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ESMA consultation – MiFID II review report on position limits

ESMA consultation: MiFID II review report on position limits and position management

Background

  • ESMA consultation: MiFID II review report on position limits and position management – draft Technical Advice on weekly position reports
  • Published by ESMA on 5 November 2019
  • This consultation paper is primarily of interest to trading venues, investment firms and non-financial counterparties trading in commodity derivatives, but responses are also sought from any other market participant including trade associations, industry bodies and investors.

Impacts

This Consultation Paper (CP) provides an initial assessment of the impact of position limits and position management on commodity derivatives markets and seeks stakeholders’ views on the amendments proposed by ESMA to the existing regime. 

This CP also seeks views and input from stakeholders on ESMA’s proposal to revise the Technical Advice provided to the EC on the delegated acts to be adopted under Article 58(6) of MiFID II on position reporting by categories of position holders.

More specifically, ESMA suggests revising the minimum number and size of open positions to be met by commodity derivatives, emission allowances and derivatives thereof to be subject to weekly position reports by the relevant trading venue.

Timeline with relevant dates to be logged on regulatory calendar

  • Consultation opens on 5 November 2019
  • Consultation closes on 8 January 2020

Next steps

Any respondents need to send comments to ESMA.

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