E.U. – ESMA Position Limits Under MIFID II

E.U. – ESMA Position Limits Under MIFID II

On 7 February 2020, ESMA issued opinions on position limits under MIFID II.

  • 7 opinions on position limits re commodity derivatives under MIFID II/MIFIR issued.
  • Follows ESMA January 2019 issued commodity position limits under MiFID.


  • Opinions agree with proposed position limits re ICE Endex Dutch TTF Gas contracts, EEX Phelix DE Base Power contracts, EEX Capesize TC5 Freight contracts, EEX Spanish Power Base contracts and MEFFPOWER Baseload contracts.
  • Position limits consistent with MIFID II and methodology developed for setting limits.

Additional Opinions

  • Also published 2 opinions on proposed position limits re OMIP SPEL Base contracts.
  • First relates to limits initially notified by POR CMVM which ESMA did not find consistent with MIFID II objectives, NCA was to modify position limits in line with ESMA’s opinion.
  • Or provide it with justification why the change is considered unnecessary.
  • In December 2019, POR CMVM notified ESMA of revised position limits for OMIP SPEL base contracts, ESMA agreed with those in a subsequent opinion (also published).

Next Steps

  • ESMA will continue to assess notifications received, issue opinions to ensure position limits are set in accordance with the MIFID II framework.