COT - CAD

cot.cad.R

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## Content of the Traders in Financial Futures (TFF) Report
## http://www.cftc.gov/ucm/groups/public/@commitmentsoftraders/documents/file/tfmexplanatorynotes.pdf
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#  Dealer/Intermediary
# 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:
#
#   Asset Manager/Institutional. 
# These are institutional investors, including pension funds,
# endowments, insurance companies, mutual funds and those portfolio/investment managers
# whose clients are predominantly institutional.
#
#  Leveraged Funds. 
# 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.

#  Other Reportables
# 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.
#
#  Spreading
# The TFF sets out open interest by long, short, and spreading for all four categories of traders.
# "Spreading” is a computed amount equal to offsetting long and short positions held by a trader.
# The computed amount of spreading is calculated as the amount of offsetting futures in different
# calendar months or offsetting futures and options in the same or different calendar months. Any 
# residual long or short position is reported in the long or short column. Inter-market spreads are 
# not considered.
#
#  Numbers of Traders
# The sum of the numbers of traders in each separate category typically exceeds the total number
# of reportable traders. This results from the fact that "spreading” can be a partial activity, so the 
# same trader can fall into either the outright "long” or "short” trader count as well as into the 
# "spreading” count.
# In order to preserve the confidentiality of traders, for any given commodity where a specific
# category has fewer than four active traders, the size of the relevant positions will be provided but 
# the trader count will not be (specifically, a "·” will appear for trader counts of fewer than four
# traders).