from wikipedia,,,回複：正好反了，在貨幣COT中，

It looks like I should believe Eric, as the following info from wikipedia shows, the Commercials are actually the market makers by way of their dominant position (holding more than 50% of the open interest):

The weekly report details trader positions in most of the futures contract markets in the United States. ....¹ These data are gathered from schedules electronically submitted each week to the CFTC by market participants listing their position in any market for which they meet the reporting criteria.

....

As one would expect, the largest positions are held by commercial traders that actually provide a commodity or instrument to the market or have bought a contract to take delivery of it. Thus, as a general rule, more than half the open interest in most of these markets is held by commercial traders. There is also participation in these markets by speculators that are not able to deliver on the contract or that have no need for the underlying commodity or instrument. They are buying or selling only to speculate that they will exit their position at a profit, and plan to close their “seller” or “buyer” position before the contract becomes due. In most of these markets the majority of the open interest in these "speculator" positions are held by traders whose positions are large enough to meet reporting requirements.

The remainder of holders of contracts in these futures markets, other than "commercial" and "large speculator" traders, are referred to by the CFTC as “nonreportable.” This is because they don’t meet the position size that requires reporting to the CFTC. (Thus they are “small speculators.”) The “nonreportable” open interest in a futures market is determined by subtracting the open interest of the “commercial traders” plus “non-commercial traders” from the total open interest in that market. As a rule, the aggregate of all traders’ positions reported to the CFTC represents 70 to 90 percent of the total open interest in any given market.²