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Fundamental analysis

Commitments of Traders (COT) report

By Jarosław Wasiński • Published: • Updated:
The Commitments of Traders (COT) reports published by the US CFTC describe open positions in covered futures markets and, in applicable versions, combined futures and options. Releases normally occur on Friday at 15:30 America/New_York for Tuesday’s positions; holidays can change the schedule. Categories vary by format: Legacy uses Commercial, Non-commercial and Non-reportable, while TFF identifies groups including dealers, asset managers and leveraged funds. These categories are not simply “large institutions, funds and small traders”. The reports help study positioning but do not cover all global spot FX or identify a certain end to a trend. See COT reports.
Example. Positions in a currency futures contract reported as of Tuesday are normally visible in Friday’s 15:30 New York release. By then, market prices and positions may already have changed. A large net position in a category is an observation for analysis, not an automatic instruction to trade in the opposite direction.

Legacy and TFF use different classifications

Legacy Commercial and Non-commercial classifications follow the report’s rules, rather than only the investor’s size or legal form. Non-reportable positions are not a synonym for every small retail participant. Traders in Financial Futures (TFF) includes Dealer/Intermediary, Asset Manager/Institutional, Leveraged Funds, Other Reportables and Non-reportables. Sources: CFTC: COT formats; CFTC: publication schedule.

Net, gross and contract specification

Hypothetically a category holds 120,000 long and 80,000 short contracts: net positioning is +40,000, while long plus short is 200,000. Net figures conceal simultaneous changes in both sides. Check contract size, quotation and series; contract counts are not headcounts.

History without information leakage

In backtesting, make the report available after its actual release, not on Tuesday's observation date. Define extremes using previously available history for the chosen category. Crowding can persist with a trend and does not itself establish an entry rule.

Primary source checked 11 October 2026: www.cftc.gov.

FAQ

Does COT measure every spot account?

No. It covers specified reportable contracts and report formats rather than the entire decentralised OTC FX market.

Is Friday 15:30 the same local time worldwide?

No. Use America/New_York and convert to your local zone, checking holidays and differing daylight-saving dates.

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Jarosław Wasiński

Editor-in-chief, ForexMechanics.com • Macro & FX analyst

Independent analyst and practitioner with over 20 years of experience in financial markets. Actively involved in Forex since 2007, with a focus on fundamental analysis, OTC market structure, and disciplined capital risk management.

  • Creator and editor-in-chief of MyBank.pl, providing reliable financial education since 2004.
  • Author of hundreds of in-depth market commentaries, structural analyses, and educational materials for traders and investors.
  • Advocate for market transparency, promoting education grounded in hard data and institutional reports (BIS, ESMA, CFTC).

All content is educational and informational only – it does not constitute investment advice or a recommendation. Remember: leveraged trading (Forex/CFD) carries a high risk of rapid capital loss.