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April 09, 2018

ESMA published three opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation (MiFID II and MIFIR). In its opinions, ESMA agreed with the proposed position limits regarding feed wheat, jet kerosene, and gasoline.

ESMA found that the proposed position limits are consistent with the objectives established in MiFID II and with the methodology developed for setting those limits. ESMA will continue to assess the notifications received and issue opinions to ensure that the position limits are set in accordance with the MiFID II framework.

MiFID II provides for all commodity derivatives traded on trading venues and economically equivalent OTC contracts to be subject to position limits. Relevant national competent authorities have to establish position limits on the basis of the methodology for calculation determined by ESMA in regulatory technical standards, RTS 21. To further assist market participants with the implementation of the MiFID II position limit framework, ESMA publishes a list of liquid commodity derivatives currently identified by the relevant national competent authorities. The list is exclusively based on submissions by the relevant national competent authorities and will be subject to change. It is therefore advisable to check the list regularly.

 

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Keywords: Europe, EU, Securities, MiFID II, MiFIR, Position Limits, Commodity Derivatives, Opinion, ESMA

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