Over-the-Counter Swaps Speculation Limit Act - Amends the Commodity Exchange Act to direct the Commodity Futures Trading Commission (CFTC) to impose aggregate position limits on positions held on registered entities, foreign boards of trade, and each large over-the-counter transaction or class of large over-the-counter transactions that it determines to be appropriate in protecting the price discovery function of contracts under its jurisdiction.
Sets forth requirements for development and imposition of aggregate position limits.
Authorizes the CFTC to exempt a large over-the-counter transaction or class of large over-the-counter transactions from any aggregate position limit it has developed and imposed if it determines that the transaction is a bona fide hedging transaction.
Declares such aggregate position limits applicable to the net sum of the like positions held by a person on or in: (1) registered entities; (2) foreign boards of trade; and (3) over-the-counter commodity derivatives.
Authorizes the CFTC to impose a civil penalty for violations of requirements of this Act.