b 
and 
12(e)(2)(B), and the regulations of the Com-
mission pursuant to section 4i(b) requiring re-
porting in connection with commodity option 
transactions;’’. 
SEC. 8. TRADING LIMITS TO PREVENT EXCESSIVE SPECU-
LATION. 
Section 4a of the Commodity Exchange Act (7 U.S.C. 
6a) is amended— 
(1) in subsection (a)— 
(A) by inserting ‘‘(1)’’ after ‘‘(a)’’; and 
(B) by adding after and below the end the 
following: 
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‘‘(2) In accordance with the standards set forth in 
paragraph (1) of this subsection and consistent with the 
good faith exception cited in subsection (b)(2), with re-
spect to agricultural commodities enumerated in section 
1a(4) and energy commodities, the Commission, within 60 
days after the date of the enactment of this paragraph, 
shall by rule, regulation, or order establish limits on the 
amount of positions, other than bona fide hedge positions, 
that may be held by any person with respect to contracts 
of sale for future delivery or with respect to options on 
such contracts or commodities traded on or subject to the 
rules of a contract market or derivatives transaction exe-
cution facility, or on an electronic trading facility as a sig-
nificant price discovery contract. 
‘‘(3) In establishing the limits required in paragraph 
(2), the Commission shall set limits— 
‘‘(A) on the number of positions that may be 
held by any person for the spot month, each other 
month, and the aggregate number of positions that 
may be held by any person for all months; 
‘‘(B) to the maximum extent practicable, in its 
discretion— 
‘‘(i) to diminish, eliminate, or prevent ex-
cessive speculation as described under this sec-
tion; 
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‘‘(ii) to deter and prevent market manipu-
lation, squeezes, and corners; 
‘‘(iii) to ensure sufficient market liquidity 
for bona fide hedgers; and 
‘‘(iv) to ensure that the price discovery 
function of the underlying market is not dis-
rupted; and 
‘‘(C) to the maximum extent practicable, in its 
discretion, take into account the total number of po-
sitions in fungible agreements, contracts, or trans-
actions that a person can hold in agricultural and 
energy commodities in other markets. 
‘‘(4)(A) Not later than 150 days after the date of 
the enactment of this paragraph, the Commission shall 
convene a Position Limit Agricultural Advisory Group and 
a Position Limit Energy Group, each group consisting of 
representatives from— 
‘‘(i) 7 predominantly commercial short hedgers 
of the actual physical commodity for future delivery; 
‘‘(ii) 7 predominantly commercial long hedgers 
of the actual physical commodity for future delivery; 
‘‘(iii) 4 non-commercial participants in markets 
for commodities for future delivery; and 
‘‘(iv) each designated contract market or de-
rivatives transaction execution facility upon which a 
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