The CFTC proposed additional hedging exemptions as part of its proposed position limits regulations.  The recent proposal provides an alternative process for DCMs and SEFs to recognize non-enumerated bona fide hedges or enumerated anticipatory bona fide hedges.  Hedging positions permitted under the proposed alternative process would be exempt from both exchange-set position limits and federal position limits.  Exemptions permitted by DCMs and SEFs under the proposal would remain subject to CFTC review.  Comments on the proposal are due 30 days after publication in the Federal Register.