Macrobond is happy to announce that the existing coverage of data from the U.S. Commodity Futures Trading Commission (CFTC) has been expanded to include the Traders in Financial Futures (TFF) report. The TFF report builds on improvements to transparency that disaggregated data in the CFTC’s weekly Commitments of Traders (COT) reports. The new report separates large traders in the financial markets into the following four categories:

  • Dealer/Intermediary
  • Asset Manager/Institutional
  • Leveraged Funds
  • Other Reportables

The legacy COT report separates reportable traders only into “commercial” and “noncommercial” categories. The TFF report, like the COT reports, provides a breakdown of each Tuesday’s open interest for markets in which 20 or more traders hold positions equal to or above the reporting levels
established by the CFTC. The TFF report is published in futures-only and futures-and-options-combined formats and it is available side-by-side with the legacy COT in the Tree View.

The TFF report divides the financial futures market participants into the “sell-side” and “buy-side”. This traditional functional division of financial market participants focuses on their respective roles in the broader marketplace, not whether they are buyers or sellers of futures/option contracts. The category called “Dealer/Intermediary”, for instance, represents sell-side participants. Typically, these are dealers and intermediaries that earn commissions on selling financial products, capturing bid/offer spreads and otherwise accommodating clients. The remaining three categories represent the buy-side participants. These are essentially clients of the sell-side participants who use the markets to invest, hedge, manage risk, speculate or change the term structure or duration of their assets.

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