Position limit for currency derivatives: limits measured at opening remain binding, and increases barred until compliance with limits. Position limits for currency derivatives are determined by open interest at the time a position is opened; a later drop in total open interest does not oblige unwinding of positions opened validly, but market participants cannot increase or create positions in that currency pair until they meet applicable limits, and exchanges may require position reductions for risk or surveillance reasons. The circular modifies the earlier para 14 and directs exchanges, clearing corporations and depositories to implement and communicate requisite procedural and rule changes.
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Position limit for currency derivatives: limits measured at opening remain binding, and increases barred until compliance with limits.
Position limits for currency derivatives are determined by open interest at the time a position is opened; a later drop in total open interest does not oblige unwinding of positions opened validly, but market participants cannot increase or create positions in that currency pair until they meet applicable limits, and exchanges may require position reductions for risk or surveillance reasons. The circular modifies the earlier para 14 and directs exchanges, clearing corporations and depositories to implement and communicate requisite procedural and rule changes.
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