Proprietary position limits clarified: non-bank brokers must follow higher of proportional open interest limit or specified currency caps. The circular clarifies that the stated position limits are the total limits for stock brokers covering both proprietary and client positions, and that proprietary open position limits for non-bank stock brokers in a permitted currency pair shall be the higher of a proportionate share of total open interest or specified currency-specific caps. Exchanges and clearing corporations must implement systems, amend rules and bye-laws, disseminate the provisions to brokers and report implementation status to the regulator.
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Proprietary position limits clarified: non-bank brokers must follow higher of proportional open interest limit or specified currency caps.
The circular clarifies that the stated position limits are the total limits for stock brokers covering both proprietary and client positions, and that proprietary open position limits for non-bank stock brokers in a permitted currency pair shall be the higher of a proportionate share of total open interest or specified currency-specific caps. Exchanges and clearing corporations must implement systems, amend rules and bye-laws, disseminate the provisions to brokers and report implementation status to the regulator.
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