Did you receive an email directly from the Commodity Futures Trading Commission (CFTC)? Well, no need to sound the alarm because you're not in trouble. Instead, the CFTC has reporting thresholds for customers that trade large quantities of Small Exchange futures contracts, CME outright futures, and CME futures options.
We strongly suggest that you complete the CFTC Form 40 "Statement of Reporting Trader" when requested via email. Promptly registering and filling out Form 40 will help you avoid any potential trading restrictions or fines assessed to your futures account by the CFTC.
The email you receive from the CFTC will include a 9-digit code in the subject line, a link to the CFTC Portal, a due date, as well as list some additional information and attachments about the filing requirement.
Furthermore, CFTC Form 40 requests are at the CFTC's discretion. An account that hits a reporting level does not mean the CFTC will request a Form 40.
Notable Quantity Reporting Thresholds
Below is a list of some widely traded futures and quantity thresholds. Quantities listed below are subject to change.
Small Exchange Products
- /SM75: 200 contracts
- /SPRE: 50 contracts
- /SFX: 50 contracts
To view the Position Limits and Other Reporting Levels for the Small Exchange, please click here.
CME Outright Futures
- Corn (/ZC): 250 contracts
- Soybeans (/ZS): 150 contracts
- Wheat (/ZW): 150 contracts
- Crude Oil (/CL): 350 contracts
- Gold (/GC): 200 contracts
- E-mini S&P 500 (/ES): 1,000 contracts
Please visit the Electronic Code of Federal Regulations (ECFR) by clicking here to view a complete list of futures products and quantity thresholds.
How to Register with the CFTC and Fill Out Form 40
First, register for a CFTC Portal account, then wait for approval to complete Form 40
To get started, you must register for a CFTC Portal account. The registration process is entirely electronic. The email you received should list the portal link, but if you do not see it, then please click here. To view official instructions from the CFTC for the CFTC Portal, then please download the PDF attached at the bottom of this article.
- Next, select Request a CFTC Portal Account.
- Now enter your first name, last name, phone number, and email address within the Business Email Address field.
- Next, select LTR (Large Traders) from the dropdown menu.
- Enter the 9-digit filing number in the subject heading of the CFTC email initially emailed to you. The filing number lists at the end of the subject line. The subject heading emailed to you will look something along the lines of (PRD) Immediate Action Required - CFTC Form 40 Filing Number: ###123###.
- Finally, select Form 40 from the Select Submission Type dropdown menu. Then enter the visual Verification Code displayed. You will be able to complete Form 40 after your CFTC Portal Account request gets reviewed and approved. The approval process can take up to 2 business days, excluding weekends and holidays.