Germany -BaFin Commodities Position Limits

Germany -BaFin Commodities Position Limits

On 21 December 2021, GE BaFin sets draft position limit for significant contracts.

  • GE BaFin announced hearing on the setting of a new position limit for Phelix Power DE Future (Base) contracts, Phelix Power DE Option (Base) contracts (EU Enrg EEX).
  • Issued a general ruling to take effect on 28 February 2022 from which date position limits previously in effect based on the general ruling of 21 December 2020 are to be replaced.

Change to Position Limits

  • As part of a package of measures for the recovery of the capital markets EP, EU CNCL have decided to restrict the application of position limits to derivatives on agricultural products and critical or significant commodity derivatives that have an open interest.
  • In future, raw material certificates are also exempt from application of position limits.
  • Follows ESMA November 2021 draft technical standards under MIFID II.
  • Assumption is regulatory technical standards as consulted by ESMA will be adopted.


  • Comments on the proposals can be made until 7 January  2022.