Both letters allowed the firms, which did not qualify for hedging exemptions, to exceed speculative position limits without reprisal from the CFTC.
2
这些不采取行动的函件不同于那些准许以商业经营为目的进行交易的“真实”套保者的头寸限制豁免。
The no-action letters are not the same as exemptions from position limits, which are granted to "bona fide" hedgers trading for commercial business purposes.
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