- 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.
On 22 March, IIROC issued guidance on short position calculation.
- Participants, Access Persons must file short position reports, per UMIR 10.10.
- Follows IIROC Dec. 2017 notice on calculation and reporting of short position.
- Calculate and file report of short positions in each listed and quoted security.
- Report as of the 15th day, and the last day of each month, (calculation date).
- Process to file short position report with IIROC, and the expectations on filing.
- Report aggregate short position of security from holding in separate account,
- Calculate short position from each account separately; and not net positions
from more than one account even where accounts for same beneficial owner.
- Inclusion of odd-lot short positions, in calculation of reported short positions.
- Calculate short positions using settlement date positions, (not on trade date).
- A short position in a listed or quoted security which is covered by the holding
of a convertible or exchangeable security, is still considered as short position.
- This short position must be reported until the convertible has been tendered,
or account holder has issued irrevocable instructions to convert or exchange.
- Effective date of guidance for short position reporting is November 30, 2018.