# Block 019 — Positioning beyond CFTC

**Status:** ○ queued
**Phase:** Phase 1 (Rates)

## Topic scope

Fund manager surveys, IMM positioning, primary dealer positioning. Difference between COT categories idiosyncratically vs structurally. BIS positioning papers.

## Plan


**Prerequisite:** Block 00a (rubric), Block 00b (anti-patterns). Positioning-driven trade structure has narrative-without-pricing risk.
_(Filled at session close of prior block, per 2026-06-23 convention.)_

## Carry-forward to next block

_(Filled at session close.)_