On 27 March 2018, ESMA updated its FAQs on commodity derivatives under MiFID II.
- FAQ on position limits clarified circumstances under which less liquid contracts may
receive bespoke limits, established by relevant national competent authority (NCA).
- With a new approach to development and application of limits for spread contracts.
- The spread positions are disaggregated, and the subsequent individual constituent
positions were then added to the relevant overall position for the relevant contract.
- FAQ on position reporting clarifies to which NCA positions in OTC derivative contract,
which is economically equivalent to more than one ETD contract, must be reported.
- When ETD contracts are not the same contract as defined in Article 5(1) of RTS 21.