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August 10, 2017

ESMA published its first three opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). The opinions of ESMA agree with the proposed position limits by the AMF regarding rapeseed, corn, and milling wheat.

The proposed position limits for rapeseed, corn, and milling wheat by the AMF are consistent with the objectives established in MiFID II and with the methodology developed for setting those limits. As of January 03, 2018 and MiFID II application, limits will apply to the net position a person can hold in commodity derivative contracts. National competent authorities have to set position limits for commodity derivatives and notify ESMA of the specific position limits they plan to introduce for liquid contracts. 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.

 

Related Links

Opinion on Position Limits on Rapeseed Contract (PDF)

Opinion on Position Limits on Corn Contract (PDF)

Opinion on Position Limits on Milling Wheat Contract (PDF)

Keywords: Europe, Securities, MiFID II, MiFIR, Position Limits, ESMA

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