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    ESMA Updates Q&A and Lists Liquid Contracts on Commodity Derivatives

    December 15, 2017

    ESMA updated the questions and answers (Q&A) document on commodity derivatives under the revised Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). This update relates to position limits and position reporting. ESMA also updated its list of liquid commodity derivative contracts for position limit purposes and published opinion on ICE Brent Crude contract position limits.

    These documents are aimed at national competent authorities and firms, as they provide clarity on the application of the MiFID II and MiFIR requirements. 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 based exclusively on submissions by the relevant national competent authorities and will be subject to change, on the basis of the information provided by the the competent authorities. MiFID II introduces reporting requirements for commodity derivatives, which are also subject to position limits. MiFID II provides for all commodity derivatives traded on trading venues and economically equivalent over-the-counter (OTC) contracts to be subject to position limits. Relevant national competent authorities must establish position limits on the basis of the calculation methodology determined by ESMA.

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    Keywords: Europe, EU, Securities, Q&A, Commodity Derivatives, MiFID/MiFIR, ESMA

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