The European Securities and Markets Authority (ESMA) has published its first three opinions on position limits for commodity derivatives under the second Markets in Financial Instruments Directive (MiFID II).
Proposed position limits on rapeseed, corn and milling wheat set in France are consistent with the objectives established in MiFID II and with the methodology developed for setting those limits, according to ESMA.
Limits will apply to the net position that a person can hold in commodity derivative contracts from 3 January 2018.
National authorities must set position limits for commodity derivatives and notify ESMA of the specific position limits they plan to introduce for liquid contracts.
ESMA has also published responses to its consultation on trading obligations for derivatives under the Markets in Financial Instruments Regulation.
More than 30 responses were filed, including from the Alternative Investment Management Association, IHS Markit and Amundi.
