COT Reportable Positions Column Titles?

In the videos and in the book [I]The Commitments of traders Bible[/I] the “Reportable Positions” column titles are non-commercial, commercial, total. There is also a side column for nonreportable positions.

Today I went over and looked at the COT report and found that the column titles are different. They are: Dealer Intermediary, Asset Manager/ Institutional, Leveraged Funds, and Other Reportables, and Nonreportable Positions.

What does this mean? Do I have to combine columns to get the 3 we are instructed on? Please help!!

To answer my own question: (This information can be found in TRADERS IN FINANCIAL FUTURES Explanatory Notes)

Comparison of the TFF Report to the Legacy COT Report and to the Disaggregated COT Report for Physical Commodities The legacy COT reports divide reportable traders into the two broad categories of “commercial” and “non-commercial.” The “commercial” trader category has always included traders who report that they manage their business risks by hedging in futures. Everyone else is classified as “non-commercial.” The Disaggregated COT report for physical commodities separates each of the two broad categories (commercial and non-commercial) into two groups. The commercials are separated into the more traditional group of “producer/merchant/processor/user,” who incur risk from dealing in the physical commodity, and “swap dealers,” who incur risk in the over-the- counter (OTC) derivatives market. The Disaggregated COT report for physical commodities breaks the “non-commercial” category of the legacy COT into “managed money” and “other reportables.”

[B]Content of the Traders in Financial Futures (TFF) Report[/B]

[B]Dealer/Intermediary[/B]

These participants are what are typically described as the “sell side” of the market. Though they may not predominately sell futures, they do design and sell various financial assets to clients. They tend to have matched books or offset their risk across markets and clients. Futures contracts are part of the pricing and balancing of risk associated with the products they sell and their activities. These include large banks (U.S. and non-U.S.) and dealers in securities, swaps and other derivatives.
The rest of the market comprises the “buy-side,” which is divided into three separate categories:

[B]Asset Manager/Institutional[/B]

These are institutional investors, including pension funds, endowments, insurance companies, mutual funds and those portfolio/investment managers whose clients are predominantly institutional.

[B]Leveraged Funds[/B]

These are typically hedge funds and various types of money managers, including registered commodity trading advisors (CTAs); registered commodity pool operators (CPOs) or unregistered funds identified by CFTC.3 The strategies may involve taking outright positions or arbitrage within and across markets. The traders may be engaged in managing and conducting proprietary futures trading and trading on behalf of speculative clients.

[B]Other Reportables[/B]

Reportable traders that are not placed into one of the first three categories are placed into the “other reportables” category. The traders in this category mostly are using markets to hedge business risk, whether that risk is related to foreign exchange, equities or interest rates. This category includes corporate treasuries, central banks, smaller banks, mortgage originators, credit unions and any other reportable traders not assigned to the other three categories.

Hi Sammy,

I am very new on a COT subject. However, Dstan open up a thread regarding COT analysis and he seems he has a very good experience about it…

Here is his thread… 301 Moved Permanently

Good-luck!

SammyW,

It’s easy to get lost in the CFTC’s commitments of traders page. The Traders in Financial Futures report is an expansion of the Disaggregated report by the CFTC to further separate the market participants in an attempt to create more transparency.

With all the “Long Only” commodity ETF’s that became popular leading up to the 2008 commodity bull market, pressure from producers and end-users demanded from the CFTC to explain what effect all the passive long positions were having on commodity prices. Although the CFTC had been publishing a supplemental report since '07, known as CIT, which removed swap dealers from the Commercial category, market participants wanted even more transparency.

Initially the CFTC tried to “explain away” the concerns of market participants but in the end were forced to create the Disaggregated and TFF reports to allow all to see for themselves who was doing what.

TimingCharts.com currently has the legacy commitments of traders databases available for you to slice and dice however you want and chart along with the commodity/forex price. Within the next week the CIT database will also be available for you. And finally, the Disaggregated reports and the latest Traders in Financial Futures reports will be made available.

Good trading,
Shay Campbell