Updated Opinions on Position Limits Under MiFID II Published by ESMA

On February 7th, ESMA published seven opinions on position limits regarding commodity derivatives under MiFID II/MiFIR. 

The opinions published by ESMA agree with a number of proposed position limits regarding: 

  • ICE Endex Dutch TTF Gas contracts
  • EEX Phelix DE Base Power contracts
  • EEX Capesize TC5 Freight contracts
  • EEX Spanish Power Base contracts
  • MEFFPOWER  Baseload contracts

According to a press release issued by ESMA, these proposed position limits are ‘consistent with the objectives established in MiFID II and with the methodology developed for setting those limits’. 

As well as these five opinions, ESMA has published two opinions on the proposed position limits regarding the OMIP SPEL Base contracts. 

The first of these opinions relates to the position limits initially notified by Comissão do Mercado de Valores Mobiliários (CMVM ) which ESMA did not find consistent with the objectives established in MiFID II. In instances such as these, Article 57(5) of MiFID II states that the relevant NCA (National Competent Authority) must modify the position limits in accordance with ESMA’s opinions. If the NCA considers this alteration unnecessary, they must provide ESMA with justification.

ESMA has stated that, going forward, it will ‘continue to assess the notifications received and issue opinions in order to ensure that the position limits are set in accordance with the MiFID II framework’.


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