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.